ECONOMIC COMMISSION The Vancouver Economic Action Strategy: An Economic Development Plan for the City - City of Vancouver
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ECONOMIC COMMISSION The Vancouver Economic Action Strategy: An Economic Development Plan for the City
A MESSAGE FROM THE MAYOR
September 2011 and strengthen our city as a both a destination
and producer of global investment and talent.
On behalf of the City Council and the Board of The anticipated outcomes of the plan are simple:
the Vancouver Economic Commission (VEC), I am to create jobs, cultivate innovation and promote
pleased to present Vancouver’s economic action responsible prosperity in Vancouver—one business
strategy. and one sector at a time. We will build on our core
strengths to achieve these goals, while working with
This focused plan provides the roadmap for the City
our many partners in Vancouver and throughout the
as we work to enhance our economic performance
region, knowing that our city’s future will depend on
over the coming years. Our global profile, our
a resilient economy that restores our environment
diverse economic base, and the tremendous
and enhances community health.
momentum we have in our high-growth innovation
sectors provide the ideal platform for implementing The content and direction for this plan comes from
this strategy. an extensive engagement process with businesses,
residents and local experts. Past and present
Our strategy takes into consideration relevant global
members of the Vancouver Economic Commission’s
and local influences, while focusing on three critical
board helped shape the strategy, and I wish to thank
aspects of managing the economy:
all who gave their time and effort to contribute.
I look forward to working with all our partners
to strengthen Vancouver’s economy through the
1. A Healthy Climate for Growth and
coming months and years.
Prosperity;
2. Support for Local Business, New Investment
and Global Trade;
3. A Focus on People – Attracting and
Retaining Human Capital.
Gregor Robertson
Our vision is that this plan will result in a high Mayor of the City of Vancouver
performing economy with thriving growth sectors, Chair, Vancouver Economic Commission
2 VANCOUVER ECONOMIC ACTION STRATEGY
VANCOUVER’S ECONOMIC VISION—
A high-performing economy
that successfully levers the City’s
global profile and its momentum
as a centre of innovation and
entrepreneurship.
VANCOUVER ECONOMIC ACTION STRATEGY 3
HIGHLIGHTS
The Vancouver Economic Action Strategy has three neighbourhood interface planning; and port-
major areas of focus, each containing a series of related transportation needs planning;
actions and outcomes that will be measured over
• A Green Enterprise Zone that showcases and
the next three to five years. These areas of focus are:
nurtures innovation in emerging sectors like
clean tech and green buildings.
1. Create A Healthy Climate for
Growth and Prosperity; 2. Supporting Business Investment
and Trade
2. Provide Support for Local Business, • Increase trade in new global markets targeting
New Investment and Global Trade; Asia and South America;
3. Focus on People – Attracting and • Working with partners to advance development
Retaining Human Capital. of a technology incubator/accelerator centre
to help grow technology companies, increasing
jobs and driving wealth creation;
THE STRATEGY’S MAJOR INITIATIVES
• A creative industry data-centre that will boost
The highlights of Vancouver’s plan include programs cluster competitiveness and productivity.
and projects that will support local prosperity, and
the City’s vision of a high performing economy. 3. Focus on People
Examples of the plan’s major initiatives include: • Competing for talent by working through
Canadian Ex-pat organizations like C-100 in
1. Climate for Growth Silicon Valley to bring Canadians home, and
• An expedited review of the local regulatory work with partners like Immigrant Employment
framework on job spaces, taxes and regulatory Council of BC (IECBC) to attract and support
burden; skilled immigrants;
• A global communications and events program • Double the jobs in the green economy
that markets Vancouver to the world for and establish Vancouver as one of the top 5
investment and talent; global creative cities by 2020;
• Boosted support for Port Metro Vancouver, • Through the Campus-City Collaborative (C3),
including preservation of job-lands in the city a City partnership with all six public sector
that support port activities; ongoing port/ post-secondary institutions in the city, create
opportunities to develop and retain talented
students.
4 VANCOUVER ECONOMIC ACTION STRATEGY
THE ACTION PLAN
This Economic Action Strategy is being launched by • Life Sciences BC (LSBC)
the City of Vancouver and executed by its economic • Tourism Vancouver (TVAN)
development agency, the Vancouver Economic • BC Ministry of Jobs, Tourism and Innovation (MJTI)
Commission (VEC). • BC Hydro
• Wavefront Accelerator Centre
The direction of this strategy emerges from the • Digi BC
citizens and businesses of Vancouver, and the • Vancouver’s Business Improvement Associations
foundation of the plan is based on thousands of • Urban Development Institute
hours of research, consultation and direct input from • Great Northern Way Campus
business leaders and residents of all demographics. • Discovery Parks Holdings Ltd. and the Generator
• Port Metro Vancouver
This strategy is a result of the City’s commitment • BC Bioenergy Network (BCBN)
to addressing, within its fiscal capacity, both the • Cleantech CEO Alliance
opportunities and the gaps in local economic • Export Development Canada
development programs. The majority of the plan’s • Western Economic Diversification (WED)
activities focus on changes that will continually • Department of Foreign Affairs and
improve Vancouver’s business climate, support International Trade (DFAIT)
existing local businesses and facilitate new • Industry Canada
investment, and attract the human capital essential • Metro Vancouver Commerce (MVC)
to the future. • BC Film
• BC Film Commission
This document highlights a number of major • International Financial Centre of BC (IFCBC)
commitments that will help transform how business • Sustainable Technology Development Canada (SDTC)
growth is fostered, and articulates how development • National Research Council (NRC/IRAP)
of the programs were especially guided by • YVR-Vancouver’s International Airport
opportunities to support and work closely with key • Local research, post-secondary education and
partners who share varying degrees of responsibility training institutes
in influencing economic prosperity. • Metro Vancouver
• Translink Transportation Authority
These partners include (though are not limited to): • First Nations Communities
• Ethnic Business Associations
• BC Innovation Council (BCIC) • Hydrogen Fuel Cells Association
• BC Technology Industry Association (BCTIA) • Clean Energy BC
• Business Council of BC (BCBC) • Business Development Bank of Canada (BDC)
• Vancouver Board of Trade (VBOT)
VANCOUVER ECONOMIC ACTION STRATEGY 5
GLOBAL INFLUENCES AND LOCAL OPPORTUNITIES
Canada and the Vancouver region have been somewhat protected from current global tensions by a stable
banking system, and a steady economy with enough trade diversity to maintain buoyancy. Vancouver in particular
continues to experience development growth despite challenges in world markets. A series of major new building
announcements in 2011 (described in Assets and Attributes section) led by local partners like Bentall Kennedy and
Telus will see more than two billion in new commercial high rise investments in the City’s downtown core over the
next two years. New investments in telecommunications infrastructure will create city-wide super WiFi networks,
and the City’s commitment to affordability and liveability infrastructure is unprecedented.
