Economic Benefits

“This area is primarily residential and may benefit from the introduction of commercial and marine uses to stimulate interest in this area and increase it as a destination for visitors and residents.” 2001 Victoria Harbour Plan, City of Victoria.

Planned with the community in mind

The plans for the development of the Victoria International Marina have evolved based on community input. This input has helped us tailor the marina to the needs of the community, and we believe it will benefit the community in several ways, including: creating a stronger and more diverse local economy, creating new jobs, and increasing tourism.

The $20 million development is funded entirely by the private sector. During this time of economic uncertainty and with so many looking to federal and provincial funds for “infrastructure” spending to stimulate the economy, this project does not require public funds.

Here are the facts about the many economic benefits the Victoria International Marina will bring to the community. Armed with the facts, you can now decide whether you support the marina.

Educational and sponsorship opportunities lead to economic and Social Development

• The marina will welcome lucrative tourist and destination traffic to the city and generate “spin-off” income that will benefit nearly every sector of the economy including the local marine, tourism, hospitality, arts, cultural and retail sectors.
• Working with Camosun College, we are developing training opportunities through sponsorship of events like World Ocean Day and the national Ocean Innovation Conference.

Investment within a community often creates a Positive Local Impact on the economy

• We estimate the 29-slip marina will generate $13.25 million from the marina and other related activities including restaurant and coffee house, shipyard activities and provisioning of vessels.
• The proposed marina will create about 184 direct and indirect construction jobs and 167 direct and indirect operational jobs. Operational job drivers include the restaurant, cafe, marina, boat brokerage, and other retail uses in the marina buildings.
• A 2006 survey conducted by Genesis Public Opinion Research Inc. and Smith Gunther Associates found that the recreational boating industry in B.C. generated $1.3 billion in direct and indirect impacts; the $1.3 billion increased to $3.3 billion with $475 million in taxes. In 2006, the total revenue from B.C. marinas was $283 million; this does not include ancillary services that are typically located near marinas to service recreational boats.
• The same survey found that 50 per cent of BC respondents indicated that the lack of slips greater than 50 feet was a serious or prohibitive impediment to business.
• Jobs will be created in hospitality and technical trades such as crewing, marine electrical and mechanical and shipwright.

The marina will increase Victoria’s Economic Diversity

• It will welcome lucrative tourist and destination traffic to the city and generate “spin-off” income that will benefit nearly every sector of the economy including the local marine, tourism, hospitality, arts, cultural and retail sectors.
• A February 2009, Environics survey found that 74 per cent of respondents felt the marina would benefit the economy.
• Curently, Victoria faces a shortage of slips for permanent mooring for boats of all sizes - but the greatest demand is for large slips.
• Most marinas in BC were built in the 1970’s or 1980’s. While the average size of recreational boats has increased substantially over the past 40 years, marina slips have remained largely unchanged.
• Globally, there were more than 770 new luxury yachts on order for 2007 and an estimated shortage of 7,000 qualified crew members.