Introduction
The Greater Vancouver Board of Trade is proud to unveil our signature public policy initiative: Greater Vancouver Economic Scorecard 2018.
Scorecard 2018 builds on the seminal work in our inaugural Scorecard 2016. Produced again in partnership with the Conference Board of Canada, the report is a benchmark to evaluate changes in our region since 2016:
Are we on the right track economically and socially?- Have we made progress on any of the easy — or the intractable — challenges facing Greater Vancouver?
Scorecard 2018 offers a comprehensive analysis of how Greater Vancouver performs among 20 international city-regions measured on 38 key economic and social indicators.
Again this year, the Conference Board uses a letter grade system to benchmark Greater Vancouver against our competitor city-regions.
- Greater Vancouver earns a “B” grade in Scorecard 2018, up two spots from 2016 to rank 7th overall among 20 regions examined.
- The good news: The region is culturally diverse, and boasts clean air, a robust gateway to the Asia-Pacific, and a safe, democratic setting.
- But Greater Vancouver has unaffordable housing, relatively low after-tax incomes, high business tax rates on capital and a small market that must compete globally.
- Greater Vancouver receives a “B” grade on Economic indicators in Scorecard 2018. We rank 7th of 20 regions measured, up from 9th in 2016.
- Due to recent U.S. tax cuts, Greater Vancouver’s Marginal Effective Tax Rate (METR) on capital investment ranks lowest among our competitor city-regions.
- We do well on indicators that measure growth, but less well on indicators that measure levels. We have comparatively low numbers of international visitors and conventions, but competitive office rent rates, a low unemployment rate and improved venture capital investment per capita.
- Our region also plays a key role in our national economy, given its position as Canada’s Gateway to the Asia-Pacific.
- Greater Vancouver receives a “B” grade on Social indicators in Scorecard 2018. Our region ranks 8th of 20 regions measured, down one spot from 7th in 2016. Five new indicators were added to the Social benchmarks in 2018.
- Our region’s air quality, diversity, homicide rate and democratic setting earn high grades, and our female workplace participation and income equality are relatively strong.
- But Greater Vancouver’s climate is considered middling and our housing affordability and transit scope rank low against our 19 competitor city-regions.
- In Scorecard 2018, we added a “Special Lens” that analyzes an important aspect of life and business in Greater Vancouver — regional coordination and governance.
- Our challenges with developing our economy, building more extensive public transit, creating more affordable housing and dealing with land constraints suggest the need for improved regional coordination and governance.
- The Special Lens identifies a number of important conversations we need to engage in as a region, including directly electing Metro Vancouver’s Board, centralizing economic development and investment promotion, and promoting more inter-municpal cooperation agreements.
- Our presently strong economy should not make us complacent. We need to shed our reputation as a low-salary tech market, find new sources of labour, and improve our ability to attract and retain talent. We cannot afford to become an international bedroom community too expensive to attract investment or talent.
- The Greater Vancouver Board of Trade will focus our policy analysis and development on tax competitiveness, affordability, and further developing the Gateway to the Asia-Pacific.
- The findings of Scorecard 2018 will inform and guide our advocacy and public policy initiatives for years to come.
The Big Picture
2018
125Cities connected to Greater Vancouver via YVR
138MTonnes of cargo traded through the Port of Vancouver every year
228Cruise ship calls received by Greater Vancouver every year
2.2MInternational visitors arriving in Vancouver annually
30.7%Greater Vancouver’s workforce choosing to commute via public transit, bicycle, walking or another non-car method
13/15Greater Vancouver’s ranking for Housing Affordability with a score of 12.6, compared to first place Halifax’s 3.4 and last place Hong Kong’s 19.4
59.4Minutes, the average commute time to and from work for Greater Vancouver residents