Regional Prosperity Initiative

Stakeholders from around the Metro Vancouver region are working to form a public private collaboration to enhance the region's prosperity. On April 27, 2016, 100+ leaders - Presidents, CEOs and Mayors from across the region - attended the Regional Prosperity Forum. The discussion indicated wide-spread agreement that a collaborative, regional approach is required to deal with major regional issues, including the gap between housing prices and incomes, the need to expand the transit system, and competition for land. Following the Forum, Seaspan, the Port of Vancouver, Telus, UBC, DigiBC, BC Business Council, the Surrey Board of Trade, the Greater Vancouver Board of Trade, and 30 others signed a declaration stating:

"We are committed to improving and expanding the prosperity of the Metro Vancouver region through the creation of a collaborative initiative bringing together businesses, local governments, academia, professional associations and civic organizations."

Read about the Regional Prosperity Forum here.

Regional Prosperity Initiative

Metropolitan areas are important drivers in the global economy – they are the centres for creativity, entrepreneurship, innovation and diversity. In the global competition for talent and investment, the attributes of metropolitan areas are essential. In metropolitan areas across North America, leaders in business, research and government are developing their own models for stronger collaboration to improve their region’s competitiveness.

The Metro Vancouver region currently lacks a strategic and collaborative approach to enhance the region’s prosperity.

This is changing. Representatives from Metro Vancouver, Port Metro, YVR, the Business Council of British Columbia and chambers of commerce/ boards of trade have been meeting on the value of greater collaboration on shared objectives and goals. In January 2015 Metro Vancouver created a Regional Economy Task Force, comprised of mayors from the cities of Coquitlam, Port Coquitlam, North Vancouver, Surrey and Vancouver to expand the engagement in this important discussion .

The Regional Prosperity Initiative is designed to engage important stakeholders in considering a “made in Metro Vancouver” collaborative approach to increasing our competiveness in the global market and enhancing our region’s prosperity.

What Is Prosperity?

Prosperity encompasses more than economic development. In addition to the economic factors, prosperity includes the environmental, cultural and social factors that make a region livable, sustainable and resilient.

Regional prosperity is measured in terms of desired outcomes: relative wealth, good and equitable opportunities for people to pursue a comfortable standard of living, and a natural environment that current and future generations can enjoy.

Prosperity Enablers

Skilled labour Efficient infrastructure Quality of life Positive businessclimate Innovationcapacity Centralizedinformation Efficientland use Positiveprofile Strong clusters Prosperity

Prosperity Enablers

A metropolitan approach to prosperity can leverage the region’s strengths and strategic economic assets to improve overall prosperity in a way that is simply not possible at a municipal level.

Through the collaborative efforts of leaders in business, government, education and community organizations, the components that together shape and drive the region, the “enablers of prosperity”, can be directed towards a shared vision and objectives.

Skilled labour

The workforce in a competitive metropolitan economy needs to be diverse – in skills, knowledge and experience – and able to evolve with changing market conditions. This requires employers and educational institutions to work together on dealing with current gaps as well as developing strategies to meet anticipated needs.

Efficient infrastructure

Energy and other utilities, telecommunications and virtual networks, and transportation systems are the backbone of modern life and commerce. To ensure the productivity of a region and its appeal to potential investors, private and public investment in the infrastructure that supports these systems is essential.

Quality of life

Reliable and equitable access to healthcare, education and recreation opportunities; a sense of safety and community cohesion; efficient public transit; and a healthy natural environment all contribute to a high quality of life. A high quality of life is an enabler in attracting and retaining residents, talent and companies.

Positive business climate

Attracting talent and businesses can be facilitated by showcasing a metropolitan area as a dynamic, globally competitive, and desirable place to live, work, visit and do business. The brand captures the positive characteristics generally associated with the place or re-fashions a new image.

Innovation capacity

The capacity to innovate is nurtured by cross-fertilization of the interaction of creative and skilled talent, the engagement of world-class research institutions, and a culture which thrives on new ideas. These conditions support entrepreneurship within the region and attract new investment and talent.

Centralized information

Easy access to reliable, centralized information supports strategic planning across all productive sectors and facilitates transparent, effective decision-making.

Efficient land use

A region’s competitiveness depends on concentrating development in ways that allow for the efficient delivery of transit and public utilities, enabling key sectors to grow, evolve and interact effectively with each other.

Positive profile and brand

Attracting talent and businesses can be facilitated by showcasing a metropolitan area as a dynamic, globally competitive, and desirable place to live, work, visit and do business. The brand captures the positive characteristics generally associated with the place or re-fashions a new image.

Strong clusters

A cluster is a group of firms, economic actors and institutions that realize productive advantages that emerge from close proximity and professional connections. Strong clusters organically build on the unique strengths that drive wealth creation in a region, primarily through the export of goods and services.