October 29, 2014
The Port of Nanaimo contributes directly to employment and the economy in the region through its operations and activities. This study examines the current economic impacts of the port on the provincial economy. Mr. Bernie Dumas, President & CEO of the Nanaimo Port Authority says: “It is important to know how we impact Nanaimo and the mid-island area in economic terms so we can monitor our performance and set realistic goals with partners and stakeholders for the future.”
The economic impact is a measure of the spending and employment associated with a sector of the economy, a specific project, or a change in government policy or regulation. The three major components of economic impact are classified as direct, indirect, and induced impacts. These classifications are used as a basis for the total economic impact of Port of Nanaimo.
The Nanaimo Port Authority Economic Impact Study was prepared by InterVISTAS, a company that conducted studies for Port Authorities in Vancouver, Prince Rupert and Port Alberni. Impacts are calculated for the Port of Nanaimo are in 2014 prices. Results are based on a review of 2014 operations and include:
Total Employment: 6400 jobs and 5,700 person-years
Employees Earnings: $350 million in wages and salaries.
Port of Nanaimo operations contribute to an estimated:$585 million in total gross domestic product (GDP)
$1.24 billion total economic output to the provincial economy.
Mr. Dumas goes on to say: “The Nanaimo Port Authority is also an important generator of tax revenues to all levels of government.” Taxes paid on an annual basis by employers and employees at Port of Nanaimo are estimated at $76 Million:
Federal government at $50.16 million per year (66% of Total Contribution).
Provincial government received $24 million in tax revenues (31%).
Municipal governments benefit through the collection of property taxes and payments in lieu of tax, amounting to $2 million paid by Port of Nanaimo and its tenants (3%).
The port was first created in 1961 as the Nanaimo Harbour Commission. In 1999, under the Canada Marine Act, the Nanaimo Harbour Commission continued as the Nanaimo Port Authority. NPA is responsible for the management, operation and development of the port.
The Nanaimo Port Authority is one of 18 Port Authority’s across Canada, established under the Canada Marine Act, to promote and support the National, Regional and local economy and to ensure a safe and secure harbor for cargo operations.
Executive Summary and Full Report located here:
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For More Information Contact:
Mr. Bernie Dumas
President & CEO, Nanaimo Port Authority
250-753-4146 – Ext 222
Mr. David Mailloux
Manager, Communications & Public Affairs – Nanaimo Port Authority
250-753-4146 – Ext 251