Greater Vancouver Board of Trade says region could lose thousands due to lack of industrial land.
Metro Vancouver is paying the cost for its industrial land shortage as low vacancies persist, says the Greater Vancouver Board of Trade .
The result is an estimated loss of 6,300 direct jobs, $477 million in wages and nearly $500 million in gross domestic product. “Due to a lack of available land and a complex regulatory system, land prices have more than tripled in five years, causing businesses and thousands of family-supporting jobs to be shipped to Calgary and other cities,” said Bridgitte Anderson, president and CEO of the GVBOT, in a news release.
Though Metro Vancouver’s industrial land makes up four per cent of the region’s total land mass, it accounts for over 450,000 direct and indirect jobs, $50.1 billion in GDP and an overall output of $92.5 billion, according to the report.
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