Economic Opportunities for Wood Value-Added Sector

Vancouver Island Economic Alliance (VIEA)

Sources of Funding
ICET:$30,000
VIEA:$10,000
City of Campbell River:$5,000
Cowichan Valley Regional District:$5,000
City of Port Alberni:$1,000
Nanaimo Port Authority:$3,000
Port Alberni Port Authority:$2,000
Harmac Pacific:$2,000
Seaspan Ferries:$1,000
Britco:$750
Other:$250
Total Budget: $60,000

The forest sector is important to the Island and Coast economy and there is strong potential for growth in the secondary wood manufacturing subsector. The value-added wood manufacturing subsector includes over 100 innovative and entrepreneurial small- and medium-sized businesses on the Island, which are strong contributors to the regional economy.  These businesses manufacture a diverse range of specialty products that maximize the value of BC’s forest resource and are an important element of diversification within the forest sector.  Working as a collective group there is an opportunity to develop growth and market-expansion strategies and promote the economic significance of the sector.

The Vancouver Island Economic Alliance (VIEA), in partnership with BC Wood and Canadian Wood Council, will focus on specific activities to enhance the wood-based value-added sector. These include an inventory of Vancouver Island’s value-added firms and an assessment of the economic impact and multiplier effect of those businesses to local communities. The project also includes a report detailing “Transformative Investment Opportunities” for potential projects such as a glulam plant, wood insulation manufacturing, or pressure treatment operation.

The results of this project will provide the region with some of the basic information and tools required to strengthen the forestry sector by increasing the profile of existing businesses, supporting the growth of existing businesses and attracting new value added manufacturing businesses to the region.

ICET By The Numbers

2,500
person years employment created (construction phase)

ICET By The Numbers

50
locally elected officials and MLAs working together

ICET By The Numbers

$10.4
million annual provincial government revenue generated

ICET By The Numbers

3,650
post completion jobs created

ICET By The Numbers

$4.6
dollars leveraged for every ICET dollar invested

ICET By The Numbers

$236
million leveraged into the region

ICET By The Numbers

$50.5
million disbursed

ICET By The Numbers

$52.1
million committed

ICET By The Numbers

212
economic development projects

ICET By The Numbers

170
projects completed

ICET By The Numbers

36%
projects in small (less than 5,000) communities

ICET By The Numbers

50+
communities with ICET projects

2018-19 Annual Report

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