A new report reveals that Metro Vancouver's industrial lands, comprising only 4% of the region's land base, contribute $43 billion to the economy, equivalent to 30% of its GDP. These lands directly support 22% of jobs in Metro Vancouver and indirectly support hundreds of thousands more across Canada. Despite their economic importance, industrial lands are facing pressure due to limited availability and complex regulations, threatening their future growth.
Industrial lands in Metro Vancouver account for only four per cent of its land base, but bring in $43 billion — equivalent to roughly 30 per cent of the region’s gross domestic product, according to a new report.
And when it comes to taxes, industrial lands were found to generate $8 billion in revenue every year: $250 million for municipal property taxes; $1.9 billion for the province; and $5.9 billion for the federal government. 'Integral' industrial lands getting squeezed The report defines industrial lands as containing a combination of light and heavy manufacturing, warehousing, and emerging technology businesses. As key hubs in the region’s supply chain, the lands are “integral” to the flow of goods through the Port of Vancouver, Canada’s busiest, the report says.
At some point between 2035 and 2047, the total supply of industrial lands is projected to be completely absorbed, according to a recent Vancouver Board of Trade report cited in the study. InterVistas Consulting Inc. also produced that report. Businesses could get pushed out of region The cost of land and high lease rates are making it more expensive for businesses to operate in Metro Vancouver's industrial lands, according to the report. That has led to “very low vacancy rates” that make it difficult for new businesses to find a location, and in turn, has increased prices and operating expenses.
Jonathan Cote, Metro’s deputy general manager of regional planning and housing development, said the regional government has a plan through its regional growth strategy to encourage major developments to locate in urban centres and along transit corridors.
Industrial Lands Economy Metro Vancouver Supply Chain Manufacturing
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