Unaffordability Stifles Economic Development

A new study by the Victoria Innovation Council, Tourism Victoria, the Vancouver Island Construction Association and the region’s chambers of commerce indicates that unaffordable housing reduces businesses ability to recruit workers.

The report noted 78% said they had trouble filling entry-level positions, 42% had trouble luring people to middle- management positions and 24% had trouble attracting senior managers due to the region’s high housing costs.

Affordable housing and transportation are often promoted to achieve social goals – to improve opportunities for disadvantaged people – which they certainly do. But equally important, they also help achieve economic development goals by allowing attractive, economically successful cities to attract more workers, customers and jobs. Everybody benefits from policies that create more affordable and inclusive communities!

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