Study shows impact Port of Vancouver has on economy

The Vancouver Fraser Port Authority’s latest Economic Impact Study shows that the Port of Vancouver and its supply chains contributed $32.7 billion in economic output and $16.3 billion to the GDP in 2021.

The port authority says this snapshot from 2021 confirms the important role Canada’s largest and most diversified port continues to play supporting jobs and businesses across the country. The study found the port and its supply chains sustain more than 132,000 jobs paying $9.3 billion in wages.

“Canada is a trading nation and this study illustrates that the Port of Vancouver continues to play a crucial role supporting the movement of goods in and out of our country—helping countless Canadians and their communities prosper,” said Victor Pang, chief financial officer at the Vancouver Fraser Port Authority.

“The study highlights the important role port operators and supply chain partners play for Canadian businesses from coast to coast. It has never been more important for everyone to work together to support reliable, efficient and sustainable goods movement through Canada’s most important marine gateway—the Port of Vancouver.”

Other key findings from the Economic Impact Study—which looked at the operations and activities at the Port of Vancouver and its supply chains—include:

• 52,700 direct jobs across Canada were sustained, including tug operators and marine pilots, longshore workers, terminal and port authority staff, rail engineers and truck drivers
• A highly skilled national workforce is required—with jobs that pay an average of $88,000 a year for a full-time equivalent position, compared to Canada’s annual average 2021 wage of $58,800
• Almost 80 per cent of the jobs and economic benefits from Port of Vancouver activities stay in B.C., including more than 103,000 local jobs

“Our latest Economic Impact Study confirms the growing strength of the Vancouver gateway,” said Pang. “We continue to work with government and industry to enhance port capacity and infrastructure, including on Roberts Bank Terminal 2 which will accommodate growing trade, offer more options for shipping lines and provide a unique opportunity for a terminal operator in a strategic location.”

The Port of Vancouver is home to 29 major terminals that move cargo across four different sectors—bulk, containers, breakbulk and automobiles—and passengers through the Canada Place cruise terminal. Every year, these terminals handle approximately $300 billion in trade and move almost as much cargo by volume as Canada’s next five largest ports combined.

The 2021 Economic Impact Study was completed by InterVISTAS Consulting, a Vancouver-based consultancy with extensive experience in the transportation and tourism industries, to help quantify the ongoing employment, spending and economic activity supported by port operations.

Recent work by the port authority to enhance capacity, efficiency and reliability of trade through the port include:

• progressing the Roberts Bank Terminal 2 container terminal in Delta
• partnering with Wallenius Wilhelmsen to optimize the Annacis Island auto terminal in Delta
• partnering with DP World to expand the Centerm container terminal in Vancouver
• launching a centralized scheduling system to enhance the safety, reliability and fluidity of ship movements
• starting construction on an overpass in Burnaby to separate road and rail, and improve community safety and rail service for North Vancouver terminals
• implementing biometric facial scanning technology at the Canada Place cruise terminal in Vancouver to enhance the passenger experience, terminal efficiency and border security.