Vancouver Island is in the northeastern Pacific Ocean, part of the Canadian province of British Columbia. The island is 460 kilometres in length, 100 kilometres (62 mi) in width at its widest point, and 32,134 km2 in area. It is the largest island on the West Coast of the Americas.
Vancouver Island had a population in 2019 of 870,297. Nearly half of that population (401,700) live in the metropolitan area of Greater Victoria. The overall strength of Vancouver Island's economy is reflected in the continued growth in the number of businesses. In 2017, the number of businesses in the Construction sector grew significantly, which is consistent with the strength of the housing market and increases in building permit values and housing starts.
There has also been growth in the number of businesses in Information and Cultural Industries. This is likely related to the expansion of the film industry on Vancouver Island and the opening of Vancouver Island Studios in 2017.
While the scale of businesses remains small, there has been modest growth in the number of businesses with more than 20 employees in key sectors related to Tourism and Construction.
Business formations increased in 2017 and remain above their three-year average in all regions. Business and consumer bankruptcies both declined in 2017 on Vancouver Island, and remain below their three-year average.
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