Building the Next Metropolitan Centre Surrey’s Economic Strategy 2017-2027 Presented to: SBOT June 13, 2017
In Search of Excellence Many curious questions (!!) >1 Year + $1 million 200+ Answers
Reinforcing a Metropolitan Identity Not Creating a New One • Knowledge Economy The presence of high- quality knowledge • Talent sources • Vibrancy The ability to mobilize A high quality socio-economic of life • Diversity players The availability of a • Investment skilled labour force Openness to the • Social/ Environmental Modern and efficient world and tolerance public infrastructures Leadership for differences Access to varied • Modern Infrastructure funding sources
Metropolitan Centre Identity Globally Minded, Regionally Connected. Metropolitan Centre for 2 Regions America’s Gateway to Metro Vancouver
Metropolitan Centre Identity: City of Cities - A Story of Diversity & Youth
Metropolitan Centre Identity: A Strategic Beachhead & Transaction Hub
Our Economic Vision Our vision is for the City of Surrey to become the regional nexus for commerce and a nationally recognized centre for innovation within the next decade.
How We Do It We will achieve our vision by creating a vibrant business ecosystem that catalyzes the development of jobs , investment , entrepreneurship and innovation within the City of Surrey.
Strategic Focus Areas & Objectives (Scalable) People, Process, Technology Distinct & Workforce Innovation Investment Competitive Development Economy Attraction Business “To create one job “To become a “To attract for every resident nationally recognized investment to Communities worker through innovation centre unlock “To create distinct retention, attraction, within the next transformative city and competitive and development.” decade” building business opportunities” communities across Surrey” 4 Flagship Programs, 20 Initiatives
Investment Attraction Priorities: Transformative Business Infrastructure “Infrastructure investment opportunities are found at the convergence of overlapping trends and synergistic initiatives…"
Investment Attraction Priorities: Transformative Business Infrastructure Entertainment / Digital and Smart Cities Transportation & Research & Lifestyle Information, Infrastructure Logistics Development / Communication Innovation Technology
Investment Attraction Priorities: Surrey Investment Evaluation Matrix System (SIEMS) • Weighted ranking Demographic/ Social system • Deal-driven, but flexible Environmental Legal • Consistent quality Policy Priority customer experience Economic/ Resource Other Considerations • Clarify staff expectations • Evidence-based Timeframe resource allocation
Investment Attraction: Invest Surrey & Partners • Best-in-class Investor Services & Experience • Partnership Development • Investment Opportunity Analysis • Market Intelligence & Custom Datasets • Automated Site Selector Tool • Strategic Marketing & Storytelling
Advanced Site Selector Tool Mk 1.0 • Challenge: ~ $10,000/ report • Solution: Self-serve automation! • Data: – Economic Development Update (Quarterly) – City of Surrey GIS Data (As available) – Commercial/ Industrial DP (As available) – Spacelist Listing Data (Monthly) • Strategic Market Intelligence analysis for decision making: – C-suite executives – Small business owners – Real estate brokers – Business researchers – General public
Innovation in Surrey Transformation for all.
Innovation Economy Not just assets, but an innovation ecosystem. Over the past 5 years, over $285 Million in Innovation Ecosystem Investments have been deployed in Surrey.
Building Our Conferencing Assets INDUSTRY 4.0 INNOVATION BOULEVARD Canadian Manufacturing Competitiveness Smart Cities & Health Technologies INVEST SURREY GREATER VANCOUVER OPPORTUNITIES CLEANTECH SUMMIT CHAMPIONSHIP The forum for deal making in Celebrating regional clean Surrey technology Leadership
Building Distinct & Competitive Business Communities 80% of economic growth Opportunity Analysis comes from existing businesses. Expansion Retention Succession Planning
Capacity Building a Necessity Building Canada’s Economy in BC. National Shipbuilding Strategy 41 companies in Surrey awarded contracts: – One of the largest number of companies awarded contracts in the region. – Account for 5.2% ($8.6Mil ) of the total $165M supplier market. – Expansion & attraction.
BIZ SPARK Surrey: Business Visitation Program (D3M) 3 Year Target: 500 Visits BUSINESS RELATIONSHIPS Measurements & Data
Workforce Development From a talent exporter to a talent importer 73% percent of surveyed companies in Surrey’s priority sectors have talent attraction challenges. Where do Surrey workers come from? 30% 23% 15% 8% 0% Langley's Delta Vancouver Tri-Cities Fraser Valley Burnaby White Rock New Westminster Richmond Maple Ridge North Vancouver Pitt Meadows
Developing the Targets & Econometrics • Economics data for Surrey is difficult to obtain • Need to create the baselines • 21 st century solutions to a generation-old challenge. • Econometrics & Research Analyst for D3M
Thank You Stephen Wu Manager, Economic Development swu@surrey.ca l 604-591-4333
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