The latest economic impact study done by Destination Greater Victoria shows the local visitor economy has recovered from the effects of the pandemic.
According to the data, the Capital Region welcomed 4.9 million visitors in 2023, which generated $3.5 billion in economic outputs and contributed $2 billion to the region’s GDP.
In addition, the InterVISTAS Consulting report highlighted the visitor economy supported about 25,000 jobs and provided $1.1 billion in wages.
“The visitor economy remains a vital economic driver for our region,” said Paul Nursey, CEO of Destination Greater Victoria, in a news release. “The impressive growth in GDP, job support, and overall economic contributions underscores its importance. The visitor economy not only supports businesses and creates jobs, but also enriches our community and enhances the quality of life for all residents.”
Of the total tax contributions of $510 million, $30 million went to municipal taxes, $248 million to provincial taxes, and $232 million to federal taxes which is "essential" for supporting public services, infrastructure development, and community projects.
The report also noted that since 2018, business sales relating to the visitor economy have surged by 39 per cent, contributions to the GDP have grown by 52 per cent, growth in jobs has gone up by eight per cent, contributions to wages and salaries has gone up by 42 per cent, and growth in tax contributions has increased by 36 per cent.
Next week, Destination Greater Victoria will unveil a 10-year master plan that will outline ways the region can maintain its place as a leading global destination and economic driver in the coming years.
