Economic Activity
Overview of the Current Economic Activity
This community’s economic base has undergone substantial expansion over the past few years. As the economy of the region matured with growth in population and land development, some economic sectors grew particularly dynamically. This included light manufacturing, retail trade, business services and transportation. With a population of over 185,000, the local area has been vastly developed. Urbanization has greatly restricted the primary industry sector, now limited to mostly gravel quarrying.
The prime focus of the secondary sector is manufacturing and construction activity. This sector has expanded tremendously over recent years with many of the manufacturing firms in Port Coquitlam. During the early 1980′s, when most regions in the province were suffering a decline in construction, this region was posting record years of building activity.
High levels of growth in the manufacturing and construction sectors coupled with a booming population has resulted in rapid growth in the tertiary sector. This type of growth is expected to continue through this decade and beyond. Retail trade has established itself as the major service activity. Easy access, together with excellent shopping facilities, has contributed to the region’s popularity as a shopping area. Business services and occupations to serve the residents (example: doctors, dentists, real estate agencies, accounting firms, personal services and restaurants) are attracted to the population growth and the growth of other business sectors.
Historically, the bulk of the industrial activity of the region has been in the cities of Port Coquitlam and Port Moody with Coquitlam being largely residential. The amalgamation of Coquitlam with the District of Fraser Mills, in the early 1970′s, as well as the development of the Mayfair Industrial Park, Cape Horn Business Park and Pacific Reach Park have corrected this deficiency to spread the industrial sector across all three cities.
Today, these three communities are an extremely interdependent group with strong alliances that form an extensive suburban section of the Greater Vancouver Regional District. The Tri-Cities area is one of the fastest growing districts in Canada, making it a prime place for investment and business success.
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