Surrey Economic Recovery Summit Main Session June 25, 2020 - - PowerPoint PPT Presentation

Main Session

Surrey Economic Recovery Summit

June 25, 2020

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353,000 13.4%

255,000 22.4%

Retail Food Services Accommodation Personal Services

98,000 5%-11%

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Retail Public Administration Management Real Estate Clean Technology Food Processing/Agri-Innovation Wood Products and Furniture Manufacturing Health Technology Creative Arts Metal Fabrication/Machinery Automation and Control/ Computer and Electronic Products Economic Base Local Supporting Businesses Construction Educational Services Healthcare and Social Assistance Local Supporting Businesses Support the needs of residents and local businesses Economic Base

• 1. Attract people to the region
• 2. Drive employment
• 3. Support the retention of

workers Accommodation and Food Services Transportation and Warehousing

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Surrey’s Economic Strategy

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2017 2027

Vision: to become the regional nexus for commerce and a nationally recognized centre for innovation.

Investment attraction Build research capacity and encourage entrepreneurship Build Innovation Boulevard Workforce development Provide support for local businesses to grow

2020 Health Technology Clean Technology Food Processing/ Agri-Innovation Creative Arts Advanced Manufacturing

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What has changed?

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• The foundation of many business models has

changed.

• Need to adapt work to accommodate new

requirements.

• How people engage will change.
• Reliance on global suppliers for some goods

is being questioned.

• 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.

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What this means______

Surrey’s vision for the future is still relevant but the pathway has changed.

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Investment attraction Build Innovation Boulevard Build research capacity and encourage entrepreneurship Workforce development Provide support for local businesses to grow

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Workforce Development

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• Skills Gaps
• Labour Shortages

Pre-COVID Post- COVID

• Skills Gaps
• Job losses have created

a labour pool Strategy: Talent Attraction Strategy: Talent Development (reskilling and upskilling)

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Support for Businesses to Grow

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• Lack of investment
• Strong economic

conditions reduced incentives to innovate. Pre-COVID Post- COVID

• Changes to operating

environment.

• Survival requires

innovation. Strategy: Short-term adaptation Development of industry clusters and partnerships. Long-term considerations

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Economic Recovery Framework

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Phase 1/4 of BC’s Restart Plan Desired Future State

Transformation to regional nexus for commerce and innovation centre

Understand Current State

• Effect on operations
• What do they need to do to

adapt and evolve. Immediate Considerations

• Adaptation to physical

distancing requirements.

• Market demand 6-12

months. Long-Term Considerations

• Emerging opportunities
• Investment attraction
• Workforce development

Phase 2/4 of BC’s Restart Plan Phase 3/4 of BC’s Restart Plan Immediate Considerations

• Market demand 12-18

months.

• Need for investment and

continued adaptation.

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Success Factors

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• Timelines are shifting and operating

environment is evolving as new information becomes available.

• 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.

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Timeline

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Step 2: What does it mean Virtual Summit Develop Action Plan based on Information Gathered Step 3: What should we do Step 4: Is it working? Step 5: Is it still working First Checkpoint with Stakeholders Periodic Checkpoints Step 1: What is happening Survey of Businesses

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Review of Survey Results

• Workforce
• Financial
• Operations/Supply Chain

The Survey was administered by SBOT and was active from June 4 to June 19, 2020. Survey Highlights

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• Total number of respondents – 120

Survey General Information

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Survey Analysis

Respondents by Sub-sector

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5 10 15 20 25 30 35 40 45 50 Technology Creative/Art Culture Health Education Manufacturing Infrastructure and Transportation Services - Tourism-Related Services - General

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Survey Analysis

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5% 13% 32% 53% 15% More than 500 Between 100 and 500 Between 20 and 99 Between 1 and 19 I had no employees

Respondents by Business Size

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Survey Analysis

Continued Relevance of Surrey's Economic Vision

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1% 7% 15% 59% 16% 2% 1% 10% 16% 53% 18% 2% Strongly Disagree Disagree Neither Agree nor Disagree Agree Strongly Agree N/A The 4 priority areas are still valid Surrey's 5 key priority sectors are still valid in the medium to long-term

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Survey Analysis

Measures Taken Due to COVID-19

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18% 21% 25% 27% 47% 48% Other We have closed the business temporarily We have reduced our hours of operation We have had to change our operations and pivot our business to different offerings/services We have shifted to working remotely We have kept our business open

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Survey Analysis

Measures Taken Due to COVID-19

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6% 11% 13% 22% 25% 40% 45% 50% Manufacturing Infrastructure and Transportation Technology Services - General Education Creative/Arts Culture Services - Tourism-Related Health

Respondents that closed businesses temporarily

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Survey Analysis

Confidence About Future Sales and Business Operations

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LOW Infrastructure and Transportation MODERATE HIGH Creative/Arts Culture Services - Tourism-Related Manufacturing Education Technology Health and Social Assistance Services - General

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Key Issue

Creative/Arts Culture Manufacturing Technology Education Infrastructure and Transportation Health Services - General Services - Tourism- Related

Staff Is Laid Off Temporarily

X X X X X

Staff Can’t Work Remotely

X X X

Issues with Absenteeism

X X X X X X

Challenges in Returning/Attracting Employees Back to Work

X X X

Survey Analysis

Workforce

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X X Responses did not indicate this was a significant issue Responses indicated moderate issue Responses indicated significant issue

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Creative/Arts Culture Manufacturing Technology Education Infrastructure and Transportation Health Services - General Services - Tourism- Related

Decrease in Revenue Increase in Revenue Increase in Operating Cost

X X X X X

Adjusted Pricing Strategy

X X X X X X

Survey Analysis

Finance

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X X Responses did not indicate this was a significant change Responses indicated moderate change Responses indicated significant change

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Creative/Arts Culture Manufacturing Technology Education Infrastructure and Transportation Health Services - General Services - Tourism- Related

Changes in cost of compliance (time and money)

X X X

Difficulties in making physical space adaptations

X X X X

Regulations were costly to implement

X X X X

Slowed down business processes due to physical space adaptations

X X X X

Survey Analysis

Supply Chain

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X X Responses did not indicate this was a significant issue Responses indicated moderate issue Responses indicated significant issue

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Break out sessions

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