Barrie's Economic Story Good News for All of Us
May 12, 2011 Donna Douglas, www.simcoe.com
BARRIE - The 'for sale' signs always pop up in the spring. Pop up and then sport sold signs in the blink of an eye. It's a good sign that people are on the move, changing house sizes, changing neighbourhoods.
That cycle just expanded to commercial and industrial space as well with the news this week that Barrie and Orillia's real estate market will outperform most other regions in the province over the next few years.
Real Estate Investment Network (REIN) purports to be the country's leading real estate investment company and it reports that in all of Ontario Barrie and Orillia rank third for growth.
This is great news for Barrie. We can expect this to benefit business whether it's manufacturing or service. It benefits the development and building industry, the supply side of things, and the small businesses that in huge numbers contribute to our local economy. It impacts mortgage brokers and builders, roofers and decorators. This also means that our economic recovery as a community should surge forward. Don Campbell, REIN's principal, says this is a great economic story.
"It's small business that drives the economy and this story is more about the economic future of Barrie and Orillia. Real estate market is an indicator of health," he says.
In the past month the city's economic development office has issued announcements about two big Barrie business choices (one a brand new facility for TD Bank, and the other a plastics manufacturing relocation). That not only spells out jobs; it means working people will have money to spend on goods and services and the economic wheels begin to turn faster again.
The economic fundamentals at play here include gross domestic product, job growth, population growth which all stimulates the housing market as people move in to fill available jobs. I know I'm expressing this simplistically, but truly the greatest things can break down into the simplest details.
REIN's 102 page report gleans information from community economic development offices, real estate boards, construction and manufacturing associations, Stats Canada and Canada Mortgage and Housing.
Each of us plays a role in this. It can be as simple as taking time to give good directions to a visitor who’s really lost, a coffee shop that goes out of its way to give great service, a print shop that offers the very best, the trades people who are helping to make changes to a building.
This economic growth has fabulous spin-offs too. Secondary education will get stronger, health services will improve and investment will increase. Products and services all contribute to this upswing. And all benefit from it. This is a time to feel just plain good.