Economy of Vancouver

From Wikipedia, the free encyclopedia

The economy of Vancouver is one of the most vibrant in Canada due to Vancouver's situation as the nation's gateway to the Pacific Rim, a major port, and the main western terminus of transcontinental highway and rail routes. Major economic sectors include, trade, film, natural resources, technology and tourism.

1 International trade
2 Film
3 Natural Resources
4 Technology
5 Tourism
6 Banking and Finance
7 International relations
8 Aviation
9 Notes
10 External links

[edit] International trade

One of the many freighters seen in English Bay year round, waiting for clearance into Burrard Inlet where the Port of Vancouver is located.

International commerce and trade is a key sector for Vancouver's economy. The city has Canada's largest port and is one of North America's major gateways for pan-Pacific trade. The Port of Vancouver ranks first in North America in total foreign exports and second on the west coast in total cargo volume. The Port of Vancouver is Canada's largest and most diversified port, trading more than $43 billion in goods with more than 90 trading economies annually. Port activities generate 69,200 jobs in total with $4 billion in gross domestic product and $8.9 billion in economic output.^[1]

Vancouver's central area has 60% of the region's office space and is home to headquarters of forest products and mining companies as well as branches of national and international banks, accounting and law firms. In recent years, Vancouver has expanded as a centre for software development and biotechnology, while film studios and the streets provide a backdrop for the developing film industry. Two of the Port of Vancouver's container docks are located in the city. The Fraser river has barge and log traffic serving forestry and other water related industries. Around 1,800 acres of industrial land provide an important range of support services, manufacturing and wholesale premises for businesses throughout the city and region.

[edit] Film

The sobriquet "Hollywood North" has been applied to Vancouver; it hosts the production of approximately ten percent of Hollywood's movies. Many U.S. television and films series are shot exclusively in Vancouver. This is due to multiple factors, including the favourable Canadian dollar exchange rate, being in the same time zone as Los Angeles, and the fact that in the city and its environs there are numerous "looks" that can make Vancouver seem like many different locations around the world without necessitating changing location.

[edit] Natural Resources

As a major centre for the global forestry industry, Vancouver is host to many international forestry conferences and events, and the natural home of the massive BC forestry business. Companies such as Canfor and West Fraser Timber Co., the second and third largest lumber producers in the world, are headquartered in Vancouver.

Vancouver is also a major centre for the mining industry, with the former Vancouver Stock Exchange (now absorbed into the TSX Venture Exchange) notable as the largest market in the world for venture capital in small to medium sized mining ventures. The highly speculative Vancouver market was often criticized as risky and scam-ridden, and exposés of financial shenanigans continue to appear regularly in the local press. Vancouver is the primary western ship loading point for sulphur refined in Alberta.

[edit] Technology

Because of its local universities and reputation for having a very high standard of living, Vancouver has a growing high-technology sector - including software development. The city has developed a particularly large cluster of video game developers, the largest of which, Electronic Arts, employs over one thousand people. Additionally, Vancouver is emerging as a world leader in fuel cell technology, accounting for 70 percent of Canadians employed in the industry. The National Research Council Institute for Fuel Cell Innovation is located in Vancouver, and the headquarters of Ballard Power Systems is in neighbouring Burnaby. [1]

Some undeveloped areas near downtown have remained as such since industrial operations along False Creek were ended prior to Expo 86. This area, on the southeast side of False Creek, will become one of the athlete's villages for the 2010 Winter Olympics.

[edit] Tourism

The tourism industry is vital to Vancouver. Tourism Vancouver is currently the official destination marketing organization and as such is the official resource for visitors to the Greater Vancouver Regional District. Vancouver is a major tourist destination. In addition to the city's scenic location, visitors frequent the many gardens and Stanley Park, one of more than 180 city parks, and a combination of natural forest and parklands near the city centre.

The Whistler-Blackcomb Resort, 126 kilometres north of Vancouver, is among the most popular skiing resorts in North America, and will be the site of the downhill events of the 2010 Winter Olympics. Grouse Mountain, Mount Seymour, and Cypress Mountain, each with a variety of summer and winter leisure activities, are within a 30 km drive of downtown and all have bird's-eye views of the city and the surrounding region. Vancouver's numerous beaches, parks, waterfronts, and mountain backdrops, combined with its cultural and multi-ethnic character, all contribute to its unique appeal and style. Over a million people annually pass through Vancouver en route to a cruise ship vacation, usually to Alaska.

Also of note, the 1986 World Exposition was held in Vancouver.

[edit] Banking and Finance

The headquarters for HSBC Canada is located in the Financial District in downtown, as are large west-coast branches of all the major Canadian banks, such as RBC, ScotiaBank, BMO, TD Canada Trust/TD Waterhouse, and CIBC.

[edit] International relations

Downtown also plays host as a major centre for diplomacy and foreign relations. Most countries of the world have consulate or consulate general offices in the central business district. In addition, major diplomatic meetings have been hosted by the city, including the Yeltsin-Clinton summit in 1993 and the APEC annual meeting in 1997. This year the city will host the UN 2006 World Urban Forum. Finally, Greenpeace was founded in Vancouver and had its world headquarters there in the past. As a result of the powerful influence of green politics, Vancouver was among the first North American cities to declare itself a Nuclear Weapons Free Zone.

[edit] Aviation

Located in Richmond, Vancouver International Airport (YVR) is the principal international port in western Canada and is the second busiest in the nation. As the premier gateway to Asia, it hosts many airlines' regional offices and their flights daily to Asia, Europe, and the United States. Vancouver is the closest air-link to Asia, offering the fastest North American airport with daily flights to the Republic of Korea's Incheon International Airport. Vancouver is also served by the Abbotsford International Airport, fast becoming a reliever to YVR convenient for the eastern suburbs and transborder United States. Operating from Vancouver Harbour Water Aerodrome on the Downtown waterfront, several floatplane operators support both tourist scenic flights and practical transportation, with extensive operations during daylight hours.