Nevertheless, understanding global pressures and As Canada takes strong measures to maintain
influences on the city will be key as Vancouver competitiveness, Vancouver businesses can lever
pursues the objectives of its economic action strategy their share of global trade and investment by
to enhance the local business climate and support capturing opportunities in new and emerging
prosperity. The following global trends and local markets such as Asia and South America.
conditions are particularly important to the outcomes
of this plan: 3. Environmental issues are inseparable from
economic issues.
1. Economic growth is driven by city-regions. Environmental responsibility makes good sense.
The economic health and prosperity of countries is Conserving energy and water, and reducing waste is
more than ever dependent on the performance of their good for business and good for the planet. From the
city-regions. Senior governments set many monetary, business perspective, reducing energy consumption
tax, incentive and regulatory policies that influence provides some protection against potential future
business decisions, competitiveness and success. But shortages and price volatility, especially for
local government policies—taxation, business climate, small enterprise, while the ongoing development
regional collaboration, services, sustainability and of renewables supports the economy and the
liveability—are of increasing importance when it comes environment.
to influencing the local economy.
Green products and services make up one of the
Vancouver is the largest city in the Metro Vancouver fastest growing emerging sectors of the global
region and is the economic centre of the area. Metro economy. Vancouver has significant momentum in
Vancouver’s transportation, business and geographic this area and is levering this as a strategic advantage
assets are fairly-well distributed throughout the to promote economic development objectives that
22 municipalities of the lower mainland, creating will complement important mature industries.
strong synergies and opportunities that all municipal
partners in the city-region can leverage in a global 4. Economic success is increasingly dependent
marketplace. on skilled and talented human capital, while
talented individuals are increasingly mobile.
2. The world economy is becoming larger, more
The future of innovation in the global economy will
integrated and internationally competitive, and
rely on talented human capital, and competition for
the share of the global economy accounted for by talent will increase as the global economy improves
developed nations is shrinking. and population growth slows further. Vancouver
The economies of countries such as China, India and relies on immigration for its population growth, and
Brazil are dramatically outperforming the traditionally is well positioned to retain and attract talent. It has
dominant economies of North America, Europe and strong appeal as a livable, safe community with
Japan. These rapidly growing regions provide a ready access to high quality education, health care and
but competitive market for Canadian resources and other social services, a stable and effective local
business. government, and a diverse well-integrated population
that supports a vibrant cultural sector—it is the most
Asian city outside of Asia.
6 VANCOUVER ECONOMIC ACTION STRATEGY
The small business economy must continue to 6. In order to attract and retain talent, it is
grow however, for the city to maintain its position increasingly important for business to be located
as an attractive destination for talent. Companies in great neighbourhoods, where there is access to
and industries must offer a greater range of amenities and high connectivity.
opportunities for employment in appealing and
City and regional cores are where international business,
innovative environments. Vancouver’s efforts to
finance, technology and cultural connections are made.
provide support for businesses in all stages of
Their vitality is a measure of the region’s business and
growth will aid this significantly, and proactive
investment potential, and they are the areas most
efforts to address affordability and protect
attractive to internationally mobile talent. Successful
liveability will help meet the changing needs of
downtowns combine a dense mixture of activities and
workers and their families into the next decade.
people, a vibrant walkable and bikable public realm,
and high levels of investment in digital connectivity and
5. The regional economy consists mainly of small high tech services. They are also environments where
and very small businesses, operating in a diverse companies have appropriate spaces to grow into, and
array of sectors. where start-up companies are supported through all
This in part reflects the above-average stages of growth from ideation to globalization.
entrepreneurialism of the community, which is
higher than the national average. While an economy Cities like Vancouver which have vibrant, mixed-use
of smaller businesses can be more nimble, larger neighbourhoods with modest commuting requirements
companies are more resilient to changes in the that include a range of safe transportation options,
economy, provide greater opportunity for the are highly attractive to both businesses and talented
attraction and retention of innovative human capital, employees. More investment into these assets will
and support stronger trade and productivity. continue to improve the region’s competitiveness.
Understanding how Vancouver can support 7. Investing in efforts to enhance the business
the growth of smaller businesses and increase environment will increase the community’s success
opportunity for larger enterprise, will boost the at supporting a stable, high performing economy.
performance and resilience of the local economy
A strong economic development platform, supported
and support important productivity gains, as well as
by local government and community partners, is
improvements in individual income that will continue
central to economic prosperity and good business
to attract investment and talent.
health. Prosperous city-regions around the world
have invested in foundations that provide supporting
tools for entrepreneurs and innovators, including
Number of entrepreneurs working things like business incubators and accelerators that
as percentage of the population guide innovators through key stages of growth, while
providing access to the capital and expertise required
Canada 15.0 to make sound business decisions. Vancouver has
good programs that offer these support services and
Netherlands 11.5
amenities on an ad hoc or micro-scale, many of them
U.K. 11.2 associated with small private incubators, industry
Ireland 11.1 associations, or the region’s dynamic universities.
