Economic profile: Vancouver, British Columbia
Overview
VancouverFootnote 1 has a population of 662,248, consisting of 17% seniors (65 and older), 72% working-age adults (15 to 64) and 11% children (under 15).
The key sectors of the economy in Vancouver, which account for 40% of the jobs in the region, are
- professional, scientific and technical services
- health care and social assistance
- retail trade
There are 359,280 employed residents, of which 41% are immigrants.Footnote 2
The economy generates a total of $50 billion in household and business incomes, which amounts to $75,308 per resident.
General age structure – 2021
| In the region | In the province | |
|---|---|---|
| % children (under 15) | 11% | 14% |
| % working-age adults (15 to 64) | 72% | 65% |
| % of seniors (65 and older) | 17% | 20% |
Sustainability
In order to support local services such as health care and social programs and maintain a good standard of living for everyone in the region, it is essential to have more working-age adults than seniors. Vancouver has more working-age adults than seniors compared to the average in British Columbia.
From 2011 to 2021, Vancouver experienced
- a 9.7% increase in population, compared to a 14% increase in the province
- a 25% increase in the population’s proportion of seniors, compared to a 30% increase in the province
- a 3.1% decrease in the population’s proportion of working-age adults, compared to a 5.2% decrease in the province
Population structure – Changes from 2011 to 2021
| Changes in the region | Changes in the province | |
|---|---|---|
| Total population | +9.7% | +14% |
| Proportion of children | -9.9% | -6.9% |
| Proportion of working-age adults | -3.1% | -5.2% |
| Proportion of seniors | +25% | +30% |
By 2031, without immigration,Footnote 3 the region could experienceFootnote 4
- a 1.3% increase in population
- an 11% decrease in the population’s proportion of working-age adults, which could limit the availability and quality of local services
- a further increase in the population’s proportion of seniors by 28%, potentially changing the demand for local services, including health care and long-term care
No immigration – Possible changes from 2021 to 2031
| Changes in the region | Changes in the province | |
|---|---|---|
| Total population | +1.3% | -2.0% |
| Proportion of children | +28% | -13% |
| Proportion of working-age adults | -11% | -6.4% |
| Proportion of seniors | +28% | +30% |
Prosperity
The region relies heavily on working-age adults to keep local services running smoothly and to maintain a good standard of living and economic growth. Immigrants can help by filling job gaps and bringing new skills and ideas, which keeps the local economy strong.
From 2011 to 2021, Vancouver experienced
- a 13% increase in workforceFootnote 5 size, compared to a 13% increase in the province
- a 5.6% increase in the number of immigrant workers, compared to a 21% increase in the province
- a total of 54,238 retirements,Footnote 6 which amounts to 14% of the 2021 workforce, compared to 17% in the province
- a change in the average income per resident from local jobs relative to the province, which is 14% higher than the average in British Columbia in 2021
Economic changes from 2011 to 2021
| Changes in the region | Changes in the province | |
|---|---|---|
| Workforce | +13% | +13% |
| Immigrant workers | +5.6% | +21% |
| Retirement as % of 2021 workforce | 14% | 17% |
| Wage income generated from jobsFootnote 7 | +47% | +45% |
By 2031, without immigration,Footnote 8 the region could experienceFootnote 9
- a 42% decrease in workforce size
- a 39% decrease in the number of jobs
- an increase in the proportion of seniors in the population from 17% to 22%
No immigration – Possible changes from 2021 to 2031
| Changes in the region | Changes in the province | |
|---|---|---|
| Workforce | -42% | -38% |
| Retirement as % of 2031 workforce | 24% | 28% |
| Number of jobs | -39% | -36% |
Unless otherwise noted, all statistics are from the 2011, 2016 or 2021 editions of the Statistics Canada Census, and all calculations are from the Canadian Centre for Economic Analysis.
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