When it comes to security in real estate investments, the soundest purchases are always those made in cities with a solid economic foundation. Plenty of local employment means that people in the city will always be looking for a place to live, and businesses for a place from which to operate. As a general rule, the broader the economic base of a city is, the more employment, and thus its likelihood of being a good place to make a real estate investment. In this article, we will take a look at the economy and employment possibilities in the city of Burnaby, British Columbia.
Industry
First, let's take a look at the heavy industry which operates out of the city of Burnaby. Located right on the Pacific Ocean, the city enjoys an advantage as a major stopping point for international shipping traffic. Those who keep a close eye on all things important to their active exchange traded funds may already know that major Canadian energy producers such as Petro Canada operate refining facilities on Burrard Inlet. Chevron enjoys a similar position on the coast, providing Burnaby with a stable and longstanding industrial base.
Heavy industry is not the only type of manufacturing and processing to be found in the city. The proximity of the city to the major Pacific shipping channels makes it an ideal location for several high tech companies, including Nokia. Goods are created at factories located in the city, with companies including Future Shop receiving overseas items as well.
All this means that within the industrial sector of Burnaby, there are lots of jobs, and a wide variety of them to boot. The various plants require labourers who receive high wages for unloading and loading the boats and other vehicles which ship the goods around the world. Technicians versed in the latest web collaboration tool and other computer age necessities are also in demand. There is possible employment at all levels of the industrial ladder in Burnaby.
Retail
Burnaby is also the major stop for retail activity in the Lower Mainland. The city is home to the biggest malls in the province, malls which house everything from clothing stores to business card printing services. All of this activity means a lot of extra employment for unskilled labour as well as younger people and university students.
Service sector
As you might expect in a city as densely populated as Burnaby, the service sector is another major employer for many residents. Those interested in finding work in collision repair, Vancouver based law firms, and any other area can find suitable work out of Burnaby. The naturally friendly business environment has served the service sector well in this regard.
Finally, Burnaby is not just a place where a person can find employment, but where one can succeed as an entrepreneur as well. The founders of the famous BusinessVision software, out of the Sage group, were based in the city. Prime location and easy access to a large market mean that Burnaby has a broad market base for almost every kind of business start up.
The self sustaining economy of Burnaby ensures that employment rates of local residents stay high, even when the rest of the world is experiencing a recession. This is good news for citizens and property owners alike, as jobs can always be found and thus real estate prices remain stable.
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