Image Credit: Kent Simmonds / CFJC Today

By Dylana Kneeshaw

NEW BUSINESS STARTS AND GROWTH

Annual Venture Kamloops client volumes drop from recent spikes, still ahead of pre-pandemic levels

Jun 19, 2024 | 6:00 PM

KAMLOOPS — New business startups in Kamloops aren’t as plentiful as they were during pandemic years, but Venture Kamloops (VK) says it doesn’t mean the city is in a slump.

In a report to Kamloops council’s Economic Health Select Committee this week, Venture Kamloops says it worked with 304 businesses in 2023, which is down from what was seen in 2022 (385), 2021 (424) and 2020 (710), but still higher than 2019 levels, where VK worked with 295 businesses.

“Any month that we’ve had would’ve been a pre-pandemic record for us in terms of new clients,” Executive Director Jim Anderson told CFJC Today, “so it’s still very, very brisk.”

As for existing businesses, Anderson notes that many are looking to make a change, or expand, but filling job openings can still be an issue.

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“Jobs are getting filled, but it’s not like it used to be. Job postings are going unfilled for months,” explains Anderson. “The people who have the required skills or skill sets, or the education or the things that they need to fill jobs, just don’t seem to be there as readily as they once were. We’re trying to expand that labour market for employers by working with federal programs for employment through immigration — provincial programs as well. That’s what we’re trying to do, is expand that labour pool so there’s an opportunity for employers to fill these jobs more quickly and more efficiently.”

A recent economic impact study from the organization also showed that businesses across several sectors are offering higher wages.

“Your first reaction to a tough labour market is to try and tell people, ‘Well, we’ll pay you more.’ And the data shows Kamloops businesses are paying more than they have before and that businesses in other jurisdictions are,” notes Anderson.

When it comes to hesitancy to grow, Anderson says the area where it is most noticeable is what they refer to as ‘attraction clients’. Essentially, that term refers to businesses that exist elsewhere but are looking at Kamloops for a new location.

“Those numbers are significantly down over last year. And many times, those types of projects involve a new building or purchase of land or something like that, and interest rates are high so it has slowed those types of projects down,” he says. “I think if anything, the hesitation in the economy is being felt in that area.”

While the latest data around business startups shows promise compared to pre-pandemic stats, Venture Kamloops adds many existing businesses are still trying to build back after the pandemic, feeling the effects of changing spending habits, and dealing with other pressures impacting their bottom line, or growth plans.