Positive Economic Indicators
Oct. 9, 2009
Wages in B.C. Compared with Canada
In September 2009, B.C.'s average weekly wage rate was over $813, third highest in Canada. The average weekly raise has risen by $165 – or over 25 per cent – since 2001 ($648).
(BC Stats)
The average hourly wage in B.C. during September 2009 was $22.37 – more than 2.5 times the minimum wage, and a 24 per cent increase compared with 2001's average ($17.98). For B.C. youth under 25, the average hourly wage was $13.21– the third highest rate in Canada.
(Statistics Canada)
A British Columbian who earns the average weekly wage of $813 makes almost $8,600 per year more today, before taxes, than they would have in 2001, when the average weekly wage was $648.
CURRENT FIGURES
Major Construction Projects in B.C. Hold Strong
Despite the global economic downturn, the number and value of major construction projects across British Columbia remain strong. During the second quarter of 2009, 883 projects, worth an estimated $188.1 billion, were planned or underway. Since 2001, the number of projects has nearly tripled, and their value has more than quadrupled.
(Ministry of Small Business, Technology and Economic Development, Major Projects Inventory June 2009 Edition)
Building Permits on the Rise
According to Statistics Canada, the value of building permits issued in British Columbia during August was $912.7 million, an increase of $293.7 million or 47.5 per cent compared with July’s amount of $619 million.
(Statistics Canada, Building Permits, September 2009)
B.C. Forecast To Lead Canada in New Home Starts
According to the Canadian Mortgage and Housing Corp.’s Third Quarter Housing Market Outlook, new housing starts in British Columbia are forecast to rise by 35 per cent in 2010 – the highest rate of growth in Canada. In August 2009, the seasonally adjusted annual rate of urban starts increased by 56 per cent in B.C.
(Canada Mortgage Housing Corp., September 2009)
Oil and Gas Rights Record Sales
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. [News Release]
Conference Board Forecasts B.C. To Lead Canada in Growth in 2010
In its Summer 2009 Provincial Outlook, the Conference Board of Canada forecasts British Columbia to record 3.4 per cent real GDP growth in 2010, the second highest rate in the country and above the Canadian average of 2.8 per cent. 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.
(Conference Board of Canada, Provincial Outlook)
B.C. Has Highest Consumer Confidence in Canada
British Columbians continue to have the highest consumer confidence in the country. According to the Conference Board of Canada’s Index of Consumer Confidence for September 2009, B.C.’s consumer confidence is rated at 98.1 points, compared with 90.9 points for Canada as a whole.
(Conference Board of Canada, Index of Consumer Confidence September 2009)
Business Confidence on the Rise
In its latest Business Barometer, the Canadian Federation of Independent Business reports the confidence of British Columbia’s small and medium businesses is at its highest level in a year and a half.
(Canadian Federation of Independent Business, September 2009 Business Barometer)
B.C.'s Population Continues Strong Growth
British Columbia’s population increased by more than 17,000 people during the second quarter of 2009 to reach 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.
(BC Stats)
B.C.’s Housing Sales Continue To Climb
The BC Real Estate Association reports that residential home sales in August were up by 65 per cent compared with 2008’s figures. In fact, the association expects the number of homes sold in 2009 to exceed 2008’s total by 15 per cent.
(BC Real Estate Association)
British Columbia Remains Major Stage for Filming
Motion picture production spending in British Columbia during 2008 increased by more than $250 million compared with 2007, reaching $1.2 billion.
Vancouver Recognized as Global Financial Centre
Thanks to Canada’s strong and stable banking sector, Vancouver’s overall rating in the latest City of London’s Global Financial Centres Index rose by 20 points. The index, released in September, places Vancouver ahead of jurisdictions including Munich, Amsterdam, Seoul, Monaco, Milan, the British Virgin Islands and Montreal.
(City of London, The Global Financial Centres Index 6)
Exports to Asia on the Rise
In 2008, British Columbia’s total exports to the Asia Pacific, including India, were worth over $10.6 billion - an increase of over 43 per cent compared with total exports in 1999.
In 1999, British Columbia’s total exports to the People’s Republic of China, B.C.’s second largest trading partner, were worth $598 million. In 2008, this number passed the $2-billion mark for the first time.
Exports to India have more than doubled in value over the past 10 years, and exports to Japan also reached record levels in 2008, surpassing the $5-billion mark for the first time.
Total exports to South Korea, B.C.’s fourth largest trading partner, were worth almost $2 billion in 2008, a 158 per cent increased compared with 1999.
(Industry Canada – Trade Data Online)
Airport Passenger Traffic Soars to New Heights
2008 was a record year at airports throughout British Columbia. Prince George, Victoria International, Kelowna and Vancouver International airports all recorded passenger increases over 2007 levels – resulting in all-time highs for passenger traffic.
Building Relationships
In May 2008, Premier Gordon Campbell announced the launch of the B.C. Alumni Ambassadors Network in Beijing. The purpose of the network is to invite alumni from B.C. post-secondary institutions and B.C. expatriates living and working abroad to become ambassadors for British Columbia – fostering more social and business relationships.
Since March 2001, 7,670 skilled and business immigrants have been attracted to British Columbia through the B.C. Provincial Nominee Program, including 2,600 during the last fiscal year.
(Ministry of Advanced Education and Labour Market Development)
