Thanks to a new industry in BC, and in addition to existing economic fundamentals, Thompson Rivers University’s growth seems to have no end in sight.
The BC government has recognized the impact that liquid natural gas will have, and has funded an additional 52 seats for trades associated to this new industry, announced recently by local MLAs.
With 100,000 LNG jobs in BC that will need skilled workers in coming years, Kamloops MLA Terry Lake says this 1/4 million funding is just the beginning.
What does this mean for Kamloops real estate investors?
Here is some quick math to extrapolate:
0.265/6.8 million = 0.039 x 100 is:
3.9% of the province’s funding went to Kamloops for 52 job training positions for a new industry that will need 100,000 skilled workers.
If 52 training spots is ~4%, this round of funding provides for 1300 skilled workers after completing the 4 year program, or on average 325 workers per year.
At this rate, it would take over 300 YEARS to get the workforce trained for LNG! So, when the MLA says these training positions is just the start, I believe him!
Even to get this number of LNG skilled workers trained in 10 years, there would need to be an immediate 30 fold increase of investment in training programs, and based on current allocations, Kamloops’ share of training spots would be 1560(52 x 30).
To get into the nitty gritty of the skilled workers needed(over one million jobs in the coming years!), check out the BC skills and training plan.
1560 new students added to the local 100,000 population means a 1.5% population growth in Kamloops thanks to LNG job training alone.
Besides the prospect of 1560 university spots, there is also the employees of the LNG industry who would no doubt call Kamloops home.
These employees frequently work 2 weeks on, 1 week off, and the oil and gas companies provide them a travel allowance. Instead of living where they work, they call Kamloops home to take advantage of the nearby lakes and great weather on days off.
I have had three applicants for my most recent rental purchase who are in this exact situation, and my current tenants profile is about 8% oil and gas workers.
To learn more about the impact of the new liquid natural gas industry, subscribe here.
Next post is Kamloops feature employer for August: Thompson Rivers University.
Until next time,