ECONOMY
Strong and vibrant communities have diverse local economies and a wide variety of options for fulfilling, secure, and well-paid work.
Welcome home — and to a new business life
Economy
Welcome home — and to a new business life
Communities thrive when newcomers are welcomed into a diverse economy, where their expertise drives growth, expands opportunity, and strengthens us all. Immigrant and refugee entrepreneurs are significant economic drivers. Statistics Canada reports that one in three business owners with paid staff is an immigrant, officially defined as “a person who has been granted the right to live in Canada permanently.” Yet many newcomers face barriers to connection and success. The Chamber created the New to Canada Program to support and welcome newcomer entrepreneurs who follow the immigrant or Permanent Resident status process.
“The reality is we have a diverse business community, and, as the region’s voice of business, we want to represent that diversity.” said the Chamber’s CEO John Wilson. “The Chamber is committed to learning from history. We acknowledge that diversity in our business community helps our economy. We benefit from fresh ideas and energy that people new to Canada want to share with us.” This year, 14 participants in the New to Canada Program received two years of Chamber membership and business development support.
Partially sponsored by the Victoria Foundation, the New to Canada Program recognizes the value newcomers bring, while also investing in their future as our neighbours, friends, and colleagues. This program is also funded through sponsorship from Air Canada, the Victoria Airport Authority, and Western Design + Build.
JARISLOWSKY FRASER GLOBAL INVESTMENT MANAGEMENT
Photo by: Jo-Ann Richards, Works Photography
Vital signs citizen survey grade
C+Last year's grade was C+
ECONOMY
Vital signs citizen survey grade
C+Sustainable Development Targets
SUSTAINABLE DEVELOPMENT GOALS
UNEMPLOYMENT RATE
Unemployment rate among people, aged 15 and over, in 2024
GREATER VICTORIA
Similar to 2023
BRITISH COLUMBIA
CANADA
The unemployment rate among women in the region in 2024 was 4%, on par with the rate for men (4%).
% Population (15 years +) who are unemployed
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Canada | 9.7 | 7.5 | 5.3 | 5.4 | 6.3 |
| BC | 9.1 | 6.6 | 4.6 | 5.2 | 5.6 |
| Victoria CMA | 7.8 | 4.9 | 3.8 | 3.7 | 3.9 |
SOURCE: STATISTICS CANADA
EMPLOYMENT RATE
Employment rate among people, aged 15 and over, in 2024
GREATER VICTORIA
up from 61% in 2023
BRITISH COLUMBIA
CANADA
The employment rate among women in the region in 2024 was 62%, lower than the rate for men (66%).
% Population (15 years +) who are employed
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Canada | 58.1 | 60.5 | 62.0 | 62.2 | 61.3 |
| BC | 58.6 | 61.6 | 62.5 | 62.4 | 61.6 |
| Victoria CMA | 58.9 | 60.2 | 60.8 | 61.4 | 64.0 |
SOURCE: STATISTICS CANADA
COMMUNITY IN FOCUS
B.C.’s Most Economically Resilient Cities
In 2025, local municipalities dominated BC Business magazine’s annual ranking of B.C.’s Most Economically Resilient Cities, similar to the 2024 results.
Sidney took first place, followed by Langford and Central Saanich, with Saanich (#6), Victoria (#8), and Sooke (#12) rounding out the top 15 of 50 ranked municipalities.
The magazine looked at 50 BC cities of 10,000+ residents, scoring them on nine criteria: population growth, household financial vulnerability, residents’ sense of belonging, rental vacancies, housing sales, housing starts, job creation, unemployment, and economic diversity.
The capital region fares well in the rankings given the public sector’s outsized share of BC’s job market. Vancouver Island continues to attract workers leaving high-priced urban centres for lifestyle and cost-of-living reasons.
SOURCE: BC BUSINESS
AIR AND FERRY PASSENGER VOLUME
BC Ferries reported increases in 2024 compared to 2023
2%PASSENGER TRAFFIC
2%VEHICLE TRAFFIC
1%
BUS TRAFFIC Tsawwassen – Swartz Bay
Victoria International Airport reported increases in 2024 compared to 2023
7%FLIGHT PASSENGER VOLUME
1.9MTOTAL PASSENGERS UP FROM 1.7M
SOURCE: CHEMISTRY CONSULTING GROUP
HOTEL ROOMS
Greater Victoria average rates in 2024 compared to 2023
75% OCCUPANCY RATE
up from 70%
$261 DAILY ROOM RATE
up from $247
$196 REVENUE PER AVAILABLE ROOM
up from $173, a measure of a hotel’s ability to fill its available rooms at an average price
The Victoria Conference Centre recorded a 12% increase in delegate days in 2024, with just over 94,000 days compared to 84,000 in 2023.
SOURCE: CHEMISTRY CONSULTING GROUP
ECONOMIC IMPACT OF TOURISM SECTOR
The region’s tourism industry is a significant driver of employment and economic growth locally and for the provincial economy.
Total in-person visits to Greater Victoria in 2023
5 MILLION VISITS 3.7 million domestic visitors 926,500 U.S. visitors 352,000 overseas visitors
These visitors spent over $1.9 billion in the region, with domestic visitors spending close to $1.2 billion and U.S. and overseas visitors spending $488 million and $270 million, respectively. The average spend per person-visit was $390, including overnight, same-day non-cruise, and cruise visitors (passengers and crew members).
Total visitor spending in 2023 supported roughly 25,000 jobs,
$1.1 billion in wages, $2 billion in GDP, and $3.5 billion in economic output across the province. It also generated an estimated $510 million in tax revenue, with 45% going to the federal government, 49% to the provincial government, and 6% to the region’s municipal governments.
SOURCE: DESTINATION GREATER VICTORIA
THEN & NOW
Growth of the Tech Sector
Technology is Greater Victoria’s #1 industry. In 2013, the tech sector created $4 billion in economic impact and employed about 15,000 people. By 2023, it had generated $7.9 billion, including $5.9 billion in annual revenue, and employed over 20,000 people across 1,170 tech firms. Given the sector’s remarkable growth over the past decade, it will have no problem reaching $10 billion by 2030, the target set by the Victoria Innovation, Advanced Technology and Entrepreneurship Council.
SOURCE: VICTORIA INNOVATIONV, ADVANCED TECHNOLOGY AND ENTREPRENEURSHIP COUNCIL
BELONGING & ENGAGEMENT