Economy
The original economic driver was coal mining; however, the forestry industry supplanted it in the early 1960s with the building of the MacMillan Bloedel pulp mill at Harmac in 1958, named after Harvey MacMillan. Today the pulp mill is owned by the employees and local investors and injects well over half a million dollars a day into the local economy. The largest employer is the provincial government. The service, retail and tourism industries are also big contributors to the local economy.
A recent surge of higher-density real estate development, centred in the Old City/Downtown area, as well as construction of a city-funded waterfront conference centre, have proven controversial. Proponents of these developments argue that they will bolster the city's economy, while critics worry that they will block waterfront views and increase traffic congestion. Concerns have also been raised about the waterfront conference centre's construction running over its proposed budget. The current council is working hard to solve homeless issues, and has established a strong relationship with the provincial government to provide several hundred low-income housing spaces. Nanaimo has also been experiencing job growth in the technology sector.
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Famous quotes containing the word economy:
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)