It’s the first study to assess the economic impact of the amalgamated port and concludes that port-related activities generate $10.5 billion in gross domestic product (GDP), $22 billion in economic output and $6.1 billion in wages.
"This study confirms the value of the port as a vital economic generator and substantial employer in the Lower Mainland, the province and across Canada," said Captain Gordon Houston, president and CEO of Port Metro Vancouver.
The amalgamated Port Metro Vancouver jurisdiction borders on 16 municipalities and covers 600 km of shoreline. The port hosts the operation of 28 major marine terminals and several domestic intermodal terminals.
The port’s main sectors of direct employment include maritime cargo and the cruise industry. Across Canada, the maritime cargo sector generates $2.2 billion in wages and the overall value of cargo shipped through the port annually is $75 billion.
"In light of recent world economic concerns, it is important to reinforce the solid foundation that this port provides to Metro Vancouver communities, and to Canadian shippers and manufacturers," noted Houston.
While trade activities generate jobs and government tax revenues, planned capital investments by the port and its tenants of $4.25 billion in infrastructure over the next 10 years will also continue to strengthen the economy.
"We are moving forward with major capital programs," said Houston. "We still plan to spend an average of $95 million each year on capital development. By promoting investment in the Port Metro Vancouver logistics system, we can leverage our own contributions into even greater investment by our tenants and logistics partners."