Mapping Metro Vancouver’s Corporate Economy

September 27, 2016
Jock Finlayson

This is the first blog in a two part series. Read Part Two here.

Looking at BC-based businesses ranked by annual revenues is one way to develop a better understanding of the nature and make-up of the province’s business community. In this blog, we probe the “corporate economy” of Metro Vancouver by considering the top 100 public companies in BC,[1] 94 of which happen to be headquartered in Metro Vancouver. A future blog will do the same for the top 100 private companies in the province – most of which are also based in the Vancouver area.

The breakdown of Metro Vancouver’s biggest public companies[2] highlights the significant place that the mining industry occupies in the region’s corporate sector. In counting head offices located in Metro Vancouver, mining emerges as nearly double the size of the second largest sector, high technology.

Also worth noting is that mining and forestry combined make up a big slice of the Metro Vancouver corporate economy. Indeed, the list of leading public companies underscores the continued importance of natural resources to BC’s economy and to the corporate sector in the Vancouver area. That said, Metro Vancouver does boast a fairly diverse industrial base, which is reflected in the large firms based in the region.

Mapping the corporate landscape by sector is one way to illuminate the industries that make outsized contributions to Metro Vancouver’s economy by providing employment, occupying space (office, commercial, and industrial), supporting the tax base, and driving exports.


Top Five Industries in the Metro Vancouver Corporate Economy[3]

1. Mining

British Columbia has deep ties to natural resource industries. In 2015, 16 mines [4] were in operation in the province, producing $7.7 billion in gross revenue. Among the 100 largest BC-based public companies, fully 33 hail from the mining sector. Leading firms in the industry include Teck Resources, Goldcorp, Silver Wheaton, First Quantum Minerals, Imperial Metals and Taseko Mines. Many of the mining companies headquartered in the Vancouver area aren’t engaged in mining within BC; rather, they explore for, develop and operate mines in the global market. Most mining-related employment in Metro Vancouver is connected to executive offices and professional/technical support services such as engineering, environmental/technical consulting, geology, and finance.

2. High Technology Sector

Metro Vancouver is home to a buzzing technology sector—one that has grown faster than the overall BC economy in the past decade (measured in terms of both aggregate revenues and industry GDP). Collectively, the high technology industry and its various subsectors are a key engine of growth for the province, generating over $23 billion in revenue in 2015.

Telecommunications is at the forefront of the technology sector, with Telus topping the list of public companies in BC by revenue, followed by MacDonald, Dettwiler and Associates and Sierra Wireless. Vancouver also hosts a number of successful software and related companies, such as the security tech firm Avigilon.

Alternative energy/energy technology firms headquartered in Metro Vancouver supply green energy solutions to the global market. Here, notable firms include Westport Innovations (clean-burning alternative fuels), Alterra Power (hydro facility and wind farm) and Ballard Power Systems (hydrogen fuel cells).

Vancouver’s UBC–Broadway Corridor is quickly becoming known as a world-class health care and life sciences cluster, thanks in part to partnerships between industry and university research facilities as well as the presence of translational research organizations like Genome BC. Metro Vancouver health care and life sciences firms are leaders in four main areas: oncology research; infectious diseases, including HIV; neuroscience research; and regenerative medicine. The largest companies in this cluster include CRH Medical, followed by Arbutus Biopharma, Cardiome Pharma, and Xenon Pharmaceuticals.

3. Forestry

Forestry and related wood products firms make up the third largest group of significant-sized BC-based public companies, accounting for almost one-tenth of the top 100 public companies in the province. British Columbia is a leading global exporter of wood products, notably pulp and paper, timber and lumber, and also produces value-added wood products and biofuels. The forest industry contributes nearly $12 billion to provincial GDP and sustains 145,000 jobs in direct and indirect employment. Forestry is also, by a wide margin, BC’s biggest export industry. The leading forestry firms based in Metro Vancouver are West Fraser, Canfor, Interfor, and Catalyst Paper.

