MARKET OVERVIEW
Greater Vancouver is world-renowned for it’s exceptional beauty and business climate. Beautiful snow-capped mountains rise above a lush canopy of temperate rainforest and the sparkling blue Pacific Ocean. Amongst these natural wonders is a leading international urban centre for knowledge-based industries such as biotechnology, aerospace, telecommunications, environmental technologies, film production, new media and software development. These industries are complimented by thriving traditional sectors such as trade and transportation, agriculture, finance, wood processing, advanced manufacturing and tourism.
Greater Vancouver has been one of the fastest growing urban regions in Canada over the last 20 years with a current population of over 2.2 million. The primary forces behind this growth are international immigration and migration from other parts of Canada. The result is a prosperous, highly skilled multi-ethnic community that has profoundly shaped the business, cultural and social development of the region.
Greater Vancouver’s location on the West Coast of North America is a strategic advantage for conducting business in other countries. Situated just north of the U.S. border, extensive transportation and business linkages exist to major cities throughout the Western United States. The region is also closer to Asia by air and sea than any other North American city, making it the gateway of choice for Asian trade and travel.
Greater Vancouver’s low business costs are one of its best-kept secrets. The region’s large pool of skilled labour and favourable dollar exchange rate make labour costs significantly lower than major U.S. cities. In addition, natural resources and a highly developed power generation infrastructure provide Greater Vancouver with high quality, reliable electricity at an extremely affordable price. Combine these bottom-line advantages with the region’s exceptional labour force, world-class infrastructure and unparalleled quality of life and Greater Vancouver’s potential as a place to do business is fully realized.
2010 VANCOUVER WINTER OLYMPICS
On July 2nd, 2003 Vancouver was chosen as the host city for the 2010 Winter Olympics. This announcement has created quite a buzz provincially, nationally and internationally. Coined the “Sea to Sky Games”, the 2010 Olympics will be the first to be held at sea level. The cost of the games has been estimated at or around $1.4 billion dollars Canadian. This will cover the costs of constructing various venues in Vancouver and Whistler, the estimated level of security needed and the $600 million necessary to refit the Sea-to-Sky Highway to accommodate the increased traffic between Vancouver and Whistler. The provincial and federal governments will be giving Vancouver and Whistler a $2 billion dollar operating budget.
Vancouver will experience many changes, both physically and economically. This will mark the first winter games held in a large metropolis city as previous games have taken place in smaller resort towns. Though The Games are still 2 years away, many of the infrastructure and Olympic facility projects are already being initiated. The Games will focus international media attention on Vancouver and Whistler, will generate tourism and stimulate new business investment. A recent study by the Provincial Ministry of Competition, Science and Enterprise suggest that there are many influential economic benefits to acquiring the bid. They include a generation of up to $10 billion in direct economic activity, the creation of approximately 228,000 jobs throughout the province and up to $2.5 billion in incremental tax revenues. The growth over the next few years and beyond will provide ample opportunities across virtually all sectors and industries.
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