Belgium 11.1
Vancouver has a significant opportunity to fill a major
U.S. 10.1 gap. By establishing a central technology hub, or centre
Germany 9.7 of innovation that can offer a complete package of
Finland 8.6 support to entrepreneurs in the early and mid-stages
Sweden
of growth, the community will substantively improve
8.5
business success and retention—helping enterprises
Denmark 6.9
grow into successful companies, and global offices, that
(source: Statistics Netherlands 2008)
create employment and prosperity.
VANCOUVER ECONOMIC ACTION STRATEGY 7
THE STRATEGY HAS THREE AREAS OF FOCUS
1 A Healthy Climate for Growth and Prosperity;
2 Support for Local Business, New Investment and Global Trade;
3 A Focus on People: Attracting and Retaining Human Capital.
A CLIMATE FOR SUPPORTING A FOCUS ON PEOPLE
GROWTH BUSINESS INVESTMENT Boosting efforts to
Expanding the City’s AND TRADE attract and retain the
global brand on liveability, Promoting business growth human capital that
by strengthening and and new investments that powers the future.
promoting a prosperous drive employment, exports
business climate. and global trade.
A HIGH PERFORMING ECONOMY
8 VANCOUVER ECONOMIC ACTION STRATEGY
1
A HEALTHY CLIMATE FOR GROWTH AND PROSPERITY
The effectiveness of business support programs relies on the quality of the local business environment.
Vancouver has a stable business climate, and is indeed fortunate to offer a host of compelling and
competitive advantages from almost every aspect of the community.
Over the last four years, the city of Vancouver has made ongoing efforts to improve the business climate.
For example, the business share of property taxes has been reduced by one per cent each year, while
initiatives such as the 311 service and open source data policies have made it easier for businesses to work
with the City. Major investments are being made in the City’s IT capability, that will significantly increase
the speed and responsiveness of development, building and other regulatory processes, and in addition the
city is pursuing business efficiencies internally as well as with other governments to reduce unnecessary
pressures, costs and regulatory stresses on business.
Here are the tactics and objectives in the City’s plan that will build a better business and economic climate:
TARGET 1A: Leverage opportunities to promote local innovation and innovators.
TACTICS OUTCOMES MEASURES
i. Develop strategic zones (eg. • urban economic planning best • external rankings
green enterprise zones and smart practices • local innovators
neighbourhoods) that engage • increased opportunity for business showcased
citizens and business leaders in success and globalization of local
the incubation, acceleration and • partners engaged
innovations
demonstration of local innovations. • events supporting
• strong partnerships with key the targets
ii. Explore strategies for early adoption organizations/agencies involved in
of local technologies through enhancing the local economy • energy-use
promotion and pre-procurement, reductions &
and other practices that showcase • stronger sector clusters efficiencies
local innovators. • culture of early adoption • cost-savings
iii. Enhance and implement ‘smart’ • a more cohesive business climate
practices in local government such
as smart business regulation,
supportive taxation policies, open
source data structures and robust
information exchange.
iv. Actively work with and engage key
partners, particularly local agencies
(public and private) to play a role in
promoting local innovators.
VANCOUVER ECONOMIC ACTION STRATEGY 9
TARGET 1B: Protect, enhance, increase and densify employment spaces.
TACTICS OUTCOMES MEASURES
i. Work with local planners, business • stronger business and job growth in • businesses engaged
leaders, community organizations key commercial zones • % of increased
and citizens to refine employment • reduced business and employment density
space strategies that meet future leakage to other jurisdictions
growth needs, and align with local • Planning/zoning
neighbourhoods. • better spaces that support new changes
investment, and growing companies • Realtors and
ii. Identify and target sectors that and their employees
require unique spaces and locations developers engaged
to prosper, and work with partners to • more people who work in the • Pilot projects
produce them. neighbourhoods in which they live
• Share of office space
iii. Research and apply best practices • higher and better use of employment in region
that densify urban employment, space
• Changes in
especially in relation to local • less dependency on automobiles commercial
neighbourhoods.
• increased employment density in assessment
iv. Work with key economic key commercial neighbourhoods and
stakeholders that drive the economy along transportation routes
and partners like Port Metro
• protection of employment and
Vancouver, to support Vancouver’s
investment in key growth industries
role as the shipping gateway
between North America and Asia.
TARGET 1C: Pursue and leverage local and global partnerships.
TACTICS OUTCOMES MEASURES
i. Continue building formal and • Technology demonstrations and • # of partnerships
informal relationships with global zones that showcase the use of • level of new
companies that align with the local sustainable technologies, such as investment & jobs
economy, as well as work with post- those with BC Hydro and Cisco/
secondary institutions and their Pulse • initiatives/projects
global networks. • Showcasing local companies • citizen engagement
ii. Engage government partners who promoting growth and globalization
can help advance and promote • Broadened global outreach and
economic development objectives, champions
like working with Metro Vancouver
Commerce (MVC) on a mobile • Improved and streamlined business
business license. climate, locally and regionally
iii. Work with key organizations like
MVC, VBOT and BCBC to streamline
business regulations.
iv. Develop a liaison team with local
First Nations leaders on economic
and business development.
10 VANCOUVER ECONOMIC ACTION STRATEGYTARGET 1D: Execute a Communications Strategy Promoting Vancouver’s Business
Message.
