The demographic shift will lead to structural changes in the economy because a younger population demands different services and amenities, such as nighttime entertainment and schools, and a growing population will also mean prioritizing for investment in infrastructure and housing.
In 2021, Nanaimo had 6,214 licensed businesses, of which the largest portion, 1,219, were in the construction sector, followed by professional, scientific and technical services, 786, and the retail sector with 777 licensed businesses.
Building permit values for 2021 were the second highest on record at $272 million, a 12 per cent increase over the previous year, driven by non-residential, industrial and public projects.