WHY OPEN A BUSINESS IN DOWNTOWN LANGLEY?
Looking to open a business in the City of Langley? You might want to learn what the economic sectors look like and what opportunities are in store for you.
The City of Langley has created 5 economic development sector profiles:
These profiles will give you a snapshot of each one: highlighting marketing characteristics, business successes, business opportunities, economic indicators, demographics and more.
To download the City of Langley's Economic Sector Profiles please click here.
The City of Langley enjoys an overall retail trade area population of approximately 500,000 people (est. 2005), an estimated growth rate at about 2%, and an average household income of $67,225 (which is significantly greater than the provincial benchmark). The City of Langley's primary trade area (roughly 185,000 people) currently enjoys an estimated retail expenditure potential of roughly $1.5 billion. The secondary trade area has a population of 82,000 and a retail expenditure potential of $1.17 billion.
For more information, please check out the City of Langley's Economic Development webpage.
The Downtown Master Plan was developed over a two year period from 2007 to 2009 by the City of Langley and its consultant team. The objective was to produce a plan that would not only guide the development of Downtown Langley over the next 20 years, but would serve as a catalyst for generating investment and economic activity in the City. The approach taken was to create an exciting vision for Downtown Langley that was embraced by residents, property owners and merchants then ground the vision in reality by conducting a rigorous economic analysis and finally to promote the plan in the community and the development industry.
The Downtown Master Plan was developed in three phases, and each phase had its own interactive public consultation process. The three phases were:
Phase 1 – Illustrated Vision for the Future
Phase 2 – Urban Design and Economics
Phase 3 – Public Realm Plan
The final phase was completed in 2009 and presented to Langley City Council on January 11, 2010. The Downtown Master Plan will be implemented by the City of Langley in partnership with the development industry over the next several years.
For a more comprehensive look at the evolution and progress of the three phases, click here.
Residential to Business tax ratios are also a large factor worthy of much consideration when opening a business, and the Canadian Federation of Independent Business presently ranks the City of Langley as the 7th lowest in the Province of BC.
RESIDENTIAL VS. BUSINESS TAX RATIOS
Ranked out of 140 (with 1 being the worst and 140 being the best)
Population Avg. 3.30
82.4% of BC