TACTICS OUTCOMES MEASURES
i. Develop a strategic global • better informed global business • # of companies
communications campaign on leaders—local, national and engaged/
Vancouver’s competitive business international—on the advantages of showcased
advantages and support through: the Vancouver business climate
• Web and social
• a social media campaign; • greater awareness of the City’s work media counts
• redeveloped VEC newsletter; in supporting the local economy
• Volume of media
• redeveloped VEC website. • a strong vehicle that promotes and coverage
celebrates Vancouver’s business
ii. Target key business communication • Opinion surveys
stories and partners
vehicles and international partners • Newsletter
that can help deliver the message • expansion of Vancouver’s brand as a
distribution
to an expanded international profile destination for business
• # inquiries
of Vancouver as a destination for
business and talent.
VANCOUVER ECONOMIC ACTION STRATEGY 112
SUPPORTING BUSINESS INVESTMENT entrepreneurs and their ability to create jobs.
AND TRADE: SAFEGUARDING New initiatives that will form part of BusinessWORKS
PROSPERITY AND THE ENVIRONMENT include support of technology and social enterprise,
and the delineation of special enterprise zones in
The Vancouver Economic Commission’s
the city that support strategic business clusters. One
BusinessWORKS is the main platform for the City’s
of the key aspects of this is strengthening support
focus on business health, cluster dynamics, and sector
mechanisms that help businesses start up and
strengths. It is designed to provide comprehensive
grow, by addressing gaps or weaknesses along the
support to businesses in the city, as well as businesses
business growth continuum (see below), and ensure
seeking to come to the city, and involves a suite of
they have centralized access to capital and expertise.
integrated tools focused on retaining companies,
supporting their growth, and helping to attract Keeping innovators rooted in Vancouver more
new investment. By gathering information metrics effectively will depend on how well the city and
from hundreds of local and global businesses, its partners can reinforce this business continuum.
the program will support enhancements to City Pre-procurement programs will be introduced
policies, regulations and processes in support of to enhance the ability of local firms to secure
The Business Growth Continuum
IDEATION START-UP INCUBATION ACCELERATION DEMONSTRATION MARKET DEV GLOBALIZATION
THE VEC IS WORKING WITH PARTNERS TO ESTABLISH A TECHNOLOGY INCUBATION CENTRE
This VEC will work with partners, including • Create new investment opportunities;
governments, business and academic institutions
• Help small and medium sized businesses to
to advance development of an incubator/
grow;
accelerator hub in Vancouver’s city centre. The
intention is to build a facility that focuses on • Facilitate innovation, commercialization and
growing small and medium sized businesses. technology transfer;
This facility would focus on growing innovative • Significantly increase the success rates of
local companies in key sectors, including technology business start-ups;
digital media, clean technologies, life sciences,
information technology and renewable energy. • Act as a hub for other technology incubators,
The centre would assist entrepreneurs through leveraging existing resources to advance the
facilitating access to education, expert mentoring objectives of existing facilities;
from successful serial entrepreneurs, and through
connecting businesses to investment resources. • Create a launching point and landing pad
Furthermore, this centre would be first of its kind for international partnerships, facilitating
in Canada that will support both technology and technology transfer, collaborative R&D, and
social enterprise initiatives within one facility. business to global business linkages; and,
The Centre would be a catalyst for innovation
• Increase the reach of Vancouver’s innovative
and entrepreneurship that will:
Social Enterprise sector.
• Drive increased employment and wealth
creation;
12 VANCOUVER ECONOMIC ACTION STRATEGYpublic sector business and to showcase local companies) in 2011, maximizes the city’s opportunity
technologies—this leads to better success in foreign to tell global business leaders why Vancouver is a
market access and globalization. compelling and competitive business destination.
The VEC targeted executives from foreign digital
Other programs will help enhance local competitive- media studios and invited them to participate in a
ness and small business resilience by identifying number of integrated business programs organized
opportunities to reduce dependency on volatile energy in conjunction with SIGGRAPH 2011. The result is the
supplies, through strategies that reduce energy and establishment of several new studios in Vancouver
water use, and that reduce or recycle waste. generating $5.5 million in new investment and
creating 400 new jobs into 2012.
Global trade and investment programs will be
enhanced with additional sector-focused inbound Inbound and outbound programs that target
and outbound missions that reinforce or forge Foreign Direct Investment (FDI) will continue to
new global trade opportunities. Building on earlier focus on the clean tech and creative media sectors,
successes like the 2010 Olympic business programs, but will also include mature industries in forestry
the Shanghai World Expo and SIGGRAPH maintain and shipping, tourism, ICT, Wireless and Science
important momentum for companies and their sectors, all of which will target markets in the US,
trade relationships. Targeting major events already Asia and key regions of the EU. New trade corridors
being held in Vancouver, like SIGGRAPH (the world’s with emerging nations like Brazil are being explored.
largest gathering of digital media and graphic
TARGET 2A: Launch BusinessWORKS, Vancouver’s new business-care program.
TACTICS OUTCOMES MEASURES
i. Visit/interview 400-500 companies • Stronger engagement with business • # of interviews
annually, prioritizing companies leaders • % of sector
in emerging sectors, and industry • Detailed understanding of business
subsectors like value-added forestry • jobs impacted
or sector gaps and opportunities
and mining: • employment gains
• Real-time data to improve policies/
• use business interview data to programs for business support and • investment gains
improve other growth prosperity • sector growth
management strategies;
• Retention of business and jobs • inquiries and
• leverage opportunities for
• Increased business investment/ response ratings
business matching and investment;
performance • business matches
• help businesses maximize
programs available to them that • Promote green business practices • exports
support growth; • Ability to address barriers more • productivity
• pursue supply chain opportunities quickly and facilitate tools for
associated with current businesses. growth and expansion
ii. Produce primary and other research • Early warning system for business
data and analysis that supports the leakage, opportunity for intervention
City’s objectives on the economy. • A strengthened role as a credible
iii. Develop a detailed benchmarking source of information on the local
and output measure program economy
for local economic performance • Better and more effective strategies
and economic development that deliver measurable results
management.
