A Talk to the Fraser Valley Estate Planning Council AGM Eaglequest Coyote Creek Golf Course, 21 st May nd Avenue, Surrey, BC Michael A. Goldberg Professor and Dean Emeritus Sauder School of Business The University of British Columbia

Financial markets: led globalization Real estate markets globalized next Global cities network resulted New International Division of Labor Global product outsourcing Now services global too Cities key global players

 Economic restructuring ◦ Goods  services ◦ Natural  human resources ◦ Goods  information, knowledge, thinking, ideas  Demographic restructuring: aging, immigration, urban not rural growth  Global trade grows twice as fast as GDP

 Social restructuring: ◦ high pay low skill jobs shrinking ◦ more income inequality  Fewer people in resource regions  Global integration, deregulation, reregulation

Drivers of global economy Information and decision centres Capital centres Knowledge centres Innovation centres Creativity centres Culture centres

Strategic thinking a must Cities no longer minor actors Global urban competition for human capital Education: attracts/retains best people Tolerance, talent, technology Cultural diversity – civic urban society All regions need strategy to prosper

Strategic Assets of Cities Agglomeration Diversity – stability Efficient urban form Quality of living environment Strong governance Open to change & globalization Quality – quantity public goods Internal-external accessibility Educated flexible labour force Support services

Strategic liabilities of cities NIMBY-NIMTE resist change Fragmentation, local competition Income disparities Vulnerability Aging buildings and infrastructure Limited tax base and autonomy Limited access to capital Weak finances

Two starkly different urban forms: The Choice is Ours

 Strategic thinking and action is 4 things ◦ See world as it really is ◦ Respond to changed reality ◦ Choose from new alternatives ◦ Seize chosen opportunities

 Need regional gov’ts as regional fiduciaries ◦ NIMBY – NIMTE block regional needs ◦ No one speaks for regions now ◦ Sydney is extreme cure ◦ Can-US Joint Commission ◦ EU also a model ◦ Senior intervention is key

 Use strengths to build new economy  Get new metaphors  Build urban economy on industries & firms: ◦ With responsive innovative cultures ◦ Eager to compete globally  Switch from AM to FM to hear emerging ideas  Get new measures for new goals

Some Assets  Visionary politicians and senior city managers  Future tolls on roads and bridges  New City Centre  Diverse Economy and ALR  Innovation Boulevard  Land supply  PMV – Surrey  Port Mann Railyards  Diverse population  Great access to US  City Centre Transit  Low taxes  Growing rapidly

Some Liabilities  Lack of certainty on transit  Looming tolls and congestion charges  Lack of strong regional government  Urban sprawl from earlier era  Rapid growth and costs  Huge area to govern  Traffic congestion

 Build on assets ◦ Logistics (Land, PMV, rail, US access, SFPR, etc.) ◦ Innovation Boulevard (Hospital, Fraser Health, SFU-KPU) ◦ Develop ties to Asia, especially India ◦ Enhance food industries on ALR base ◦ Education hub for BC and international students ◦ Niche financial services (SFU, Coast Capital, retirees) ◦ And more…imagination and energy are only limits

 Global is the word of the day and the future ◦ Global competition ◦ And, global opportunities  Cities compete globally for talent, investment, jobs  Surrey is well positioned to compete globally  It has the assets needed to compete  A growing global vision  Business leadership that is keen to expand views  So, do it!  Thanks for inviting me and let’s chat

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