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Economy

As trusted economists and policy advisors to business and government leaders, the Council relies on sound, evidence-based analysis to inform its policy recommendations. Through diligent tracking of BC’s economic performance, we help identify the opportunities and challenges the province must navigate in order to reach its full potential.

 

Finlayson & St-Laurent Op-Ed: Young, educated Indigenous talent is ready

B.C.’s Indigenous population is relatively young, with an average age of 33 compared to 42 for the non-Indigenous population. Even better, a growing proportion of Indigenous have some form of post-secondary education: a degree, a college credential or a trades certificate.

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Is It The Best of Times or The Worst of Times?

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Finlayson & St-Laurent Op-Ed: International visitors drive B.C. tourism growth (Troy Media)

It turns out that 2017 marked a 14-year high for annual international tourism to B.C. Some 7.9 million international travellers entered the province last year, an increase of 3.5 per cent over 2016. And the data for the first quarter of 2018 look even better, setting the stage for another record-breaking year for the industry.

Who visits B.C.?

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Finlayson & St-Laurent: Jobs in Demand: B.C.’s Labour Market Outlook to 2027 (PeopleTalk)

If you’re on the lookout for the hottest job trends, WorkBC – an agency of the provincial government -- recently released an updated Labour Market Outlook through to 2027. Over the next decade, the government anticipates 917,000 job openings. Roughly 70 per cent will result from current workers transitioning into retirement. Many of these positions can be filled by younger cohorts of workers, but that won’t be enough to staff all of the vacancies expected to emerge. The other 30 per cent of job openings will arise due to ongoing economic and industrial growth. To fill these positions, the supply of workers will have to be expanded, through immigration, attracting people from other provinces, and tapping into underutilized labour pools.

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RELEASE: Professional Reliance Review Report Provides Solutions Looking for a Problem

The Business Council of British Columbia has significant concerns with the recently released Professional Reliance Review Report which has offered a series of recommendations related to the province’s professional reliance model.

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Will the Kids Be Alright? The Arithmetic of Productivity Trends in Canada and B.C.

How can Canada and British Columbia improve productivity?

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Cruising Along: International Tourism on the Rise in B.C.

Last year was a memorable one for international tourism in the province, and the first quarter of 2018 is looking even better. There were 7.9 million international traveller entries to B.C. in 2017, an increase of 3.5% over 2016. Since 2010, the number of international visitors is up 25%. Tourism is a vital economic engine for the province, with the main tourism-related industries accounting for 12% of all jobs.

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Finlayson & Peacock Op-Ed: Housing costs put brakes on migration to B.C. from other provinces (Business in Vancouver & Western Investor)

Over the second half of last year, a surprising development occurred – the net inflow of people moving to B.C. from other provinces fell sharply. The drop showed up in the third quarter and persisted through the final months of 2017. Looking ahead, we suspect that B.C. may receive fewer interprovincial migrants than pundits and policy-makers have been counting on – particularly working-age migrants, as opposed to retirees. If our hunch is correct, employers in B.C. are likely to face more widespread hiring challenges in the years ahead.

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Women and Work: An analysis of the changing B.C. labour market

An analysis of the progress made advancing women in the workforce and areas where there is more to do to enable the full participation of women, particularly in light of shifting demographics and labour markets.

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Long-Term Downward Trend in Unionization Rates

The unionization rate – sometimes called “union density” – is the share of employees in the workforce who belong to a union. Statistics Canada tracks and reports on “union coverage,” which is a similar concept but also includes workers who are not union members but are covered by a collective agreement.

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BC's Net Inflow of Interprovincial Migrants Slows Sharply

Halfway through last year, the net inflow of people moving to BC from other provinces dropped sharply, and the slowing persisted over the rest of 2017. The shift is surprising because it breaks with past migration patterns that usually reflect differing labour market conditions across the country.

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Release: BCBC Statement Following May 24 Court Decision on TMX

Greg D'Avignon, President and Chief Executive Officer of the Business Council of British Columbia issued the following statement following today's BC Supreme Court rulings related to the Trans Mountain Pipeline Project:
"Certainty of process is fundamental in any democracy. The Business Council continues to urge the federal and provincial governments to adhere to and support all regulatory processes they have established."

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The Changing Face of Asset Ownership in China

China’s economic development continues to have profound implications for the world economy and, as Canada’s gateway to Asia, for British Columbia.

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The Rise of China's Top-10%

A by-product of China’s rapid economic rise is that income and wealth have become increasingly concentrated among the top-10% of the population.

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Finlayson & Peacock Op-Ed: Alarms ringing over B.C.’s lacklustre productivity performance (Business in Vancouver)

Productivity is the most critical determinant of any economy’s long-term growth potential. It represents the value of goods and services produced, divided by the number of hours needed to produce them.

Productivity increases when businesses invest in new machinery, equipment, technologies and structures, and when workers become better educated and acquire in-demand technical skills. Productivity gains are also realized when additional output is created by doing a better job of combining inputs through the application of fresh ideas, advanced technologies and improved business models. In more productive economies, employees typically receive higher compensation, and governments can obtain the resources needed to provide good public services without having to resort to ruinous levels of taxation.

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The Slowing Pace of 'Creative Destruction' in Canada

Creative destruction involves economic renewal or “churn,” whereby innovative new firms and entrepreneurs force outdated firms to exit. Labour and capital are freed and reallocated to better use, in doing so raising productivity and living standards. Canadian data is concerning because it suggests a significant, long-term decline in the rate of economic renewal.

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RELEASE: Sue Paish, Q.C. incoming Chair of BCBC

Recognized British Columbia business leader in health, technology and law, Sue Paish Q.C., was elected for a two-year term as Chair of the Business Council of British Columbia on May 1 at the organization’s 52nd Annual General Meeting.

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B.C. Economy Downshifts in 2018, But Solid Growth Likely to Continue

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How Do House Prices Affect the Consumer Price Index?

It can seem hard to reconcile the stellar growth in house prices in recent years in Vancouver and some other Canadian urban centres with the modest growth in the CPI.

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B.C.'s Manufacturing Sector is Growing...But Faces Competitiveness Challenges

Manufacturing is a growth story for the B.C. economy over the last 10 years and is punching above its weight in terms of our export portfolio, generating new income for the provincial economy. The latest Policy Perspectives, details economic facts, figures and trends, as well as sectoral breakdowns and cross provincial comparisons, relevant to BC’s $50 billion resource and non-resource manufacturing activities. It also provides some cautionary advice relative to key competitive headwinds facing this element of our economy - which makes up 7% of provincial GDP and over 170,000 jobs.

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