VANCOUVER ECONOMIC ACTION STRATEGY 13TARGET 2B: Target opportunities in the green and creative economies, to improve
employment expansion and business performance.
TACTICS OUTCOMES MEASURES
i. Fully execute the ‘Jobs and • double the green jobs by 2020 • # jobs
Economy’ programs in the Greenest • double the businesses engaged in • # business engaged
City Action Plan. green business practices (GBP) by in GBP
ii. Implement an expanded creative 2020 • # of studios, supply
economy strategy that targets media • expansion of the digital media, chain services
studio growth in pre-production, visual effects and animation industry
production and post-production. • Investment values
clusters that are supported by a
iii. Explore other creative subclusters complete supply chain of production • Effectiveness of
such as eco-apparel, recreation- service providers apparel events by
apparel and lever opportunities for sponsor value and
• strengthened micro-clusters in participation rates
sector collaboration. apparel and fashion
TARGET 2C: Lever partners and major events to promote growth and investment.
TACTICS OUTCOMES MEASURES
i. Use strategic business events to
generate investment, showcase • Stronger growth in supported • # inbound events
technologies and champion sectors
innovators through demonstration, • # outbound events
pre-procurement and market • Expanded opportunity for businesses • # engaged
development. to showcase products and develop businesses
their markets
ii. Work with partners to close gaps in • # of demonstration
support services along the business • economies of scale in program initiatives
continuum that are vital to healthy implementation by partnering and
levering major event platforms • Programs
growth, including incubation,
acceleration, and other key tools • supported growth for start-ups, • # partners engaged
(capital, mentoring, ideation support, businesses and innovators • # improvements in
export readiness, etc). business support
• competitive advantages in key
iii. Explore and address other gaps that clusters • Jobs and
are important to sector and cluster investment
growth, like green data centres and
media data centres or rendering • Exports
farms.
14 VANCOUVER ECONOMIC ACTION STRATEGYVANCOUVER GLOBAL TRADE MAP
CANADA
Copenhagen, Denmark
Vancouver
London, UK Frankfurt, Germany
Seattle, WA EUROPE
Paris, France
Portland, OR
Beijing
SOUTH KOREA San Francisco, CA UNITED STATES Chicago, IL New York, NY Istanbul, Turkey
Seoul San Jose, CA
Tokyo
Los Angeles, CA
CHINA JAPAN San Diego, CA
Shanghai
INDIA MEXICO
Hong Kong
Mumbai
Mexico City
MALAYSIA
Singapore
BRAZIL
Rio de Janeiro
AUSTRALIA CHILE Sao Paulo Johannesburg
SOUTH
AFRICA
Santiago
Sydney
Capetown
Driving time
to USA Border 40 min
TRAVEL TIME FROM VANCOUVER
San Francisco, California 2.25 hrs Chicogo, Illinois 4 hrs Beijing, China 11.5 hrs Sydney, Australia 22 hrs Johannesburg, South Africa 20 hrs
San Jose, California 2 hrs New York, New York 5 hrs Shanghai, China 12 hrs London, United Kingdom 9 hrs Cape Town, South Africa 21 hrs
Los Angeles, California 3 hrs Mexico City, Mexico 5.25 hrs Hong Kong, China 13 hrs Paris, France 10 hrs Mumbai, India 20.5 hrs
San Diego, California 3 hrs Rio de Janeiro, Brazil 14 hrs Seoul, South Korea 11 hrs Frankfurt, Germany 10.5 hrs
Portland, Oregon 1.25 hrs Sao Paulo, Brazil 14 hrs Tokyo, Japan 14 hrs Copenhagen, Denmark 12 hrs
Seattle, Washington 50 mins Santiago, Chile 14 hrs Singapore, Malaysia 16 hrs Istanbul, Turkey 13 hrs
TARGET 2D: Support businesses in developing or strengthening global markets and
trade.
TACTICS OUTCOMES MEASURES
i. Facilitate international trade • Increased trade relationships with • # trade initiatives,
opportunities, with government and key Asian regions, and increased programs and
partners, strengthen existing or open trade and exports for local business delegations
new trade corridors and markets • Increased capital for growth sectors • # businesses
(US, EU, Asia, South America). engaged
• A strengthened position as the
ii. Focus on emerging sectors and transportation gateway between • # inquiries
markets (eg. green and creative). Asia and North America • # partners engaged
iii. Focus on Asia and related • Increase in exports and growth in
opportunities to facilitate inbound • # B2B matches
exporting companies
investment into growth sectors, • # B2C matches
and outbound investment into • Increased diversification in trade
with export markets • # B2G matches
developing markets.
• Exports
• Jobs/investment
VANCOUVER ECONOMIC ACTION STRATEGY 153
A FOCUS ON PEOPLE: ATTRACTING The City’s Commitments
AND RETAINING HUMAN TALENT Vancouver already has strong talent in most of
Economic success is increasingly dependent on its industries, especially in entrepreneurship,
human talent, and talented individuals are increasingly technology and the creative sectors. Given global
internationally mobile. There is a growing demand for trends and projected increases in demand for
human capital, particularly those with niche skills in human capital however, the City will continue to
innovative and emerging sectors, and this demand will strengthen its position as a compelling destination
only increase as economies around the world grow for talent. In its current Capital Plan, the City of
and populations mature. The total global developed Vancouver has committed $60 million for housing
countries workforce age peaked last year (2010), and programs, $154 million into transportation, $118
will begin to decline as the baby boom generation million in parks and community facilities – including
retires, putting further pressure on labour markets. $11 million for childcare and $13 million for culture,
and $13 million in public safety investments.
