5 Things You Should Know About Greater Vancouver’s Economy
The 2024 Benchmarking Greater Vancouver Report illuminates how our region compares to its global peers regarding economy, infrastructure, and liveability. While we have much to be proud of, the report also uncovers areas where we fall behind.
From this comprehensive report, let’s dive into five key takeaways about Vancouver’s economy.
1. We’re a Top 50 Innovation Ecosystem – But There’s Room to Grow
Greater Vancouver is recognized as one of the world’s top 50 innovation ecosystems. We’re excelling in future-facing industries—think clean tech, digital entertainment, and life sciences—but we’re not leading the pack despite this. Our global ranking for innovation and new economy performance is 11th out of 20 peer cities and dollar for dollar, less is spent on R&D in the region than in all but one of 9 measured peers. We have the foundation, but we need to do more to nurture this potential into something bigger.
2. Our Workforce is Highly Educated – We Rank 3rd for Growth
One of our strongest points is our talent pool. Greater Vancouver ranks in the top 20 globally for the share of the population with a university degree, and our post-secondary institutions play a robust role in fueling this talent pipeline. Plus, we’re set to see the third-fastest growth in the working-age population over the next decade. That’s a powerful asset, but as the report emphasizes, the challenge is ensuring this skilled workforce is being used to its full potential. Aligning talent with local industries could be the key to boosting productivity.
3. Startups Are Booming – But We’re 60% Behind in Early-Stage Funding
Vancouver’s startup scene is buzzing. We rank among the top half of our global peers for the rate of new startups. But here’s where things get tricky: attracting the funding to help these startups scale is a struggle. The report highlights that we are 60% behind the peer average for early-stage funding over the last two years. That gap is a serious hurdle if we want to see more startups grow into scalable, successful businesses.
4. Productivity is Falling Short – We’re in the Bottom Half Globally
Despite our talent and innovation, Vancouver’s productivity is lagging. We’re in the bottom half of more than 100 global regions regarding productivity, a major concern. The report makes it clear—if we don’t improve our productivity, we’re leaving growth on the table, and that’s a risk we can’t afford to take in a competitive global economy.
5. Prosperity is a Weak Spot – Ranking 14th Out of 20
Regarding overall prosperity, Greater Vancouver is not where it should be. The report ranks us 14th out of 20 peer cities. Despite our highly skilled workforce and strong education system, these advantages aren’t translating into higher incomes or better economic outcomes. This gap between potential and performance is something we need to address urgently if we want to raise the standard of living and make Vancouver a more prosperous region.
The 2024 Benchmarking Greater Vancouver Report paints a clear picture—while Vancouver has strong points in innovation and talent, we’re not maximizing our economic potential. From improving our productivity to boosting R&D investment, there’s plenty of work to be done. By addressing these challenges head-on, Vancouver can transform its economy and truly shine globally.
Curious about what these findings mean for the year ahead? Join us at the Economic Outlook Forum 2025, presented by Scotiabank, where experts will explore how we can turn potential into progress for Greater Vancouver’s economy.