New report shows Olympic business program created $306 million economic impact, 2,500 new jobs

 

A new report released today shows that the Metro Vancouver Commerce 2010 Olympic Business Program was a huge success in strengthening the region’s local economy, bringing a total of $306 million in new investment and creating 2,558 new jobs.

Nine Metro Vancouver municipalities, including Olympic host city Vancouver, partnered with the Government of Canada on Metro Vancouver Commerce, an innovative Olympic business program that saw 64 international companies come to Vancouver in February 2010 to land agreements for new jobs and investment in the region.

“Our priority going into the Olympics was ensuring we secured long-term benefits for our City, and it’s clear that our Olympic business program did just that,” said Mayor Gregor Robertson. “With a strategic, targeted approach for attracting new jobs and investment to the region, we succeeded in leveraging the Olympic spotlight to put our economy on the map.

“The result is that one year after the Games, Vancouver is still reaping the economic benefits of our business program.”

The study, conducted independently by global consultants PricewaterhouseCoopers, shows that one year after the Games, the MVC program created:

- $306 million in direct and indirect economic spin-offs to Metro Vancouver;

- 2,558 full time jobs;

- $168.8 million in direct investment, with $146.4 million in one-time capital investments and special projects, including films;

- $156.2 million in GDP and $25.4 million in provincial and federal tax revenue;

- Nine business deals for the City of Vancouver worth an estimated $85 million, creating 400 jobs; and

- $22.4 million in continuous annual impacts.

As well, the total cost of the program was just $1.5 million, resulting in a return on investment of 20399%.

“Vancouver is poised to have one of the strongest economies in Canada this year and our success on capitalizing on the Olympics is a big reason why,” said the Mayor.

Metro Vancouver Commerce used the international exposure of the Olympic Games as a platform to brand Metro Vancouver as a globally compelling location for business and investment. 64 companies took part, from five different industries: green enterprise; digital media; financial and business services; aerospace; and biotechnology. The original target for investment was $50 million by the end of 2011; already, the program has reached more than $168 million in direct investment.

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Photo credit: City of Vancouver