Backgrounder: VITP Creates Jobs, Pumps Millions into the Economy
TOTAL REVENUE
$279.9 million in sales revenue, provincial and municipal taxes, and construction impact
•TAX REVENUE
$19.1 million in provincial tax revenue
$4.2 million in municipal tax revenue
•CONSTRUCTION IMPACT
$7.2 million in direct sales generated from VITP renovation and expansion
$4.8 million in indirect and induced sales revenue by the construction sector
•EMPLOYEE/VISITOR SPENDING IN 2005
One fifth of VITP employees purchased homes
One third of VITP employees purchased cars
Business visitor spending generated $395,632 (based on daily estimate of $156.85/day)
EMPLOYMENT
•995 direct jobs and 1,130 indirect or induced jobs (including 61 direct and 41 indirect construction jobs and six spin off jobs catering to business visitors)
•VITP attracts highly-educated and skilled people to Vancouver Island. A 2005 survey showed 37.5 per cent of VITP employees held at least a bachelor’s degree compared with 17.63 per cent of the general population.
•While the majority of employees came from within British Columbia, 80 moved to the province from elsewhere; some commute from Vancouver to work.
•VITP employees hold high level jobs. Current recruitment includes: a senior business analyst; a director of investor and media relations; a vice president of legal affairs and a senior financial accountant.
•More than three-quarters of VITP employees report a higher quality of life and greater job satisfaction since working at VITP.
Definitions:
Indirect jobs—generated through purchases of supplies and services from companies other than those at the VITP
Induced jobs—resulting from income spent by employees of VITP companies and their supplying businesses.
Induced tax revenues—generated when income or wages are spent in the local economy
< Back to Release$279.9 million in sales revenue, provincial and municipal taxes, and construction impact
•TAX REVENUE
$19.1 million in provincial tax revenue
$4.2 million in municipal tax revenue
•CONSTRUCTION IMPACT
$7.2 million in direct sales generated from VITP renovation and expansion
$4.8 million in indirect and induced sales revenue by the construction sector
•EMPLOYEE/VISITOR SPENDING IN 2005
One fifth of VITP employees purchased homes
One third of VITP employees purchased cars
Business visitor spending generated $395,632 (based on daily estimate of $156.85/day)
EMPLOYMENT
•995 direct jobs and 1,130 indirect or induced jobs (including 61 direct and 41 indirect construction jobs and six spin off jobs catering to business visitors)
•VITP attracts highly-educated and skilled people to Vancouver Island. A 2005 survey showed 37.5 per cent of VITP employees held at least a bachelor’s degree compared with 17.63 per cent of the general population.
•While the majority of employees came from within British Columbia, 80 moved to the province from elsewhere; some commute from Vancouver to work.
•VITP employees hold high level jobs. Current recruitment includes: a senior business analyst; a director of investor and media relations; a vice president of legal affairs and a senior financial accountant.
•More than three-quarters of VITP employees report a higher quality of life and greater job satisfaction since working at VITP.
Definitions:
Indirect jobs—generated through purchases of supplies and services from companies other than those at the VITP
Induced jobs—resulting from income spent by employees of VITP companies and their supplying businesses.
Induced tax revenues—generated when income or wages are spent in the local economy