Most developed countries, including Canada, rely
on immigration for population growth. While senior Other advantages include the city’s green
governments control immigration, local government credentials which are particularly appealing to
has the ability to build welcoming city regions younger, more internationally oriented people. The
that exert considerable influence on the choices of educational system has an excellent international
immigrants. record and the region’s post-secondary institutions
are globally competitive.
Talented people move in search of financial rewards
and job opportunities, but lifestyle, public safety, All of these assets and commitments, as well as the
strong and integrated transportation, access to city’s extraordinary liveability, enhance Vancouver’s
education, and environmental considerations position as a leading destination for talent.
are becoming more important, particularly for Protecting the city’s future will have much to
families. People may move frequently earlier in do with the attraction and retention of talent to
their careers, but typically settle in a city-region support growing technology sectors that seek
for a longer period at the point they start families. smarter and more niche oriented skills. Vancouver’s
An economically successful city therefore needs to focus will be on retaining and attracting talented
be able to offer attractive family housing and easy individuals, especially those under 40 who have
access to amenities, such as childcare facilities, young families. The City’s action plan on talent is
parks and recreation, and schools. detailed below.
TARGET 3A: Attract, retain, retrain and support talent.
TACTICS OUTCOMES MEASURES
i. Engage business in the • engagement by business community • Variations in price
implementation of the City’s 2011 - in addressing affordability and availability
2021 Housing Strategy, to improve • an affordable environment for • % of change
affordability and family living spaces. working entrepreneurs and families in corporate
ii. Enhance the affordability and • increased market rental housing retention/attraction
availability of daycare for working • % daycare spaces
families as identified in the 2011-2021 • increased daycare spaces
Capital Plan. • improved ability to attract and retain
iii. Work with businesses to understand talent
and address other liveability or
affordability barriers.
16 VANCOUVER ECONOMIC ACTION STRATEGYTARGET 3B: Actively attract, retain, retrain and repatriate talent.
TACTICS OUTCOMES MEASURES
i. Work with universities and training • Improved ability to retain and attract • Track pricing and
institutions on programs to develop talent availability indexes
skills for growth sectors, eg. the • Strengthened skills and talent on affordability
Campus City Collaborative (C3) on production in key growth sectors • # talented
the green economy. entrepreneurs
• An increase in the number of
ii. With local partners, work with Canadian expats relocating to supported and
Canadian ‘expat’ associations to Vancouver retained
launch a repatriation campaign that • # low barrier
reaches out to Canadian talent, • Improved support for local business
in their efforts to attract and retain and skilled jobs
using tools like a web site portal and supported, by
tracking program. talent
sector
iii. With local employers, identify the • Protection and enhancement
wherever feasible, of legislation • # programs/
top 3 to 5 best opportunities for missions
talent recruitment, including major (like the federal technology worker
events like SIGGRAPH. exemptions) that facilitates the • # hits and inquiries
ability of local companies to import • # expat org’s
iv. Work with governments to support talent
legislation that facilitates easier engaged
in-migration of talent and skilled • programs
workers that will enhance workforce supported
productivity and competitiveness.
VANCOUVER ECONOMIC ACTION STRATEGY 17THE VANCOUVER ECONOMIC ACTION STRATEGY AT A GLANCE
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18 VANCOUVER ECONOMIC ACTION STRATEGYVANCOUVER TODAY:
ATTRIBUTES AND ASSETS
Vancouver is the largest city on Canada’s west 1st Best Business Tax Environment (World)
coast and is consistently ranked by leading global KPMG 2010
authorities as one of the top cities in the world to
1st Cost Comparison Analysis (World)
live in. MMK 2011
From an economic perspective, Vancouver’s 1st Best City in the World: Liveability
business costs are amongst the lowest of developed Economist Intelligence Unit 2011
nations in a country that is a world leader in
1st [tie] Most Sustainable City (Canada)
competitive advantages. Corporate Knights 2011
Vancouver’s environmental goals and performance 1st Best Destination for Meetings (North America)
are well recognized; they are outlined in its International Congress & Convention 2011
Greenest City Action Plan which articulates how the 1st Best Airport (North America)
community will work to be the greenest city in the SkyTrax World Airport Awards 2011
world by 2020. It is already close to achieving that
goal: it ranked this year as Greenest City in Canada 2nd Green City rankings (North America)
Siemens/Economist Intelligence Unit 2011
by Corporate Knights, and number two in North
America (third in the world) by Siemens and the 1st Most Walkable City (Canada)
Economist Intelligence Unit. Up! Magazine 2010
1st Best Sports City (North America)
Vancouver is more than green. Its economy is a
SportBusiness Group 2010
balance of mature and emerging sectors including
manufacturing, resource development, digital media 1st Greenest City (Pacific North West)
and film, technologies, life science and biotech. Cascadia 2010
Vancouver is home to major national and global 10th Best Beach City (World)
companies like TELUS, Teck Resources, Westport National Geographic 2010
and Goldcorp. It has emerging strength as a centre
11th Number of Patents per capita (World)
for entrepreneurs in the innovative and creative Conference Board of Canada 2010
sectors - digital media companies like Disney’s Pixar,
Sony Imageworks, Rainmaker, Hootsuite and MPC 1st Best Destination (Canada)
are all part of the city’s growing media clusters. Travel Weekly 2009
Apparel is also strong, Lululemon Athletica and 1st Best City for Business Travel (World)
John Fluevog Shoes are Vancouver-based leaders in Economist Intelligence Unit 2008
the global apparel industry and micro-clusters like
2nd Best Airport (World)
eco and sports apparel have a solid footprint. Conde Nast 2008
VANCOUVER ECONOMIC ACTION STRATEGY 19VANCOUVER’S
ECONOMIC ASSETS
British Vancouver’s diverse economy has globally
Columbia
competitive sectors built on its culture of
entrepreneurism and in some cases its geographic
Vancouver is on
Canada’s west coast in
advantages. The thriving inter-modal and multi-
the province
of British Columbia
modal transportation sector is the foundation of
Vancouver’s position as a pivotal geographic hub
between Asia and North America, while the city’s
large Asian population creates a rich connection to a
Vancouver
multitude of trade regions across the Pacific. These
advantages are key to positioning Vancouver in its
role as a centre for global trade and commerce.
