Today, Vancouver’s industrial businesses face increasing pressures. Many are at risk of being displaced from the city as the cost of doing business increases, the availability of industrial operating space diminishes, and finding and retaining qualified staff gets more difficult.
Industrial businesses form an important economic infrastructure that underpins all of our economic sectors while contributing to the overall economic resilience of Vancouver. Industrial businesses not only generate jobs and wealth, they also play a significant role in the social, environmental, and cultural well-being of the community. As part of our work to better understand and serve industrial businesses, the Vancouver Economic Commission conducted a citywide survey, and interviewed dozens of industry supporters.
If we don’t address the challenges facing industrial operators up to 50% of industrial businesses could be displaced from the city in the next 5 years, taking with them 30,000 jobs, $3.6 billion in annual revenues, and $1.2 billion in annual wages. Furthermore, the cost of goods and services in the city will rise as services move further from the urban core and traffic congestion and GHG emissions in the region will worsen. Finally, we could lose a variety employment opportunities, such as middle-income jobs requiring diverse educational backgrounds and jobs with lower barriers to entry.
Understanding Opportunities & Risks Faced By Local Industrial Businesses
Author: Pietra Basilij
Published: June 27, 2018
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