4. Diversified Manufacturing

There are seven diversified manufacturing firms[5] in the top 100 public companies, drawn from a number of manufacturing sub-sectors, including steel products (Tree Island), printing/publishing (Glacier Media), and aerospace (Avcorp). Manufacturing in the Vancouver area includes several fast growing firms; looking ahead, the sector should continue to gain from rising exports supported by a competitive exchange rate and an expanding American economy.

5. Wholesale/Distribution

Wholesale trade and distribution has consistently ranked among the most important sectors in the Metro Vancouver economy. Finning International leads the pack here, followed by Taiga Building Products and Canwel Building Materials Group. Similar to manufacturing, most wholesale trade and distribution firms in the region are focused on exporting and currently benefit from the comparatively low Canadian dollar.

Metro’s Corporate Landscape

Political and business leaders should not overlook the vital role of the goods producing sector in driving economic activity and business growth in Metro Vancouver. Mining and forestry together make up 42% of the biggest publicly-traded companies in the region. Technology, manufacturing and wholesale trade and distribution also have a substantial presence in the local business scene. Smart, forward-looking public policy needs to focus on protecting the supply of industrial lands for the port, manufacturing, distribution, and other goods-producing enterprises to support Metro Vancouver’s diverse and increasingly global-facing economy. Finally, Metro Vancouver has emerged as an attractive environment for high technology firms, as is evident in the rapid growth of this sector. Enabling more BC-based technology companies to grow into larger-scale businesses, such as those listed below, should be a priority for policy-makers looking to build a more productive economy.

This blog has looked at just one portion of the Metro Vancouver business community: the largest publicly-trade firms based in the region. Other important segments of business are not considered here -- private companies, and large firms with a significant local presence but whose head offices are located elsewhere. Future BCBC blogs will fill some of the gaps by examining other parts of the broad Metro Vancouver business sector.