Provincially, British Columbia offers some of the
best business support programs and economic A Mature and Stable Economic Base –
credentials in Canada. Nationally, Canada’s fiscal Resources and Services
and regulatory performance is widely recognized,
Resource industries like mining and forestry have
enhancing the country’s reputation as a safe
been a mainstay of the economy since the city was
investment location. Recent provincial and federal
founded, and Vancouver remains a major global hub
tax changes have made Vancouver one of the
of resource industry activity.
most competitive cities in the developed world
to do business, positioning it well amongst other There are almost 1,200 mining companies in BC,
emerging and competitive city-regions. over half of which are exploration companies. Most
of BC’s mining companies are headquartered in
COMPETITIVE TAXES INTERNATIONALLY the city and manage global assets such as Teck,
Goldcorp, Pan American Silver and Imperial Metals.
Rank City Total Tax Index A number of pivotal advantages help make British
1 Vancouver, CA 50.5 Columbia’s mining industry one of the largest in the
2 Monterrey, MX 59.8 world. One is the access to a robust venture capital
3 Mexico City, MX 60.0 market in Canada which makes up close to 20 per
4 Montreal, CA 60.3 cent of the world’s exploration investment. Other
5 Toronto, CA 67.6 advantages include accessible geological data,
6 The Hague, NL 76.1 enabling legislation, a strategic global location, and
7 Amsterdam, NL 76.7 support from mining-savvy professional service
8 Manchester, UK 77.4 firms who are also clustered in Vancouver. The
9 Melbourne, AU 78.9 mining sector is forecasting continued growth due
10 Baltimore, US 81.8 to high global commodity prices.
This 2010 report by KPMG assessed the general tax competitiveness of
95 cities in 10 countries. Vancouver was the most competitive. Source: The forestry and wood product sector is one of
ftp://ftp.competitivealternatives.com/2010_compalt_report_tax_en.pdf
the historical foundations of British Columbia’s
economy, and most of the province’s forestry
According to the international ‘Cities of companies are headquartered in Vancouver. Forest-
Opportunity’ analysis by Price Waterhouse Coopers, based employment accounts for almost five per
alpha cities like London, Paris and Hong Kong are cent of total jobs, and forestry is one of the largest
being replaced as top performers by emerging exporting industries in the province—especially to
cities that focus on innovation, sustainability and a the United States. Demand for British Columbia
strong balance between their social and economic wood products in Asia is growing rapidly, with
objectives. Emerging cities like Vancouver. today’s exports to China having tripled since 1995.
20 VANCOUVER ECONOMIC ACTION STRATEGYSoftwood lumber, pulp and paper, and value-added The port is Canada’s largest and busiest, trading more
products like veneer, plywood, shingles and shakes than $75 billion in goods with more than 160 trading
make up the majority of products. economies annually and generating an estimated $10.5
billion in GDP. Port Metro Vancouver ranks first in North
Although concentrated, the manufacturing sector America in foreign export shipments, and second on
is another important source of well-paid jobs in the the west coast of the Americas in total cargo volume,
city. Vancouver’s main strengths in manufacturing and is connected to an extensive network of roadways,
are in apparel, food processing and furniture. Less three transcontinental railways, and border crossings.
well known is Vancouver’s growing, innovative social Vancouver’s port is seamlessly integrated with the
enterprise sector which is expected to play a great region’s air, road and rail connections to all major North
role in the economy into the next decade. American economic centres. British Columbia is the
only gateway on the west coast of the Americas served
Global Shipping and Warehousing by three transcontinental railways, and the ports are
Vancouver is North America’s gateway to Asia. The Asia’s closest point of entry on the west coast of North
Metro Vancouver ports are the most diversified America, up to 58 hours closer than the ports of Los
in North America, with 28 deep-sea marine cargo Angeles and Long Beach—it is the most direct route
terminals, two international cruise terminals and between Asia and North America.
several domestic intermodal short sea shipping
terminals. Its five business sectors are automobiles, The Knowledge Economy
break-bulk, bulk, containers and cruise. The knowledge economy includes the world’s fastest
growing sectors and is a leading source of high-
paying jobs in the city, with emerging strengths in
clean technologies and digital media.
About 100 companies employ 2,700 people putting
Vancouver at the forefront of the growing international
clean tech industry, and ranking the city as one of the
top 10 largest clean technology clusters in the world
(Global Cleantech Cluster Association). Vancouver has
significant assets across six clean tech sectors: fuel cell
and hydrogen supply technologies, gaseous storage,
renewable energy, power electronics, advanced batteries
& charging systems, and engine & automotive systems.
Other green sectors include green building and
urban design, local food production and processing,
waste management and recycling, and sustainability
consulting.
Vancouver’s green building cluster is one of the
strongest in the Pacific North West. The Cities
green building sector comprises over 70 firms
and about 1,600 employees. Companies range
from construction and design to those involved in
planning and development. There is also a small but
growing manufacturing sector that produces lighting
solutions, high performance windows, doors and wall
assemblies, as well as other products and materials.
The sector is anticipated to grow much faster than
the rest of the construction industry, thanks to both
consumer demand and government regulation.
VANCOUVER ECONOMIC ACTION STRATEGY 21The City’s building code is among the greenest on
the continent, and there are over 25 LEED certified
buildings in the city. Vancouver’s Olympic Village is
the first LEED Platinum certified neighbourhood in
North America.
