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Industrial Insights Research

Understanding Industrial Trends, Challenges, and Opportunities

INDUSTRIAL INSIGHTS Research Understanding Industrial Trends, Challenges, and Opportunities in Vancouver | Vancouver Economic Commission

Myth: Industrial Business is being phased out — the future is tech

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.

 

Key Insights from our Research on Industrial Businesses

  • Contrary to popular belief, the majority of industrial businesses in Vancouver are less than 20 years old, have been in their current space less than five years, and anticipate expanding in the in the next two years.
  • Several trends are impacting demands on industrial space in Vancouver, including an increase in global demand for local goods & services, relocalization of supply chains & manufacturing, and new technologies for industrial operations.
  • The biggest challenges faced by industrial businesses include: rising costs of doing business (taxes, fuel, wages, permitting & licensing fees); finding and retaining qualified staff; and finding appropriate and affordable operating spaces.

 

What’s at Stake for the Local Economy

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.
 

Research

Industrial Insights Research 2018

Understanding Opportunities & Risks Faced By Local Industrial Businesses
 
Author: Pietra Basilij
Published: June 27, 2018
 
Download the Report

Service

Industrial Concierge Service

Supporting Space Sharing Among Industrial Startups
 
Our Concierge helps address industrial space challenges in Vancouver by connecting business looking to to share space, equipment and resources.
 
Learn More

 

Partners

This research is made possible by the support of our partners.

Vancouver Economic Commission with Community Partners: Strathcona Business Improvement Association, Hastings North Business Improvement Association (also goes by East Village); BC Alliance for Manufacturing; Real Estate Foundation of BC; City of Vancouver; Spacelist.ca; Urban Logiq

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