At its annual general meeting on May 30th, the Vancouver Fraser Port Authority released a study of the economic impact of the Port of Vancouver on local communities, the provinces and the country overall. At the same time, the port authority released its annual sustainability report, which describes how economic, environmental and social sustainability are being addressed and measured.
According to the economic impact report, the Port of Vancouver is an important facilitator of economic development in Canada. Compared with the last report in 2012, the economic output from activities of the Port of Vancouver in 2016 increased by $4.2 billion to $24.2 billion with a 17 per cent increase in jobs across Canada from 98,800 to 115,300 jobs.
“This data demonstrates the significant role of Canada’s largest port in the economic prosperity of our country,” said Robin Silvester, president and chief executive officer of the Vancouver Fraser Port Authority. “The report shows the meaningful impact of the port to employment and our collective prosperity locally, provincially and nationwide.”
Key findings from the Economic Impact Study:
The Port of Vancouver 2016 Economic Impact Study was completed by InterVISTAS Consulting, a Vancouver-based management consulting company with extensive experience in the aviation, transportation and tourism industries.
The activities of Port of Vancouver terminals and tenants annually generate:
- $24.2 billion in economic output
- $11.9 billion in GDP
- $7 billion in wages
- 115,300 jobs in Canada
- 96,200 jobs in B.C.
- $67,900 average wage for direct job versus $44,000 average wage in Canada
- $1.4 billion per year in tax revenues: federal: $860 million; provincial: $441 million; municipal: $129 million
The port authority’s 2016 sustainability report covers the most significant economic, environmental and community impacts and opportunities for the port across 10 areas of focus, such as strategic investment and asset management, healthy ecosystems and Aboriginal relationships. The port authority has been reporting on its sustainability work since 2011 and last year announced its new vision to be the world’s most sustainable port.
“A year after announcing our vision, we are continuing to see progress in each of our three pillars of sustainability,” said Silvester. “We are proud of the work we are doing to accommodate Canada’s trade needs, while at the same time maintaining a healthy environment and enabling thriving communities. We look forward to continuing our work towards a lower carbon economy while we enable growth and economic prosperity through trade.”
The sustainability report is prepared in accordance with the Global Reporting Initiative’s G4 Sustainability Reporting Guidelines, Core and is reviewed by an independent third party.
Also at the annual general meeting, the port authority released its 2016 financial report, reflecting overall stable volumes last year, maintained through diversification and record volumes of total container cargo, bulk grain exports and metallurgical coal.
About the Vancouver Fraser Port Authority
Vancouver Fraser Port Authority is responsible for the stewardship of the federal port lands in and around Vancouver, British Columbia. It is accountable to the federal minister of transport and operates pursuant to the Canada Marine Act. The Port of Vancouver is Canada’s largest, and the third largest in North America by tonnes of cargo, facilitating trade between Canada and more than 170 world economies. Located in a naturally beautiful setting on Canada’s west coast, the port authority and port terminals and tenants are responsible for the efficient and reliable movement of goods and passengers, integrating environmental, social and economic sustainability initiatives into all areas of port operations. Enabling the trade of approximately $200 billion in goods, port activities sustain 115,300 jobs, $7 billion in wages, and $11.9 billion in GDP across Canada.