Building the Next Metropolitan Centre - surrey.ca

1 Building the Next Metropolitan CentreRealizing Surrey s Economic Opportunities The City of Surrey Economic Strategy 2017-20271 The City of Surrey Economic Strategy 2017-2027 Realizing Surrey s Economic Opportunities 2 Table of ContentsCity of Surrey Economic Overview 3 Strategic Overview 4 Our Values and Guiding Principles 6 Part 1: Building North America s Next Metropolitan Centre 7 Part 2: Advancing Our Metropolitan Transformation 20P a r t 2 .1 Attracting Investment to Transform Surrey 21 Part Growing Surrey s Innovation Economy 37 Part Building Distinct & Competitive Business Communities 49 Part Creating Jobs and Developing our Workforce 65 moving Forward Together 813 The City of Surrey Economic Strategy 2017-2027 PROGRESSIVE ECONOMIC POLICIES AND GROWTH 2nd lowest municipal tax for business in metro vancouver 3.

2 000+ new businesses added in 2016 Over $ Billion worth of new construction in the past 10 years Over 19 Million Square Feet of commercial and industrial space added in Surrey from 2006-2016 City of Surrey Economic OverviewDYNAMIC DEMOGRAPHICS 2nd highest population in BC with growth rate; poised to become the highest by 2041 1/3rd population 19 years of age or less 100+ languages spoken 40% of Surrey s population is comprised of immigrantsEDUCATION AND RESEARCH CAPABILITIES Over 20,000 students enrolled at Simon Fraser University and Kwantlen Polytechnic University Surrey campuses receiving education and training in fields including mechatronics engineering, computing science, business, health.

3 Interactive arts and technology 120 Faculty of Medicine students trained at the University of British Columbia teaching hospital located within Surrey Memorial Hospital Dedicated research and testing capabilities at Innovation Boulevard, Foresight Cleantech Accelerator, Powertech Labs and Surrey Memorial HospitalGLOBAL CONNECTIVITY 2 international airports within 45 minutes Home to the largest modern, multi-purpose marine terminal on the West Coast of North America with convenient access to Port metro vancouver Direct access to major east/west and north/south highways 2 international United States border crossings Short (40 minutes)

4 Skytrain commute from Downtown vancouver to Surrey City CentreRECOGNITION Twice named Top 7 Intelligent Communities by the New York -based Intelligent Community Forum Top 10 mid-sized cities for Business Friendliness by Financial Times fDI American Cities of the Future Top 10 mid-sized cities for Connectivity by Financial Times fDI American Cities of the Future Best Place for Small Business in metro vancouver by Vancity Credit UnionRealizing Surrey s Economic Opportunities 4 Strategic Overview A SOLID FOUNDATIONS urrey is growing fast and, as an organization, The City of Surrey has made it a priority to build a strong foundation to facilitate sustainable, but rapid economic growth.

5 Our commitment to date includes the following actions: The City of Surrey is committed to becoming a regional nexus for commerce and a nationally-recognized Centre for innovation over the next decade. Over the past year, the City and its partners have invested over $1 Million into developing new programs and laying down the foundations for the future. Surrey is currently home to over 18,000 businesses with 2,000-3,000 new businesses each year. Over the past 5 years, over $285 Million has been invested into long-term innovation programs, university research and infrastructure in institutional and industry partners in this Metropolitan transformation include Simon Fraser University (SFU), Kwantlen Polytechnic University (KPU), Fraser Health Authority (FHA), Powertech Labs, Foresight Cleantech Accelerator Centre , BC Innovation Council (BCIC), the Province of BC, and the Government of Canada.

6 Building an economy that will transform Surrey into the region s next Metropolitan Centre will be founded on four key pillars: investment attraction, creating an innovation economy, Building distinct and competitive business communities, and job creation & workforce The City of Surrey Economic Strategy 2017-2027 SECURING OUR FUTURE Transformation into a Metropolitan Centre will unlock new opportunities for local residents and businesses. From new well-paying jobs to the ability for entrepreneurs to realize their dreams in Surrey, the City will stimulate growth through strategic infrastructure investments and the deployment of innovative new programs including: The City of Surrey will create a vibrant business ecosystem that catalyzes the development of jobs, investment, entrepreneurship and innovation.

7 Between 2017 and 2026, approximately 40,000 direct, indirect, and induced jobs with a GDP impact of $4 Billion can be achieved through a proposed minimum $ Billion dollar partnership spend into smart municipal infrastructure, including light rail transit. In a high growth scenario, 36,200 jobs can be created by 2025 at an annual growth rate of 8% by growing Surrey s priority sectors including advanced manufacturing, clean technology, health technology, agri-innovation, and creative arts. As the City Centre builds out, the City of Surrey will invest over $40 Million into public amenities and parks to create a vibrant core for residents and visitors to live, work, and play.

8 $ Billion worth of Building development opportunities in Surrey can be created over the next 10 years. Surrey currently has 38% of the region s available industrial land base. Significant opportunities exist to leverage our employment lands to shape the regional economy. Five investment opportunity areas, including entertainment/ lifestyle, digital and Information, Communications Technology, Smart Cities, Transportation & Logistics, as well as Research & Development were identified as priority opportunities for Surrey The City of Surrey Economic Development Division will make 500 Surrey-based business visits over next 3 years to introduce them to capacity Building , innovation, and government service programs.

9 This strategy will support four programs to facilitate Surrey s Metropolitan transformation: Invest Surrey & Partners, Innovation Boulevard, SparkBIZ Surrey, and a Labour Market Partnership initiative. Realizing Surrey s Economic Opportunities 6 COMMUNITYINTEGRITYSERVICETEAMWORKINNOVAT IONOur Values and Guiding PrinciplesThe City of Surrey s core values guide how we do our work and are fundamental to the relationships we are Building with those we serve:This Economic Strategy also includes core principles that are foundational to each program and initiative referenced in this document:Collaborative LeadershipEvidence-basedHigh VisibilityCapacity BuildingTransformativeEconomic Resiliency 7 The City of Surrey Economic Strategy 2017-2027 Part 1.

10 Building North America s Next Metropolitan CentreHIGHLIGHTS Surrey is set to become the most populated city in British Columbia over the next 30 years as 250,000 people from around the world seek to make a new life in one of the youngest and most culturally diverse cities in Canada. Surrey is a city in transition with approximately 1,000 new residents every month and accounts for approximately 30% of metro vancouver s growth. Transforming into a Metropolitan Centre creates new opportunities for businesses and a higher quality of life for local residents.