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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.

 

An update on B.C.'s fastest growing industries: A diverse group...but resources still prominent

A look at B.C.’s 30 fastest growing industries through the half decade ending in 2017

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Bold, long-term transportation vision required

This week’s Massey Tunnel report released by the Provincial Government is the latest reminder, over the last number of years, that we desperately need a smart, consolidated and province-wide transportation strategy that secures our future.

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Finlayson Op-Ed: Canada continuing to lose ground in global competitiveness (Business in Vancouver)

In 2018, the penny dropped on Canada’s diminished attractiveness for new business investment.

The past year saw a chorus of voices across the business community urging governments to recognize Canada’s faltering competitiveness, amid near-record capital outflows, sagging domestic equity markets and punishing price discounts for the country’s No. 1 export product: Western Canadian oil.

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Finlayson & Peacock Column: LNG Canada atop lists of stories affecting B.C. 2018 economy (Business in Vancouver)

In an environment of rapid economic and political change, further compounded by activist governments at both the federal and provincial levels, identifying 2018’s most significant stories affecting the provincial economy is challenging.  Below we take a stab at the task, focusing on developments that we judge to be of particular relevance to B.C.    

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BCBC Statement on CleanBC

Tools within the CleanBC plan support the Low-Carbon Industrial Strategy and begin to position B.C. businesses and the province to be a supplier of choice for international markets seeking lower-carbon intensive energy, commodities and other inputs for their expanding economies.

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The sad tale of Canadian exports

The hard reality is that, apart from oil and bits and pieces of agri-food, Canada has been losing market share, both globally and within North America, across almost the entire spectrum of traded goods, including virtually all manufactured products as well as high technology, minerals/metals, and pulp and paper, among many others.

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Finlayson Op-Ed: Are robots coming for your job? (Troy Media)

Will robots soon be replacing humans across broad swaths of the labour market?

Judging by headlines touting driverless cars, machine learning and the rapidly-growing digital economy, one is tempted to answer “Yes.”

No one can doubt the sweeping effects of new technologies. Historically, tens of millions of jobs have been eliminated by successive waves of technology-enabled innovation in industries ranging from agriculture, transportation and manufacturing, to electricity and information and telecommunications services.

A similar process is underway today, fuelled by advances in artificial intelligence (AI), data science, and digital tools and platforms.

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Government-business MOU aimed at establishing B.C. as low-carbon economy leader

British Columbia’s government and business leaders have signed a first-of-its-kind agreement to establish B.C. as a world leader in delivering low-carbon goods and services to domestic and global markets.

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Migration in Canada: Older move to coastal regions…and younger people to Alberta

Is it true that B.C. receives a disproportionate number of retirees? The answer is yes. But there are some qualifiers.

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Finlayson & Peacock Op-Ed: Natural gas lifts B.C. economy as housing’s contribution slows (Business in Vancouver)

The B.C. economy grew by a surprisingly robust 3.8% (after inflation) last year. This is surprising because not only does it follow a strong 3.2% expansion in 2016, but it also marks another year when the province grew at a pace above its long-run potential.

Some observers may be taken slightly aback that B.C. managed to achieve such an impressive growth rate amid an unsettled global backdrop and the early stages of a slowdown in the province’s normally busy residential housing complex.

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BCBC statement on Federal Fall Economic Statement 2018

Some positive steps…but more action is needed to bolster Canada’s faltering competitiveness

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B.C. manufacturing sector expanding…but faces headwinds

Manufacturing is an important and sometimes underemphasized part of the British Columbia economy.

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RELEASE: B.C. economy continues to post solid growth

Amid solid global growth and a booming U.S. economy, the British Columbia economy is in good shape and will continue to grow at a respectable, albeit more moderate, pace over the next two years. B.C.’s real GDP growth is expected to be in the 2.2% to 2.5% range for 2018 and 2019.

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The end of money for nothing

The latest edition of the BC Economic Review and Outlooks examines the impact rising interest rates are having on the BC economy.

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So far, so good...but proceed with caution: An update on B.C.'s fiscal picture

Last month, B.C. Finance Minister Carole James wrapped up the NDP’s first full financial year and provided an update on the government’s books through the first quarter of 2018-2019. Here’s what you should know.

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Guest Author: Breaking the cycle of poverty through education, partnership:
How the federal government’s new poverty reduction strategy calls upon British Columbians to act

Providing youth with quality education is critical to the federal poverty reduction strategy.

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West coast wonders: B.C. & Washington cross border synergies and connections

Along with strong trade linkages, B.C. and Washington share many similarities.

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Release: LNG Canada investment marks a clean start for economic growth

BCBC today welcomes the LNG Canada joint venture participants’ final investment decision to build an LNG export facility in Kitimat, B.C.

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Energy production, consumption and trade: How Canada and B.C. stack up

If British Columbia or Canada ceased to exist tomorrow, the greenhouse gas emissions eliminated from energy production and consumption relative to the global total would be equivalent to a rounding error.

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Finlayson Op-Ed: B.C. doesn’t have enough workers to meet industries’ demand (Black Press)

For those interested in the hottest job trends, the provincial government’s new Labour Market Outlook is worth a look.

Over the next decade, the government is forecasting a total of 903,000 job openings in B.C. More than 600,000 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 produce warm bodies for all of the expected vacancies.

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