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New Study Quantifies Industrial Lands’ Outsized Economic Impact in Metro VancouverNew Study Quantifies Industrial Lands’ Outsized Economic Impact in Metro Vancouver<div class="ExternalClass3A1F8A07A419433BAEA88C28D0CAC2D7"><p>Metro Vancouver has released its <a href="https://subscription.metrovancouver.org/sites/Media/default.aspx?jg=af038dc2-924d-47a7-81f5-0e952dddfc92&eg=2f95e94f-8881-48d7-86b6-6734a1c184e1&lg=c434d7d8-0a5a-481c-9e9c-a629fdfcc551&ltp=c"><em>2024 Economic Impact of Industrial Lands Study</em></a>, highlighting the crucial role industrial lands play in generating government revenue and supporting regional economic growth.</p><p>"This new research quantifies what many have long understood: industrial lands punch far above their weight in the economy," said Mike Hurley, Chair of the Metro Vancouver Board of Directors. "This isn't just about local jobs, either – our region's industrial lands enable commerce and prosperity across BC and Canada, and it's essential we do more to protect what lands we have left, making sure they're used to their fullest potential."</p><p><strong>Key Facts</strong></p><p><strong>Economy and employment:</strong></p><p>Despite representing <strong>only four per cent</strong> of the land base, industrial lands account for:</p><ul style="list-style-type:disc;"><li>30 per cent ($43 billion) of Metro Vancouver's gross domestic product (GDP)</li><li>22 per cent of total jobs in the region</li><li>468,600 direct regional jobs (513,700 in BC and 584,100 in Canada, indirectly)</li></ul><p><strong>Tax contribution:</strong></p><ul style="list-style-type:disc;"><li>Activities on Metro Vancouver industrial lands contribute $8 billion in tax revenue per year: </li><ul style="list-style-type:circle;"><li>$250 million in municipal property taxes</li><li>$1.9 billion in provincial taxes</li><li>$5.9 billion in federal taxes</li></ul></ul><p><strong>Industrial space challenges:</strong></p><ul style="list-style-type:disc;"><li>Limited land supply threatens future economic growth</li><li>A complex regulatory environment makes industrial land development challenging</li><li>Metro Vancouver continues to lose thousands of jobs and hundreds of millions in GDP to other jurisdictions in western Canada where industrial land is more plentiful (per a 2023 report from Greater Vancouver Board of Trade)</li></ul><p>The study demonstrates the urgent need for action to protect and optimize the region's remaining industrial lands. Metro Vancouver continues to implement its <a href="https://subscription.metrovancouver.org/sites/Media/default.aspx?jg=af038dc2-924d-47a7-81f5-0e952dddfc92&eg=2f95e94f-8881-48d7-86b6-6734a1c184e1&lg=cf0a47ff-ee23-47df-8479-720ed9f78b45&ltp=c"><em>Regional Industrial Lands Strategy</em></a> to address these challenges.</p><p><strong>Links:</strong></p><ul style="list-style-type:disc;"><li><a href="https://subscription.metrovancouver.org/sites/Media/default.aspx?jg=af038dc2-924d-47a7-81f5-0e952dddfc92&eg=2f95e94f-8881-48d7-86b6-6734a1c184e1&lg=c434d7d8-0a5a-481c-9e9c-a629fdfcc551&ltp=c"><em>2024 Economic Impact of Industrial Lands Study</em></a></li><li><a href="https://subscription.metrovancouver.org/sites/Media/default.aspx?jg=af038dc2-924d-47a7-81f5-0e952dddfc92&eg=2f95e94f-8881-48d7-86b6-6734a1c184e1&lg=cf0a47ff-ee23-47df-8479-720ed9f78b45&ltp=c"><em>Regional Industrial Lands Strategy</em></a></li><li><a href="https://subscription.metrovancouver.org/sites/Media/default.aspx?jg=af038dc2-924d-47a7-81f5-0e952dddfc92&eg=2f95e94f-8881-48d7-86b6-6734a1c184e1&lg=57433c76-ce4e-459f-9066-11a934603f3c&ltp=c">More information about industrial land initiatives</a><br></li></ul><p><br></p></div>12/30/2024 8:00:00 AMMetro Vancouver Media Relationsmedia@metrovancouver.org

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