The latest economic impact study by Destination Greater Victoria shows the local visitor economy has recovered from the effects of the pandemic.

According to the data, the Capital Region welcomed 4.9 million visitors in 2023, generating $3.5 billion in economic revenue and contributing $2 billion to the region’s GDP.

Furthermore, the InterVISTAS Consulting Report pointed out that the tourism economy supports approximately 25,000 jobs and provides $1.1 billion in wages.

“The tourism economy remains a critical economic driver for our region,” said Paul Nursey, CEO of Destination Greater Victoria, in a press release. “The impressive growth in GDP, employment support and overall economic contributions underlines its importance. The tourism economy not only supports businesses and creates jobs, but also enriches our community and improves the quality of life for all residents.

Of the total tax contributions of $510 million, $30 million went to municipal taxes, $248 million to provincial taxes and $232 million to federal taxes, which are “essential” to support public services, development infrastructure and community projects.

The report also notes that since 2018, sales of businesses linked to the visitor economy have jumped 39 percent, contributions to GDP have increased by 52 percent, employment growth has increased by 8 percent, contributions to wages and salaries have increased. increased by 42 percent, and the growth of tax contributions increased by 36 percent.

Next week, Destination Greater Victoria will unveil a 10-year master plan that will set out ways the region can maintain its place as a leading global destination and economic engine in the years to come.