VANCOUVER - A new report written by Dr. Brock Smith, a professor in the Faculty of Business at the University of Victoria, shows that Airbnb guests and hosts generated $402 million in local economic activity in Vancouver in the past year.
The economic impact report looks at guest travel from September 31, 2015 to August 31, 2016, a period where roughly 267,000 guests booked their stay with Vancouver's Airbnb hosts and directly spent almost $180 million at local businesses during their stay.
"This level of economic activity supports more than 9,100 full-time equivalent jobs for the City of Vancouver," said Dr. Smith. "When you look at the overall drivers of economic activity in Vancouver, this is a meaningful contributor."
Airbnb tends to attract visitors who stay longer and spend more money in local neighbourhoods. Airbnb guests report that more than half of their daytime spending in Vancouver is spent within the neighbourhood where they stay.
"Airbnb guests visit stores, coffee shops and restaurants in the neighbourhood where they're staying - which supports local businesses and helps create jobs in the community," said Alex Dagg, Public Policy Manager for Airbnb in Canada. "Vancouver is home to a growing community of responsible Airbnb hosts that love their city and want to help local businesses flourish."
Hosting on Airbnb also helps everyday Vancouverites make ends meet. The typical Vancouver host earns $6,500 a year in modest, supplemental income.