Sooke council will be reviewing an economic analysis report at Monday's Committee of the Whole meeting.
According to the report, Sooke is a predominantly middle-income community, with a smaller potion of people in poverty or with lower incomes than the CRD or the Province. The public services sector accounts for 37% of the total labour force, while manufacturing and innovation accounts for 25%.
Tourism in Sooke only makes up 11% of the total labour force, which is lower than in the CRD at 13% and in B.C. at 14%. Only 25% of people working in Sooke work within the community, while 71% of employed residents commute outside of the community.
The report also notes that the declining share of the younger population is not positive for a community wishing to increase business investment and attract new employers. It also notes that healthcare will likely be a growing employment sector in the future as the senior population is projected to double in the next 20 years. Other industries to keep an eye on in Sooke include warehousing, wholesale trade, filming and recreation.
17% of the population have a household income of less than $30,000 per year, while 52% have an income of $30,000-$99,000 and 31% have an income of $100,000 and over.
There is no currently projected shortage of industrial or commercial land, as the industrial and commercial land inventory indicates that there is more vacant employment land than total warranted demand by 2036 under a “median scenario” projection. Industrial vacancies are at a historic low in Sooke, and a new industrial park in Otter Point is opening up to take advantage of any new industrial business formation.
Forestry and commercial fishing markets were historically the backbone of the local economy, but both markets have lost prominence in the region in the past several decades.
The District says that they've seen limited new housing development as its population is rapidly increasing and have driven up the prices of homes to price points unaffordable to a majority of the resident population. These economic fundamentals are likely to have an even greater impact on the supply of affordable housing for households with low to moderate incomes.
Sooke's population grew at a rate of 3.2% between 2001 and 2016, while comparatively the CRD grew by 1.2%, while the actual population growth rate will be relatively consistent with the historical growth rates in the region.