Surrey Economic Recovery Summit Main Session June 25, 2020
255,000 98,000 353,000 5%-11% 13.4% 22.4% Retail Food Services Accommodation Personal Services mnp.ca
Local Supporting Businesses Economic Base Economic Base Health Technology Retail 1. Attract people to the region Clean Technology Public Administration 2. Drive employment 3. Support the retention of Management Food Processing/Agri-Innovation workers Wood Products and Real Estate Furniture Manufacturing Healthcare and Social Assistance Metal Fabrication/Machinery Local Supporting Educational Services Automation and Control/ Businesses Computer and Electronic Products Accommodation and Food Services Creative Arts Support the needs of residents Transportation and Warehousing and local businesses Construction mnp.ca
Surrey’s Economic Strategy Vision: to become the regional nexus for commerce and a nationally recognized centre for innovation. 2027 2017 2020 Advanced Manufacturing Investment attraction Clean Technology Build research capacity and encourage entrepreneurship Build Innovation Boulevard Creative Arts Workforce development Food Processing/ Provide support for local businesses to grow Agri-Innovation Health Technology mnp.ca 4
• The foundation of many business models has changed. • Need to adapt work to accommodate new requirements. • How people engage will change. What has • Reliance on global suppliers for some goods is being questioned. changed? • Workforce • Job losses are concentrated in the service sector and many of those jobs will not return. Disruption is an opportunity to accelerate Surrey’s digital transformation and develop target industries. mnp.ca 5
Investment attraction Build Innovation Boulevard What this Build research capacity and means______ encourage entrepreneurship Surrey’s vision for the future is still relevant but Workforce development the pathway has changed. Provide support for local businesses to grow mnp.ca 6
Workforce Development Post- Pre-COVID COVID • Skills Gaps • Skills Gaps • Labour Shortages • Job losses have created a labour pool Strategy: Strategy: Talent Attraction Talent Development (reskilling and upskilling) mnp.ca 7
Support for Businesses to Grow Post- Pre-COVID COVID • Lack of investment • Changes to operating • Strong economic environment. conditions reduced • Survival requires incentives to innovate. innovation. Strategy: Short-term adaptation Development of industry clusters and partnerships. Long-term considerations mnp.ca 8
Economic Recovery Framework Desired Phase 1/4 of BC’s Phase 2/4 of BC’s Phase 3/4 of BC’s Future State Restart Plan Restart Plan Restart Plan Immediate Considerations Understand Current State Immediate Considerations Transformation to • Market demand 12-18 Effect on operations • Adaptation to physical • regional nexus for months . What do they need to do to distancing requirements. • commerce and Need for investment and adapt and evolve. • Market demand 6-12 • innovation centre continued adaptation. months . Long-Term Considerations • Emerging opportunities • Investment attraction • Workforce development mnp.ca 9
• Timelines are shifting and operating environment is evolving as new information becomes available. Success Factors • Strategy needs to evolve with these changes. • Continued engagement with stakeholders. • Checkpoints to validate perceptions and ensure tactical strategies remain relevant. • Adapt tactics based on available information. mnp.ca 10
Timeline Step 3: Step 4: Step 5: Step 1: Step 2: What should we do Is it working? Is it still working What is happening What does it mean Survey of Businesses Develop Action Plan Virtual Summit First Checkpoint Periodic based on Information with Stakeholders Checkpoints Gathered mnp.ca 11
Review of Survey Results The Survey was administered by SBOT and was active from June 4 to June 19, 2020. Survey General Information Survey Highlights • Workforce • Financial • Total number of respondents – 120 • Operations/Supply Chain mnp.ca 12
Survey Analysis Respondents by Sub-sector Services - General Services - Tourism-Related Infrastructure and Transportation Manufacturing Education Health Creative/Art Culture Technology 0 5 10 15 20 25 30 35 40 45 50 mnp.ca 13
Survey Analysis Respondents by Business Size I had no employees 15% Between 1 and 19 53% Between 20 and 99 32% Between 100 and 500 13% More than 500 5% mnp.ca 14
Survey Analysis Continued Relevance of Surrey's Economic Vision 59% 53% 18% 16% 16% 15% 10% 7% 2% 2% 1% 1% Strongly Disagree Disagree Neither Agree nor Agree Strongly Agree N/A Disagree The 4 priority areas are still valid Surrey's 5 key priority sectors are still valid in the medium to long-term mnp.ca 16
Survey Analysis Measures Taken Due to COVID-19 We have kept our business open 48% We have shifted to working remotely 47% We have had to change our operations and pivot our 27% business to different offerings/services We have reduced our hours of operation 25% We have closed the business temporarily 21% Other 18% mnp.ca 17
Survey Analysis Measures Taken Due to COVID-19 Respondents that closed businesses temporarily Health 50% Services - Tourism-Related 45% Creative/Arts Culture 40% Education 25% Services - General 22% Technology 13% Infrastructure and Transportation 11% Manufacturing 6% mnp.ca 18
Survey Analysis Confidence About Future Sales and Business Operations LOW MODERATE HIGH Infrastructure and Manufacturing Creative/Arts Culture Transportation Education Services - Tourism-Related Technology Health and Social Assistance Services - General mnp.ca 19
Survey Analysis Workforce Infrastructure Services - Creative/Arts Services - Key Issue Manufacturing Technology Education and Health Tourism- Culture General Transportation Related X X X X X Staff Is Laid Off Temporarily X X X Staff Can’t Work Remotely X X X X X X Issues with Absenteeism Challenges in Returning/Attracting X X X Employees Back to Work Responses did not indicate X Responses indicated moderate issue this was a significant issue Responses indicated significant issue X mnp.ca 20
Survey Analysis Finance Infrastructure Services - Creative/Arts Services - Manufacturing Technology Education Health and Tourism- Culture General Transportation Related Decrease in Revenue Increase in Revenue X X X X X Increase in Operating Cost X X X X X X Adjusted Pricing Strategy Responses did not indicate this X Responses indicated moderate change was a significant change Responses indicated significant change X mnp.ca 21
Survey Analysis Supply Chain Infrastructure Services - Creative/Arts Services - Manufacturing Technology Education and Health Tourism- Culture General Transportation Related Changes in cost of compliance X X X (time and money) Difficulties in making physical X X X X space adaptations Regulations were costly to X X X X implement Slowed down business processes X X X X due to physical space adaptations Responses did not indicate this X Responses indicated moderate issue was a significant issue Responses indicated significant issue X mnp.ca 22
Break out sessions mnp.ca 23
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