The University of British Columbia (UBC), notably
through its Centre for Interactive Research on
Sustainability (CIRS) and associated research programs,
is recognized as a North American leader in green
buildings, while the BC Institute of Technology (BCIT)
has a solid research program. Light House Sustainable
Building Centre is an important resource that shares
expertise on green buildings with developers,
homeowners, consumers, and policy-makers.
Green sectors account for a growing number of
jobs in the city. They are important not only for the
jobs they create, but also for their contribution to VANCOUVER’S CREATIVE ECONOMY
local efforts to combat climate change. As part of
its Greenest City initiatives, the City is launching Vancouver’s strategy on the Creative Economy
programs to support green jobs at all levels – includes business matching and attraction
professionals and managers, trades people, skilled programs, global outreach to new investors,
workers, and innovative social enterprise initiatives and a close working relationship with local
for those with less education or other barriers to industry and government partners. The
performance. The City’s objective is to double the combined results have seen many visual
number of green jobs, and the number of businesses effects, animation and gaming companies
engaged in green practices, by 2020. setting up or expanding in Vancouver. The
city’s strong and growing digital media cluster
attracted the annual SIGGRAPH conference—
never before held outside of the US— to
More than 1,000 BC companies in the digital
Vancouver in August 2011. It was attended by
media and film sector alone employ 15,000
more than 20,000 artists, research scientists,
people, mostly in Vancouver, generating
gaming developers, filmmakers, students, and
revenues of approximately $2 billion annually.
academics from 74 countries around the globe,
and was the largest convention ever hosted by
Creative sectors are an extremely important part of the city. Vancouver has levered major events
the knowledge economy. They include both high tech like the 2010 Olympic Games and SIGGRAPH to
sectors, such as digital media, and traditional activities, capture millions in new studio commitments at
such as writers and performing arts. Recent studies an estimated capital investment of $17.5M and
suggest the creative sector provides over 85,000 over 700 new jobs with an estimated payroll of
jobs in BC, and over 30,000 within the city. The $49M. SIGGRAPH results alone are estimated at
technology-based parts of the creative sector – which $5.5M, reaching 400 jobs with a $28M annual
include film and digital media, games, animation and payroll by 2012.
special effects – are expanding rapidly, driven in part
New and expanding studios in Vancouver include:
by Vancouver’s geographic alignment with California
and British Columbia’s exceptional provincial media Pixar, Digital Domain, Sony Imageworks, Prime
tax credit programs. More than 1,000 BC companies Focus, Motion Picture Company (MPC), Rhythm
in the digital media and film sector alone employ and Hues, Industrial Light and Magic (ILM)
15,000 people, mostly in Vancouver, generating Rainmaker.
revenues of approximately $2 billion annually.
22 VANCOUVER ECONOMIC ACTION STRATEGYThe creative economy encompasses other micro- Leading companies and local research institutions
sectors such as fashion design and apparel. work together in virtually all sub-sectors,
Vancouver’s industry has a significant focus on eco- including genomics and medicine, diagnostics and
apparel, profiled by events such as Vancouver Eco prognostics, as well as industrial, environmental,
Fashion Week which attracts international buyers forest, marine and agricultural biotech.
and writers twice a year.
Information Communications Technology (ICT)
Education, Demographics,
and wireless industries are critical to the health of Training and Labour Force
numerous other high tech sectors, and constitute Vancouver’s labour force is highly skilled and
a thriving part of the business community in well educated. Its workers are among the most
Vancouver. Thanks to Vancouver partners like entrepreneurial in North America, and there are
Wavefront Accelerator Centre, a significant more artists per capita than any other city in
percentage of wireless companies that were in early Canada – an important consideration in a world
growth stages only a few years ago are already where creativity and innovation are increasingly
emerging as a more mature cluster today. Centred vital assets. The multicultural diversity of the local
mainly in Vancouver the BC industry is comprised workforce contributes to the city’s competitive
of more than 6,500 companies, with more than position in the global marketplace.
52,000 employees generating annual revenues of
approximately $9 billion. This includes 250 wireless Top 10 Non-English Languages Spoken
technology companies that generate over $1 billion at Home in Vancouver City 2006
in revenues annually in British Columbia.
Health and Life Sciences
More than 250 biopharma and related health
science companies are part of British Columbia’s 33%
26%
sciences cluster, including medical device
manufacturing and distribution, bioproduct, and
bioenergy companies. Vancouver’s companies and 12%
health and life science research institutes are global
leaders, and UBC leads the country in producing 7%
5% 5% 4% 3% 3% 2%
high-quality patentable research. The University has
spun-off more than 100 life sciences companies in
the past few years creating more than 2,500 jobs
and raising more than $2 billion in capital. Not far
(Pilipino, Filipino)
Panajabi
Cantonese
Chinese, n.o.s.
Mandarin
(Punjabi)
Vietnamese
Tagalog
Korean
Spanish
Japanese
behind, Simon Fraser University has generated an French
additional 70 spin-offs, and both universities partner
with Vancouver’s top technology institutes, such as
the BC Institute of Technology (BCIT) on degrees
and graduate programs.
The Metro Vancouver region is home to an
Recognizing the importance of health and life
array of world-class post-secondary institutions,
sciences research, the provincial government
conducting top-level research and producing job-
has invested $1.6 billion since 2001. Recently, an
ready talent that supports economic growth and
additional $60 million from the Government of
specific clusters. As noted above, these institutions
Canada helped create four new Centres of Excellence
have produced hundreds of spin-off companies
for Commercialization and Research (CECR) that
in key sectors, including creative digital media,
support and enable much of this commercialization
green business, information and communication
activity across university campuses.
technology, cleantech and life sciences. The global
outreach of the post-secondary institutions is
VANCOUVER ECONOMIC ACTION STRATEGY 23You can also read
