Vancouver’s Diverse Economy
Vancouver has one of Canada’s most diverse and thriving economies. Its location and population make it an ideal spot for an array of productive industries. From its centuries-old shipping industry to modern film production, Vancouver can host it all. This means more jobs and a more stable monetary flow both for the city itself and for Canada as a whole.
Vancouver’s economy is greatly assisted by the Vancouver Economic Development Commission (VEDC). The VEDC helps improve the city’s business economy. It not only helps existing companies, but also actively attracts new ones to Vancouver. The VEDC is involved at every level of business development. It consults with educational institutions to provide better training programs for current and future employees. The VEDC also works closely with the government to create business-friendly policies.
Trade and transportation is one of Vancouver’s most vital sectors. The city is home to Canada’s largest port. Thus, it is a major launching site for Pacific trade. In fact, the Port of Vancouver has the most foreign exports of any North American location. More than $43 billion in products are shipped through the port every year. With this much traffic, the Port of Vancouver helps generate nearly 70,000 jobs and brings in $4 billion for Canada’s economy annually. In addition to the port, the city also helps the flow of logs and barges along its Fraser River. This is of great benefit to Canada’s forestry industry.
Tourism is another of Vancouver’s biggest industries. It brings in more than $3.1 billion and upwards of 90,000 people are employed in this sector annually. Ultimately, more than 8 million tourists pass through Vancouver annually. Approximately one-eighth of these visitors are cruise ship passengers who board their vessel from the city’s harbor. Others come to enjoy the city’s unique scenic features, nearby ski resorts, beautiful beaches, and more. Tourism is also bolstered by the city’s transportation system, which includes one of Canada’s major international airports.
Vancouver is also home to many companies in the technology sector. This includes web design, software development, and internet focused businesses. In fact, the city boasts the largest video game development studio in the world. The studio is home to the Electronic Arts company, one of the largest producers in the industry. What attracts such businesses to Vancouver? For one, the city has some exceptional educational institutions focusing on technology. This means it has a broad base of professionals for these companies to employ.
In addition to computer technology, Vancouver is also a center for film production technology. It has even been dubbed “Hollywood North.” Movies are a billion-dollar industry in the city, which is the third largest film producer on the continent. More than two hundred movies and television shows are developed in Vancouver annually, and this number continues to rise. Many of these productions are created by American-based companies. The more production that takes place in Vancouver, the more jobs the city can provide. Currently, more than 35,000 individuals work in Vancouver’s film industry.
Vancouver truly has a diverse economy that helps improve the quality of life for its 2.1 million inhabitants. Thus, the city is frequently ranked among the best cities in the world to live in. Additionally, a diverse economy ensures financial stability. In fact, Vancouver has an exceptional AAA credit rating. Ultimately, as the third largest urban center in the country, Vancouver’s economy plays a big role in shaping Canada. Thus, it is truly a shining beacon to its nation.