Op-Ed: Vancouver's Tech boom brings together Canadian investors, East and West

Vancouver’s Economic Snapshot

Key Metrics for Economic Prosperity

As one of North America’s fastest-growing low-carbon economies, Vancouver’s economy is performing exceptionally well. Vancouver’s recent economic growth has been largely driven by a few key sectors – construction, technology, digital entertainment and the green economy – and has done so by becoming a model for sustainable green growth. As we look beyond GDP in measuring economic success, here are a few of the key metrics that we actively track in the pursuit of a diverse, resilient economy that helps deliver prosperity for all.

Vancouver’s Broader Economy

Vancouver's Economic Snapshot and key Economic Metrics - North America's Fastest Growing Low-Carbon Economy

Source: Tourism Vancouver

Key Metrics
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Vancouver has the 2nd lowest unemployment rate in Canada of 4.3% (Statistics Canada, 2018)
Vancouver has the most diverse economy in Canada (Conference Board of Canada, 2018)
Vancouver’s office vacancy rate is the 2nd lowest in North America (Colliers, 2018)

Technology

Vancouver's Economic Snapshot and key Economic Metrics - Top 20 Startup Ecosystem

Source: Matt Jacques

Key Metrics
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  • 75K+ People work in Tech Jobs in Vancouver ICTC
  • $73K Average Entry-Level Salary for Software Engineers HR Tech Group
  • 15 Ranked Startup Ecosystem in the World Startup Genome
Tech wages have risen by 3.4% over 2017 (HR Tech Group, 2018)
In Vancouver, 40% of new office space is occupied by tech companies and startups (CBRE, 2018)
In 2017 alone, Vancouver attracted $5 Billion in investment capital and 300+ deals (PitchBook, 2018)

Digital Entertainment

Vancouver's Economic Snapshot and key Economic Metrics - North America's 3rd Largest Digital Entertainment Sector

Source: Lost Boys School of Visual Effects, Flickr

Key Metrics
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  • #1 VFX & Animation Cluster in the World Variety Magazine
  • 3rd Largest Film & TV Production Centre in N. America VEC
  • #3 Cluster for VR/AR in the World VR Scout
The film, TV, VFX, and animation sectors have doubled in size in 6 years (VEC, 2018)
Vancouver is a top 10 cluster for video game development (Game Industry Career Guide, 2018)
The digital entertainment industry generates over 60,000 jobs in Vancouver (VEC, 2018)

Green Economy

Vancouver's Economic Snapshot and key Economic Metrics - The 3rd Greenest City in the World

Source: Vancouver International Airport

Key Metrics
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Carbon emissions per dollar have decreased 30% since 2007 (VEC, 2018)
Today, green jobs have increased 35% since 2010 (VEC, 2018)
Vancouver reports the lowest per-capita GHG emissions of major North American cities (VEC, 2018)
Since 2010, green jobs have increased by 35% (VEC, 2018)

Geographical Strengths

Vancouver's Economic Snapshot and key Economic Metrics - Vancouver is a Global Gateway to the Asia Pacific and has close ties with the Cascadia Innovation Corridor

Source: Vancouver International Airport

Asia Pacific and
the Cascadia Corridor

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Over 3,700 direct flights depart from Vancouver International Airport each week (YVR, 2018)
Vancouver is the most Asian city outside of Asia (Statistics Canada, 2017)
The Port of Vancouver is the most diverse port in North America (Port of Vancouver, 2018)

Key VEC Research & Insights

>> Industrial Insights Report 2018 | Understand industrial trends, challenges, and opportunities | Read More
>> State of Vancouver’s Green Economy 2018 | Discover our leading green policies and 200+ businesses | Read More
>> Vancouver’s Film & TV Production Spend 2017 Study | Measuring direct spend and analyzing historical data | Read More