Vancouver Economy: Biggest Vancouver Companies & Major Industries
Many exciting work opportunities await anyone thinking about moving to Vancouver! The local economy has many great companies to work for, an array of industries, and even local grants and tax write-offs to help people start their own businesses. While facts and figures only represent a fraction of the city's economic outlook, this information can help you get a broad idea of what working in the city of Vancouver is like and how living here may support your professional goals. Here are four important things to know about the Vancouver economy.
Top Employers in Vancouver
Vancouver has many top employers providing job opportunities across several industries, many of which have been featured among the Top 100 Employers in Canada. The best jobs in Vancouver often come with competitive salaries and fantastic benefits.
3M Company Canada is widely regarded as one of the best places to work in the country and offers numerous jobs in Vancouver. The company's hybrid "Work Your Way" program offers employees a variety of working options, from working onsite to remotely in other cities. For in-person operations in the Vancouver Metro Area, 3M primarily operates out of the town of New Westminster.
There are nearly 10,000 tech companies to work for throughout the Metro area, ranging from brand-new start-ups to household names like Microsoft, Apple, and Amazon. Other popular tech companies in Vancouver include:
- Absolute Software
Additional Large Companies in British Columbia
- SAP Canada Inc.
- HSBC Holdings
- Vancouver Airport Authority
- University of British Columbia
Is Vancouver a Good Place to Start a Business?
Yes! As a start-up hub, Vancouver ranks among the No. 7 tech destinations worldwide, according to a report by Business in Vancouver. Spring Financial lists Vancouver as one of the Top 10 best places for starting a business in 2022 and 2018. In 2021, a study by Oberoi listed Vancouver in the top 30 globally for starting a new business. Several of the reasons cited for the city's popularity are its successful start-up history, highly skilled workforce, and its generous local incentives for small businesses.
Vancouver Economy Facts and Figures
When moving to a new city, getting the lay of the economic land is always a good move. Several statistics that will shed light on the economy include employment opportunities, cost of living, the potential for economic growth, population statistics, and inflation. The Monetary Policy Report published in January 2023 reports inflation has declined in Canada and projects it to decrease to an estimated 3 percent by mid-2023 and reach its target of 2 percent in 2024.
WorkBC reports monthly on the labour market in British Columbia, providing an overview of activity in available full and part-time positions as well as the unemployment rates. The report also provides monthly percentages of the industries that reside in British Columbia. The figures show the percentage of change in jobs, whether increased or decreased and the change in jobs since the previous month, which shows how many jobs were available, along with the decrease in jobs in the specific industry. Looking forward, current employment trends seem to be increasing year-over-year since 2020.
The report covers the many industries in the region, from accommodation and food services to the wholesale and retail trade. The figures provide information about current employment trends and insight into career availability and opportunities.
Vancouver is home to various forward-thinking industries supporting its diverse economy. Here is more information on some of the top industries in the city.
Digital Entertainment & Interactive (DE&I)
Vancouver has a 40-year history as a significant player in global entertainment utilizing innovative technology. Its popularity is due to influences such as an artistic workforce with creative ideas, ongoing educational and research support, government incentive support, location to other like-minded hubs, competitive tax credits, and its desirable location. Jobs within this industry include animation, video game development, virtual reality development, and other forms of interactive media.
Film & TV Production
Film and TV production is one of Vancouver's top industries, ranking No. 3 in North America. The city's head-turning natural beauty, scenic outdoor landscapes, breathtaking views, and multiple locations are all advantages that have helped make Vancouver a prime destination. Film crews also have access to a large skilled workforce in film, TV development, marketing, and production. Vancouver's strategic West Coast position perfectly aligns it for collaboration with Los Angeles, further explaining its success in show business. From the coasts of the city of White Rock to the heart of downtown, you'd be surprised to learn how many of your favourite scenes were filmed across the city.
Vancouver ranks highly as one of the most eco-friendly cities in the world. It has a long-standing reputation as a sustainable city that continues to look to the future to maintain its green economy through seven sectors. These sectors include food, green construction and design, alternative energy and clean technology, green infrastructure, sustainable education and services, land and water support, and management of materials and recycling.
With its continued growth in the technology industry, Bloomberg Businessweek called Vancouver "the new tech hub" supported by "world-class talent." Some of the industry's top tech companies look to the city as their base of operations. Vancouver is British Columbia's tech hub, with an estimated 75,000 of the province's 100,000 tech professionals working in the metro Vancouver area.
Green Building Design and Construction
Vancouver is known for its highly advanced green building design and construction standards using leaders in multiple fields. These include all process parts, including creative designers, builders, manufacturers, circularity, deconstruction, and adaptive building.
Economic Opportunity Blooms in Vancouver
If you're looking for jobs in Vancouver, the robust economic landscape invites you to develop your existing skills or embark on a new professional journey. With its scenic mountain views, excellent weather, beautiful condos for sale, and nearly endless outdoor activities, residents working in Vancouver stay busy and engaged in their community off the clock.