Positive Economic Indicators
Jan. 13, 2009
Wages in B.C. Compared with Canada
In December 2009, B.C.'s average weekly wage was over $815, above the national average. The average weekly wage has risen by over $166 - or nearly 26 per cent - since 2001, when it was $648.
(BC Stats)
The average hourly wage in B.C. during December 2009 was $22.63 - more than 2.5 times the minimum wage, and a 26 per cent increase compared with 2001's average of $17.98. For B.C. youth under 25, the average hourly wage was $13.25 - third highest in Canada.
(Statistics Canada)
A British Columbian who earns the average weekly wage of $815 makes over $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 third quarter of 2009, 882 projects, worth an estimated $189 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 September 2009 Edition)
Building Permits on the Rise
According to Statistics Canada, the value of residential building permits issued in British Columbia during November 2009 was $536 million, the highest monthly total since September 2008.
(Statistics Canada, Building Permits, October 2009)
B.C. Forecast to Lead Canada in New Home Starts
According to the Canadian Mortgage and Housing Corp.’s Fourth Quarter Housing Market Outlook, new housing starts in British Columbia are forecast to rise by 54 per cent in 2010 - the highest rate of growth in Canada.
The CMHC also reports that B.C.'s seasonally adjusted annual rate for housing starts in December 2009 is the highest it has been since December 2008.
(Canada Mortgage and Housing Corp., Preliminary Housing Start Data, December 2009)
Conference Board Forecasts B.C. to Lead Canada in Growth in 2010
In its Autumn 2009 Provincial Outlook, the Conference Board of Canada forecasts B.C. to record 4.2 per cent real GDP growth in 2010, the highest rate in the country. In addition, the Conference Board predicts British Columbia’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, Autumn 2009 Provincial Outlook)
Business Confidence on the Rise
The Canadian Federation of Independent Business reports that the confidence level of British Columbia’s small and medium businesses is the highest in Canada - more than eight points above the national average - and the second most optimistic results recorded in the province since December 2007.
(Canadian Federation of Independent Business, December 2009 Business Barometer Index)
Financial Institutes Bullish on B.C.’s Economic Recovery
Canada's largest banks - RBC, CIBC, BMO, Scotiabank and TD - along with the country’s largest credit union, the Desjardins Group, all forecast British Columbia’s real GDP to either lead Canada or be one of the top three provinces in percentage growth in 2010.
B.C.'s Population Continues Strong Growth
British Columbia’s population increased by more than 24,000 people during the third quarter of 2009 and was 4,479,934 as of Oct. 1, 2009. During this period, 11,938 immigrants arrived in British Columbia, accounting for 15.2 per cent of all immigrants landing in Canada.
(BC Stats)
B.C.'s Housing Sales Rebound in 2009
The British Columbia Real Estate Association reports more than 5,700 homes were sold in B.C. during December - an increase of 132 per cent compared with December 2008, and the highest sales number for the month in 20 years. Overall, more than 85,000 homes changed hands in British Columbia during 2009, a 23 per cent increase over 2008’s sales figures.
(B.C. Real Estate Association - December 2009 MLS® Sales Report)
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)
China Grants Canada Approved Destination Status
In December 2009, China granted Canada approved destination status, allowing tour operators and travel agents in China to advertise and organize tours in Canada and British Columbia. Approved destination status could increase Chinese tourism to B.C. by 25 per cent annually over the next few years.
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.
As of August 2009, over 8,700 skilled and business immigrants have been attracted to the province through the B.C. Provincial Nominee Program. Last fiscal year alone, B.C. attracted 2,658 skilled workers and entrepreneurs - more than 6,200 new immigrants if family members are included.
(Ministry of Advanced Education and Labour Market Development)
