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For The Record

ECONOMIC FOUNDATION IN B.C. REMAINS STRONG

Nov. 12, 2009
Ministry of Small Business, Technology and Economic Development
 
Letters to the Editor
Opinion Editorials
 

British Columbia's economy has outperformed the Canadian average for six of the past seven years. However, B.C. is not immune to the challenges being faced throughout the global economy. Here are some of the reasons investors and businesses can be confident in B.C.'s strong economic foundation:

Employment

  • Average seasonally adjusted monthly employment in British Columbia during 2008 was recorded at 2,314,300, up by 48,000 jobs or 2.1 per cent compared with 2007 - the second largest percentage increase in Canada.
  • Over 363,000 jobs have been added in British Columbia since December 2001, of which 298,400 are full-time positions.
  • B.C.'s unemployment rate is 8.3per cent, fourth lowest in the country, and lower than Canada's as a whole (8.6 per cent).
  • The average weekly wage rate in B.C. in September 2009 was $808.81- the third highest amount in Canada. The average hourly wage in B.C. in September 2009 was $22.46 - more than 2.5 times the minimum wage and third highest in Canada.

Source: Statistics Canada/BC Stats
Economic Performance

  • B.C.'s economy has outperformed the national economy for six out of the past seven years.
  • In its Autumn 2009 Provincial Outlook, the Conference Board of Canada forecasts British Columbia to record 4.2 per cent real GDP growth in 2010, the highest rate in the country.
  • In addition, the Conference Board predicts B.C.'s retail sales, GDP per capita, disposable income per capita and employment rate will be above the national average in 2010.
  • The 2008-09 fiscal year oil and gas land rights sales total of $2.4 billion trumped the previous record-breaking year by $1.2 billion, and broke every tracked record for oil and gas land rights sales in British Columbia. This is in addition to the record-setting 2008 calendar year total of $2.66 billion.

2010 Olympic and Paralympic Games

  • Leading economists indicate B.C. will get a boost from the 2010 Games - the Royal Bank of Canada is predicting growth of 3.2 per cent in 2010, while Scotiabank forecasts that B.C.'s three per cent jump in real GDP will be tied with Saskatchewan and Newfoundland and Labrador for tops in Canada.
  • The 2010 Games represent $4 billion in economic opportunities for B.C. companies and communities, and every region of the province has an equal opportunity to benefit.
  • The Vancouver Olympic Organizing Committee will spend $1.3 billion this year in the local economy, and VANOC estimates its partners will be investing the same amount.
  • Three billion people worldwide will watch our Games - a unique opportunity to market ourselves to the world.

Low Business Taxes

  • B.C.'s corporate income tax rate is 11 per cent, the second-lowest tax rate in Canada, with further reductions planned to 10 per cent by 2011.
  • The small business income tax rate has been reduced from 4.5 to 2.5 per cent, and the small business corporate income tax threshold will be raised to $500,000 as of Jan. 1, 2010.
  • Corporate tax reductions planned for the next three years will give B.C. a combined federal-provincial rate of 25 per cent by 2012, among the lowest corporate income tax rates of the world's major industrialized economies and 10 points lower than the U.S. federal rate.
  • The corporation capital tax will be phased out for financial institutions by April 2010.

Construction

  • In October 2009, over 195,000 British Columbians were employed in the construction sector, a 77 per cent increase compared with the 2001 monthly average of 110,700 jobs.
  • A total of 883 major projects, with a value of $188.1 billion, were planned or underway between April and June 2009. This is an 11 per cent increase in the estimated value from the same time last year. Compared with 2001, the number of projects has nearly tripled whilst their value has more than quadrupled.
  • According to the Canadian Mortgage and Housing Corp.'s Fourth Quarter Housing Market Outlook, released in November 2009, new housing starts in British Columbia are forecast to rise by 54 per cent in 2010 - the highest rate of growth in Canada.

Population

  • British Columbia's population increased by more than 17,000 people during the second quarter of 2009, reaching 4,455,207 as of July 1.
  • During this period, 10,923 immigrants arrived in British Columbia - accounting for 15.7 per cent of all immigrants landing in Canada.

Source: BC Stats

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Letters to the Editor

February 25, 2009
Letter to the Editor
MINING SECTOR NOT BEING IGNORED
By Gordon Hogg
Minister of State for Mining
Submitted: Vancouver Sun
Status: Not Published
Since 2001, our government has supported, encouraged and promoted B.C.'s mining industry and recently enacted new measures to support mining during the worldwide economic downturn. ("B.C.'s mining industry is too important to ignore" Feb. 24, 2009.) [Read More]

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Opinion Editorials

September 1, 2009
Opinion Editorial
PROTECTING VITAL SERVICES MEANS MAKING TOUGH CHOICES
By Colin Hansen
Minister of Finance
Submitted: Vancouver Sun
Status: Published on Wednesday, September 2, 2009 (page A15)
"British Columbia faces significant economic challenges. The provincial Budget Update tabled in the legislature yesterday reflects these difficult times." [Read More]

April 2, 2009
Opinion Editorial
INVESTING IN PUBLIC INFRASTRUCTURE CREATES JOBS
By Colin Hansen
Minister of Finance and Minister responsible for the Olympics
Submitted: Alaska Highway News
Status: Published Friday, April 3, 2009
No matter where you live in B.C., you've probably felt the impact of what's happening in the global economy in one way or another. People are worried about their jobs, their homes, their futures. Although the factors driving this economic downturn are beyond our control, there are measures that can be undertaken to protect jobs, families and communities. [Read More]

March 23, 2009
Opinion Editorial
CREATING JOBS BY INVESTING IN COMMUNITIES
By Colin Hansen
Minister of Finance and Minister responsible for the Olympics
Submitted: Vancouver Sun
Status: Published Friday March 27, 2009
Aggressive measures are needed to stimulate the economy and create jobs during the current economic downturn. Reducing interest rates certainly helps. That's what the Bank of Canada did this month by dropping its interest rate to 0.5 per cent, the lowest ever. [Read More]

February 17, 2009
Opinion Editorial
BC BUDGET FOCUSSES IN JOBS, ECONOMY
By Colin Hansen
Minister of Finance
Submitted: Vancouver Sun
Status: Published February 18, 2009
These are unprecedented and difficult economic times. The economic turmoil and downturn since last September have sent shockwaves around the world. Their severity and depth have been staggering. [Read More]

December 5, 2008
Opinion Editorial
FROM CRISIS TO OPPORTUNITY: FINDING NEW STRENGTH THROUGH UNITY
By Premier Gordon Campbell
Submitted: National Post
Status: Published December 8, 2008
With the events of last week behind us, now is a time to build confidence in our economy and in our country. That starts by placing our confidence in each other as Canadians. We have a job to do. Let's get on with it. [Read More]