Key Industries

Nanaimo has shifted from an economy traditionally centered around natural resources to a service-based, knowledge-driven economy that relies on the skills, talent, and innovation of its local workforce. The City boasts a diverse economic base with 6,981 businesses. As of 2024, the largest sectors by number of businesses are Construction (17.4%), Real Estate and Leasing (11.4%), Other Services except Public Administration (10.8%), Professional, Scientific and Technical Services (10.8%), and Retail (10.7%). Together, these five sectors account for 61% of all business licenses in the City.

July 2024

Like the broader Canadian business landscape, most businesses in Nanaimo are small to medium-sized enterprises. In 2022, the City had 3,610 businesses with employees. Of these, approximately 87% (3,140 businesses) had between 1 and 19 employees; 9% (312 businesses) had between 20 and 49 employees; and 4% (150 businesses) had between 50 and 499 employees. There were also 8 businesses with more than 500 employees. The largest sectors by employment in Nanaimo are Retail Trade, Healthcare and Social Assistance, Accommodation and Food Services, Construction, and Educational Services (Esri 2023).

July 2024