2020 Record-Breaking Year for Cranbrook In Economic Development Growth
February 24, 2021
Cranbrook, BC (February 23, 2021) – The City of Cranbrook has seen strong numbers around investment, business and job growth and housing development in 2020 and is very optimistic of continued growth through 2021.
The City set a record in building permits totaling $93 million dollars, following on the heels of five years of consistent growth, and is seeing a positive trend upward of new business licenses since 2015.
“Over the last five years, we’ve seen a 433 percent increase in building permit values, resulting in $245 million in building permits for the City, a large portion of which have been focused on ensuring there are housing options for all,” says Mayor Lee Pratt. “By way of affordable and multi-family developments, we are paving the way for future generations to live and work in Cranbrook.”
Council and Administration has been working hard ensuring the community is prepared for growth and expansion in existing and emerging business sectors. Over the past five years, the City has invested in the tools and resources needed to successfully create an environment that attracts investment and capital.
The City has produced a report, “2020 Our Biggest Challenge, Our Greatest Achievement”, which highlights many of the economic development initiatives and growth this community has seen in 2020. The report can be found online at www.choosecranbrook.ca/yearinreview.
A promising driver of some of this growth is people migrating from cities into smaller communities driving up real estate and development, creating ‘zoom towns’. People recognize communities like Cranbrook are great places to live and work and are choosing to make the move.
With the planning and work completed to date in Cranbrook, the necessary tools and resources are in place to be help the community handle this growth.
“Experts often talk about how challenges and hurdles can provide the very best lessons, and 2020 has taught all of us in Cranbrook, that we are resilient, determined and above all, a team,” says Mayor Pratt. “I want to give my heartfelt thanks to everyone who lives, works or travels to our beautiful city. It continues to be an honour to serve such a wonderful community, and I look forward to whatever 2021 brings.”
The City has also launched a new economic development website focused on investment attraction and workforce development at www.choosecranbrook.ca.
“We have a lot of exciting things planned in 2021 and ‘Choose Cranbrook’ is the first in a series of initiatives that are designed to attract innovation and investment,” says Darren Brewer, Business Development Officer for the City of Cranbrook.
“We are working hard preparing to host investment attraction events where we will launch the Cranbrook Innovation Initiative, a bold new vision for our economy,” Brewer adds. “Cranbrook was built by risk takers and entrepreneurs and we want to continue to build on that. 2021 is a unique year where communities like Cranbrook can compete with tier 1-2 municipalities for investment and workforce attraction. We have a great story to tell.”