METRO VANCOUVER — The highlights the role industrial lands play in generating government revenue and supporting regional economic growth, states Metro Vancouver, with the intent behind the report to emphasize the need to optimize these areas.
Some key facts are featured below.
Industrial lands account for:
- 30 per cent ($43 billion) of Metro Vancouver’s gross domestic product
- 22 per cent of total jobs in the region
- 468,600 direct regional jobs (513,700 in B.C. and 584,100 in Canada, indirectly)
- Activities on Metro Vancouver industrial lands contribute $8 billion in tax revenue per year
- $250 million in municipal property taxes
- $1.9 billion in provincial taxes
- $5.9 billion in federal taxes
But that doesn’t mean it is all roses for the lands, the release reads. There are several challenges such as limited land supply and a complex regulatory environment.
“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,” the release reads.
Metro Vancouver continues to implement its to address these challenges.
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