Community in Focus: Economy

RENOVATING CHARITY BUILDINGS MAKES A MAJOR DIFFERENCE

According to Imagine Canada, the Canadian charitable sector contributes $192 billion in economic activity annually and employs 2.4 million people.

HeroWork Canada found there were significant socioeconomic benefits from renovating buildings used for charitable services in a study of infrastructure renewal projects completed between 2012 and 2021, including 15 in the capital region.

Social impacts included increased and higher-quality services, better client access, improved efficiency, and an enhanced ability to achieve organizational mission and goals. 95% of leaders surveyed said renovations enabled them to better meet their goals, and 89% said they were able to expand services.

Economic impacts included increased revenue, reduced costs, more economies of scale, increased human resources, and enhanced community service. 44% of leaders said they were able to attract new revenue sources or increase revenue, and 81% said renovations reduced maintenance and utility costs.

Note: In 2023, HeroWork Greater Victoria closed after 10 years, citing increased construction costs, reduced returns on fundraising, and financial losses on renovation projects due to changing market conditions. Since 2014, they had renovated 17 buildings for local charities with renovations valued at $8 million.

Source: HeroWork Canada and Imagine Canada