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.