GVDA // BUSINESS IN GREATER VICTORIA
GROWING STRONG IN THE CAPITAL REGION Canada’s 15th largest metro region, Greater Victoria enjoys a diversity among both its population and its business that ensures its place as one of the country’s most stable economies. Victoria’s real gross domestic product rose by 2.1 per cent in 2010 and 1.4 per cent in 2011. Growth of 1.6 per cent is expected for 2013, increasing to 2.2 per cent for 2014 2017. Expect more from advanced technology – which grew a phenomenal 38 per cent from 2003 to 2008 – and ocean and marine space sectors, such as shipbuilding and research. Numbers from 2006 indicate more than three times as many people are employed in this sector relative to other B.C. regions; Victoria’s shipyards alone currently employ more than 700, with annual economic activity approaching $1 billion. Take a look at how the individual sectors are growing in the Capital Region:
Advanced technology and skilled trades thrive in many Victoria-area businesses.
a reputation for being eco-friendly, with businesses actively challenging each other to pursue green practices and operations.” Tourism Victoria puts the direct employment in the local tourism industry at 22,000 jobs, not counting those working in ancillary fields, such as hotel and restaurant suppliers. The economic impact of the region’s 3.5 millions overnight visitors, plus the 500,000 cruise ship visitors, is estimated at $1.9 billion.
EDUCATION
As one of Canada’s highest-educated cities, Victoria has created an exceptional education system, from its quality public and private grade schools to ground-breaking TOURISM graduate-level research and development. While the traditional view of Victoria’s Maclean’s magazine has named the Unitourism industry has been of English tea versity of Victoria Canada’s No. 1 university and gardens – and these remain significant for 2014 in the comprehensive category, recattractions – today’s tourism industry has ognizing the significant research activity and tapped into so much more, from cultural wide range of programs at the undergraduopportunities to the growing area of advenate and graduate level, including profesture tourism. ADVANCED TECHNOLOGY sional degrees. In addition to recognition for Thanks to its location, climate, ameniVictoria’s advanced technology sector its business and law schools, UVic owns the ties and facilities, the region is an attractive continues to dominate much of the region’s Vancouver Island Technology Park, the hub destination for both the business and vacaeconomic discussions, with crossovers into of Greater Victoria’s technology community tion visitors. Tourism Victoria’s exit surveys manufacturing, education and other secwith emerging and established companies report ongoing high levels of satisfaction among visitors.“Victoria is known for the ac- tors. Its diverse membership shows how far working in areas such as life sciences, new media and alternative energy. UVic also tive lifestyles of its residents, and consistently into the community technology reaches, from Abebooks.com, Carmanah Technololeads Ocean Networks Canada (formerly attracts visitors both young and old who gies and Vifor Pharma Aspreva to Schneiknown as the VENUS and NEPTUNE enjoy outdoor pursuits,” says Sarah Mitchell, der Electric, Viking Air and Scott Plastics. projects), creating new economic opportufrom AdrenaLine Zipline Adventure Tours, The industry’s growth has outpaced the nities in the marine technology sector. On which has grown its business by building provincial average, making Greater Victoria campus, UVic brings researchers together relationships with cruise ship lines, wholethe second largest technology sector in with industry to transform their ideas and salers and resellers, and creating a unique B.C. The Victoria Advanced Technology discoveries into commercially viable busiguest experience. “Our community also has Council (VIATeC) notes that the Greater nesses. Victoria tech sector has grown to more than 900 known technology companies, Imagine that! directly employing 13,000 people and genOne of the most celebrated cities in the world, erating in excess of $1.95 billion in annual here’s a sampling of Victoria’s recent accolades: revenues. Region-wide, the sector has an • Canada’s Second Most Creative City – economic impact of $3 billion. Dr. Richard Florida Leading the way are companies like • No. 1 Small City in the Americas – fDi Magazine Starfish Medical, named one of the fastest• Small City of the Future – Financial Times of growing companies in B.C. in 2013, proLondon • Best Small Airport in North America (2012) – viding design, development and manufacAirports Council International turing services for innovative companies to • No. 3, Top 5 Cities in Canada – 2013 Conde create breakthrough products for a number Nast Traveler Readers’ Choice Survey of medical specialty areas. 8
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