The impact of falling oil prices isn’t confined just to Alberta.
Virtually all of us in the North Okanagan know a loved one, neighbour or friend who works in the oil patch. No one could blame them for heading north as there are limited jobs here and opportunities abounded in Fort McMurray and other places as the crude market went through the roof.
But now that the situation has reversed, there may be local residents who have lost their jobs or are uncertain about their future. They may have less expendable cash and that will have a ripple effect on area realtors, automobile dealers, restaurants, travel agents and others. The reality is that the economy doesn’t know any borders and we here in the North Okanagan are linked directly to what happens in Alberta.
However, instead of just waiting for the oil sector to turn around, the North Okanagan continues to need to focus on establishing a stable economy that provides people with opportunities without having to travel. Obviously that initiative will include tourism and the service sector, but there are also opportunities within agricultural and the high-tech sector. One also has to consider the growing importance of the movie industry, particularly given the recent filming of Go With Me in Enderby, Lumby and Vernon.
Easy access to Okanagan College and the University of B.C. means we can have a skilled workforce, while Kelowna International Airport opens the world to investors.
Ultimately, dropping oil prices will negatively impact some local families but it may also provide the region with an incentive to refocus on economic conditions right here at home.