Top Public Companies Based in Metro Vancouver
BUSINESS SECTOR
1, TELUS CORP High Technology - Telecommunications
2. TECK RESOURCES LTD Mining
3. FINNING INTERNATIONAL INC Wholesale/Distribution
4. GOLDCORP INC Mining
5. WEST FRASER TIMBER CO LTD Forest and Related Products
6. CANFOR CORP Forest and Related Products
7. WESTCOAST ENERGY INC* Oil & Gas
8. FIRST QUANTUM MINERALS LTD Mining
9. METHANEX CORP Oil & Gas
10. LIONS GATE ENTERTAINMENT CORP Entertainment
11. LULULEMON ATHLETICA INC Retail
12. MACDONALD, DETTWILER AND ASSOCIATES LTD High Technology - Telecommunications
13. TURQUOISE HILL RESOURCES LTD Mining
14. HSBC BANK CANADA Finance
15. CATALYST PAPER CORP Forest and Related Products
16. INTERFOR CORP Forest and Related Products
17. PREMIUM BRANDS HOLDINGS CORP Manufacturing
18. TAIGA BUILDING PRODUCTS LTD Wholesale/Distribution
19. CANFOR PULP PRODUCTS INC Forest Products
20. ELDORADO GOLD CORP Mining
21. WESTERN FOREST PRODUCTS INC Forest and Related Products
22. NEW GOLD INC Mining
23. CANACCORD GENUITY GROUP INC Finance
24. PAN AMERICAN SILVER CORP Mining
25. SILVER WHEATON CORP Mining
26. CANWEL BUILDING MATERIALS GROUP LTD Wholesale/Distribution
27. SIERRA WIRELESS INC High Technology - Telecommunications
28. B2GOLD CORP Mining
29. RICHIE BROS AUCTIONEERS INC Wholesale/Distribution
30. HARDWOODS DISTRIBUTION INC Wholesale/Distribution
31. ROGERS SUGAR Agriculture/Food Processing
32. CAPSTONE MINING CORP Mining
33. SILVER STANDARD RESOURCES INC Mining
34. NEVSUN RESOURCES LTD Mining
35. GREAT CANADIAN GAMING CORP Entertainment
36. CHINA GOLD INTERNATIONAL RESOURCES CORP LTD Mining
37. AVIGILON CORP High Technology - Software and Related
38. WESTSHORE TERMINALS INVESTMENT CORP Wholesale/Distribution
39. CONIFEX TIMBER INC Forest and Related Products
40. FORTRESS PAPER LTD Forest and Related Products
41. TASEKO MINES LTD Mining
42. LUCARA DIAMOND CORP Mining
43. FIRST MAJESTIC SILVER CORP Mining
44. COPPER MOUNTAIN MINING CORP Mining
45. ENDEAVOUR SILVER CORP Mining
46. WESTERNONE INC Finance
47. TREE ISLAND STEEL LTD Manufacturing
48. GLACIER MEDIA INC Manufacturing
49. AMERICAN HOTEL INCOME PROPERTIES REIT LP Real Estate
50. VILLAGE FARMS INTERNATIONAL INC Agriculture/Food Processing
51. PURE INDUSTRIAL REAL ESTATE TRUST (PIRET) Real Estate
52. SILVERCORP METALS INC Mining
53. TIMMINS GOLD CORP Mining
54. WALL FINANCIAL CORP Real Estate
55. WESTPORT INNOVATIONS INC High Technology - Alternative Energy
56. IMPERIAL METALS CORP Mining
57. ABSOLUTE High Technology - Software and Related
58. TREVALI MINING CORP Mining
59. ACADIAN TIMBER CORP Forestry
60. TEN PEAKS COFFEE CO INC Agriculture/Food Products
61. ENERGOLD DRILLING CORP Mining
62. AVCORP INDUSTRIES INC Manufacturing
63. CANLAN ICE SPORTS CORP Recreation
64. PURE MULTI-FAMILY REIT LP Real Estate
65. ALTERRA POWER CORP High Technology - Alternative Energy
66. GREAT PANTHER SILVER LTD Mining
67. LUNA GOLD CORP Mining
68. BALLARD POWER SYSTEMS INC High Technology - Alternative Energy
69. SANDSTORM GOLD LTD Mining
70. AMERIGO RESOURCES LTD Mining
71. TIO NETWORKS CORP High Technology - Software and Related
72. CRH MEDICAL CORP High Technology - Health Care
and Life Sciences
73. POLARIS MATERIALS CORP Mining
74. TAG OIL LTD Oil & Gas/Energy
75. MONUMENT MINING LTD Mining
76. NORSAT INTERNATIONAL INC Manufacturing
77. MOGO FINANCE TECHNOLOGY High Technology - Software and Related
78. BOSTON PIZZA ROYALTIES INCOME FUND Restaurants
79. URTHECAST High Technology - Software and Related
80. AURCANA CORP Mining
81. CIBT EDUCATION GROUP INC Education Services
82. A&W REVENUE ROYALTIES INCOME FUND Restaurants
83. ARBUTUS BIOPHARMA CORP High Technology - Health Care
and Life Sciences
84. HELIJET INTERNATIONAL INC Transportation
85. MADISON PACIFIC PROPERTIES INC Real Estate
86. STARCORE INTERNATIONAL MINES LTD Mining
87. PHOTON CONTROL INC Manufacturing
88. THE KEG ROYALTIES INCOME FUND Restaurants
89. DYNASTY METALS & MINING INC Mining
90. CARDIOME PHARMA CORP High Technology - Health Care
and Life Sciences
91. KELSO TECHNOLOGIES INC Manufacturing
92. SOUTHGOBI RESOURCES LTD Mining
93. XENON PHARMACEUTICALS INC High Technology - Health Care
and Life Sciences
94. DIVERSIFIED ROYALTY CORP Finance
* Westcoast Energy is owned by Spectra Energy.


[1] Ranked by 2015 revenue, Business in Vancouver’s Top 100 Public Companies in B.C., https://www.biv.com/datatables/top-100-public-companies-in-bc-in-2016/.

[2] By gross revenue.

[3] Ranked by number of firms from each industry in Business in Vancouver’s Top 100 Public Companies in B.C., Ibid.

[4] Metal and coal mines only.

[5] Excluding lumber and pulp and paper companies.

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