Olympic Business Program Continues to Pay Dividends

February 8, 2012 | Jobs and the Economy

Two years after the Vancouver 2010 Olympic and Paralympic Winter Games, the Metro Vancouver Commerce (MVC) 2010 Business Program is reporting continued success. PricewaterhouseCoopers (PwC) was commissioned to produce a report that provides an update on last February’s one-year-out published figures. The latest report now pegs direct foreign investment resulting from the MVC Program at $194M, generating $350M in economic impact and benefits, and $179M in GDP growth.  The Program will result in nearly 3,000 new jobs throughout Metro Vancouver.

These statistics build on the $300M in economic impact and benefits and the 2,500 jobs reported in 2011, one year after The Games took place, demonstrating that the Metro Vancouver Commerce 2010 Business Program successfully leveraged the economic opportunity of the 2010 Olympics.

“We worked hard to leverage the once-in-a-lifetime opportunity of the Winter Olympics to land new jobs and investment across Metro Vancouver,” said Vancouver Mayor Gregor Robertson. “With over $117M in direct investment for Vancouver alone, the Metro Vancouver Commerce program successfully capitalized on the Games to ensure direct and spin-off benefits for our citizens and businesses throughout the region. It took a lot of work but our economic strategy through MVC paid off.”

“The Vancouver 2010 Olympic and Paralympic Winter Games provided an unprecedented opportunity to showcase Canada’s attractive business climate and our innovative and highly competitive businesses to the world,” said the Honourable Lynne Yelich, Minister of State for Western Economic Diversification. “By working together and collaborating with municipalities and the VEC on this program, we continue to see an excellent return on our investment.”

“This continues to be a great legacy, and we are pleased with the ongoing success of the Games-Time Program,” noted Lee Malleau, CEO of The Vancouver Economic Commission. “We were able to work as a region and deliver on Metro Vancouver’s potential as a powerhouse business destination.  We had strong partners from the business community and from our federal partners at Western Economic Diversification.  They helped us deliver these great results, and in the end it’s about how well we can support real economic prosperity in the region, especially over the long-term.”

About Metro Vancouver Commerce:

Metro Vancouver Commerce (MVC) is the leading group of economic and business development professionals in the region. This unprecedented collaboration of lower mainland cities includes the City of Surrey, City of Richmond, City of Vancouver, District of North Vancouver, City of North Vancouver, City of New Westminster, City of Port Moody, City of Coquitlam, District of Maple Ridge and the City of Pitt Meadows. They all participated in collaborative efforts to implement results-based trade and investment programs that benefitted the region during the 2010 Winter Games.

About Western Economic Diversification:

Western Economic Diversification Canada works with the provinces, industry associations and communities to promote the development and diversification of the western economy, coordinates federal economic activities in the West and advances the interests of western Canadians in national decision making.