The Value of Investing in Canadian Downtowns - International ...

The downtown also generates a fifth of all tax
revenues collected by the City of Vancouver, a
percentage that has remained relatively steady since
2006. While this is a major contribution to the City’s
tax base, growth in downtown tax revenues has not
been as substantial as the citywide growth. Between
2006 and 2011 the downtown’s contribution to the
City’s tax revenue increased by 5%, compared to
19% citywide. The annual increases in tax revenue
are depicted on the following below.
% Annual Growth in Tax Revenue 2006-2011
% Growth in Tax Revenue
8%
7%
6%
5%
4%
3%
2%
1%
0%
-1%
-2%
-3%
(2006-
2007)
(2007-
2008)
(2008-
2009)
(2009-
2010)
(2010-
2011)
% Growth DT 4% 1% 3% -2% 2%
% Growth City
Wide
5% 3% 7% 3% 3%
Jobs
Downtown Vancouver accommodates approximately
50,000 jobs, and is supported by a strong inner core
that has three times this employment base. Despite
housing multiple office towers, the downtown is
comprised primarily of businesses with less than five
employees (55%), followed by small-sized businesses
with 5-20 employees (33%). Approximately 5% of
businesses have more than 50 employees, and
approximately 20 businesses have more than 500
employees. There are both positive and negative
implications of having an economy comprised mainly
of smaller companies. On the positive side, having
many smaller businesses helps contribute to a more
resilient market place with some independence from
rising and falling global markets, and opportunities for
local businesses to flourish. However, it can also
mean limited jobs at large multinational head quarters
- jobs that are associated with the ability to attract
global talent and offer higher wages, particularly
important in the face of housing affordability
challenges.
Downtown has
~50,000
jobs
166
Around half a million tourists enter Vancouver through the Downtown’s
cruise ship facilities.
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