ARTICLE
Trading has always been an important part of Greater Victoria’s economy. In fact, the city first took root as a trading post. Many of our early trading activities surrounded the harbour from resources like coal and wood to the ship building industry that dates back to 1859, as well as establishing the region as a tourist destination and fishing port. Today, Greater Victoria may not look like your typical exporting town dependent on major manufacturing or industry, but it is still an important part of our local economy. Every dollar that comes into the local economy via an exported product or service creates up to three dollars of economic return. Traditional manufacturing exports continue to grow through shipbuilding, aircraft and specialty technology goods; however, our unique industries and local talent provide opportunities to expand beyond the traditional “shipping” export mindset. Although not the first sector that most people think of in terms of exports, tourism is one of Greater Victoria’s largest export industries. Tourism dollars represent money entering local businesses that would not have otherwise. And as anyone recently returned from vacation can attest, vacations usually trigger higher than average spending patterns. The local economic impact of tourism is estimated at $1.9 billion. Advanced technology is another rapidly growing sector in the region and can relate to anything from programs and service to hardware. With an estimated economic impact of $3 billion, Greater Victoria boasts a strong international reputation for innovative technology firms. Along the same lines of intellectual exporting, international students spend approximately $2.3 billion in BC annually. The provincial government’s commitment to increasing the number of international students by 50 per cent by 2016 will be a boon to the region. With three post-secondary institutions, the Capital region is well poised to reap the benefits of strong growth in this sector. Who says you can’t export our natural beauty? The film industry in the region provides benefits both while here shooting as well as spinoff tourism related benefits. The recent inclusion of the Capital region in the Distant Location Tax Credit has made a big difference. The economic spinoffs from this industry include spending on car rentals, restaurants, accommodations and construction. Economically, 2014 has been the best year since 2006 with over $14 million generated to date. It is time to build on these sectors and grow the local economy. The federal government in conjunction with the Greater Victoria Development Agency (GVDA) has launched a three-year $1.5 million Trade and Investment program to find opportunities for exporting both goods and services. In addition to working with key players in the community the GVDA is looking to work with a select few businesses on the cusp of developing export capacity. An opportunity for businesses that should not be missed. You never know what our next greatest export might be. Bruce Carter CEO, Greater Victoria Chamber of Commerce Business Examiner - August 2014