Vancouver: The Port of Vancouver moved $43 billion in goods in 2004; up 48 per cent from the port's last economic impact study in 2000. Other key numbers have also increased, with port activities generating 30,100 direct jobs across Canada, $4 billion in Gross Domestic Product (GDP) and $8.9 billion in total economic output, according to a new study conducted by leading international research company InterVISTAS Consulting Inc. and released by the Vancouver Port Authority (VPA).

"This study confirms the value of the port as a major economic generator and source of employment for Greater Vancouver, the province and Canada," said Captain Gordon Houston, President and Chief Executive Officer, Vancouver Port Authority. "In fact, the port makes a vital contribution to our standard of living."

When multipliers are factored in, total employment across Canada from port operations including direct, indirect and induced climbs to 69,200. The port's five main sectors of employment maritime cargo, cruise, capital investment, shipbuilding and repair, and non-maritime provide $3 billion in total wages.

The study also shows that port operations make significant tax contributions to government. Of a total $763 million paid by port-related employers and employees to all levels of government, 54 per cent or $411 million goes to the federal government, 35 per cent totaling $263 million is paid to the provincial government, while municipal government receives the remaining 12 per cent, or $89 million. Greater Vancouver also benefits from $113 million in property taxes and payments in lieu of taxes.

Port of Vancouver Economic Impact

Direct Jobs - up 9%

Total Jobs - up 12%

Direct Wages - up 12%

Total Wages - up 19%

Direct Economic Output - up 18%

Total Economic Output - up 22%

Direct GDP - up 17%

Total GDP - up 19%

Taxes to governments - up 23%

Value of goods shipped - up 48%
Source: InterVISTAS Consulting. For detailed information see the full report: Economic Impact Report

"The study illustrates the extensive, far-reaching economic impacts of port activities," said Houston. "If we wish to maintain these economic benefits and capture future opportunities, particularly those presented by growing Asian trade, investment in port and infrastructure development is essential to strengthening our competitive position. Without cost-effective, premium service and facilities that meet our customers' needs, business will choose other ports and consequently the economic benefits of port activities, including employment and our standard of living, will be lost."

The VPA and its partners plan to invest more than $1.4 billion on terminal projects, including expansions at Centerm, Vanterm and Roberts Bank. The VPA's development plans aim to capture an additional five million TEUs of this growth over the next 15 years.

Capturing this growth requires support from industry and all levels of government, said David L. Emerson, Minister of Industry. "The Government of Canada is leading changes to the Canada Transportation Act, the Canada Marine Act and has increased the Vancouver Port Authority's borrowing limit, enhancing its ability to pursue these expansions. Canadian Pacific Railway's recent announcement of a significant financial investment in the rail network that supplies the port is just one example of how industry has come to the table in response to these changes. The provincial government has also clearly demonstrated its commitment, through leadership in developing the BC Ports Strategy and other initiatives," Emerson said.

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.

For detailed information see the full report: Economic Impact Report

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For more information, please contact:

Anne McMullin,
Director, Corporate Communications and Public Affairs
Vancouver Port Authority
(604) 665-9069 (office)
(604) 665-9073 (fax)
(604) 218-1403 (cellular)
anne.mcmullin@portvancouver.com

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