Economic Indicators
Gross Domestic Product
Updated November 8, 2011
British Columbia’s real gross domestic product (GDP) expanded 3.0% in 2010, making up lost ground after registering a contraction (–2.1%) in 2009. The pace of economic growth in the province was primarily driven by a 5.3% increase in final domestic demand (total personal, business and government spending) with business investment (+13.9%) and consumer spending (+3.8%) spurring much of the growth.
While residential investment by the business sector was only moderately higher (+4.9%), investment in non-residential structures (+27.1%) and machinery & equipment (+11.9%) saw double-digit growth.
In the government sector, purchases of goods and services advanced only slightly (+1.6%) in 2010. However, total government sector spending in the province rose 10.6% with infrastructure spending rising 15.4%.
(Prepared by BC Stats, Source: Statistics Canada)
B.C. Employment Rate
Updated January 6, 2012
Employment in British Columbia rose slightly (+0.5%, seasonally adjusted) in December, following declines in each of the two previous months. However, due to an expansion in the number of people looking for work (+0.4%), the province’s unemployment rate ended the year unchanged from the previous month, at 7.0%. Growth in the number of part-time jobs (+1.6%) was the main reason for the overall increase, with full-time employment increasing marginally (+0.1%) compared to the previous month. British Columbia’s largest metropolitan areas, Kelowna (+5.5%), Victoria (+2.6%) and Abbotsford (+0.8%) all registered increases in employment in December. Only in Vancouver did the number of jobs shrink, slipping 0.2%.
(Prepared by BC Stats, Source: Statistics Canada, Labour Force Survey)
Wages in B.C.
Updated January 6, 2012
Average weekly wages in B.C. in December were $854.88, comparable to the national average ($853.57). Among B.C.’s youth (aged 15 to 24 years), weekly wages were $373.34, slightly behind the national average ($386.49). Meanwhile, those aged 25 to 54 years earned an average weekly wage of $942.15. At the industry level, those employed in the forestry, fishing, mining, quarrying, oil and gas extraction sector earned the highest weekly wage on average ($1,458.59), followed by those working in public administration ($1,261.54) and utilities ($1,213.49).
(Prepared by BC Stats, Source: Statistics Canada, Labour Force Survey)
Inflation rate in B.C.
Updated January 20, 2012
Consumer prices in British Columbia rose 1.7% between December 2010 and December 2011. Higher prices for energy (+4.9%) and food (+3.9%) were the main drivers of inflation in December. Excluding food and energy, consumer prices in B.C. would have risen 0.9%. Nationally, consumer prices rose 2.3%, with B.C. posting the lowest rate of inflation in the country. New Brunswick (+3.3%) and Newfoundland & Labrador (+3.2%) recorded the biggest jumps in prices, followed by Alberta (+2.9%) and P.E.I. (+2.9%).
(Prepared by BC Stats, Source: Statistics Canada)
Price of New Housing
Updated August 12, 2011
The price of new housing in BC’s two largest cities continued to drop in June. Home builders in Victoria saw prices fall by 1.7%, while in Vancouver the average cost for a new home was down 0.7% over the same month in 2010. Building values in Victoria were considerably lower (-1.7%) than a year earlier, and land prices were also down (-1.1%). Meanwhile, in Vancouver, the rate of decrease in the price of a new house (-0.3%) was exceeded by the declining price of land (-1.1%).
(Prepared by BC Stats, Source: Statistics Canada)
Retail Sales
Updated January 24, 2012
Sales by retailers in the province were up 0.3% (seasonally adjusted) in November, marking a fourth straight monthly climb. Canadian sales were also 0.3% higher, with gains reported in 7 of 11 subsectors. Sales increased in the four westernmost provinces, while Quebec (+0.7%) was the only province to exhibit strength on the other side of the country. Nova Scotia (-1.0%) posted the most significant decline in November, while Saskatchewan experienced the largest boost (+1.3%).
(Prepared by BC Stats, Source: Statistics Canada)
Manufacturing sales
Updated January 20, 2012
Manufacturers in British Columbia posted a gain in sales (+0.9%, seasonally adjusted) in November. Increased shipments by machinery (+5.4%) and paper (+3.3%) producers contributed the most in dollar terms. However, the largest month-over-month growth in sales was registered by makers of beverage & tobacco products (+8.3%) and transportation equipment (+8.2%). Nationally, manufacturing sales rose 2.0% in November, reflecting increased shipments by producers of machinery (+13.4%), motor vehicles (+7.1%) and petroleum & coal products (+3.9%).
(Prepared by BC Stats, Source: Statistics Canada)
Wholesale Sales
Updated January 20, 2012
Wholesalers in British Columbia registered a slight (+0.3%, seasonally adjusted) increase in revenue in November. At the national level, wholesale sales slipped 0.4%. Weaker revenues in Saskatchewan (–5.0%), Alberta (–0.7%) and Ontario (–0.1%) accounted for most of the decline in dollar terms.
(Prepared by BC Stats, Source: Statistics Canada)
International Trade (Exports)
Updated January 13, 2012
BC origin exports improved in November, climbing 7.2% following a (seasonally adjusted) decline in the previous month. November’s boost was mostly due to a 17.5% surge in energy shipments. Exports to the US inched up (+0.9%), while shipments to other countries jumped 12.7%. Energy exports to the US slipped (-4.4%), but shipments of energy to overseas countries soared (+31.3%). Canadian exports were 3.2% higher (season-ally adjusted) in November, with most sectors posting gains.
(Prepared by BC Stats, Source: BC Stats)
Housing Starts
Updated January 13, 2012
The number of housing starts in the province were down (-18.1% seasonally adjusted) in December, bucking the national trend. Canadian starts were up 7.9%, as new building activity accelerated substantially in some provinces.
(Prepared by BC Stats, Source: Canadian Mortgage and Housing Corporation)
Residential and Non-Residential Building Permits - B.C. Regional
Updated January 20, 2012
Year-to-date, building permits were 6.6% lower than in the first eleven months of 2010, with decreases in six regions. Planned spending on construction projects was down in all regions of the province except North Coast (+149.8%) and Northeast (+20.6%), where a surge in the value of industrial projects teamed up with steady increases in other sectors. (Prepared by BC Stats, Sources: BC Stats and Statistics Canada)
Tourist visits
Updated January 20, 2012
Non-resident travel to Canada via British Columbia rose 1.5% (seasonally adjusted) in November. Visitor entries from the United States were up 1.1%, entirely due to a 3.1% increase the number of overnight stays. Same-day trips by Americans, on the other hand, dropped 2.9%. Total non-US entries were also higher (+2.5%), with a larger number of both European (+3.3%) and Asian (+1.6%) visits. Entries from the rest of the world were also up (+3.1%) in November.
(Prepared by BC Stats, Source: Statistics Canada)
Population
Updated January 9, 2012
As of October 1, the population of British Columbia was estimated at 4,592,034, an increase of 0.9% compared to the same month a year earlier.
Compared to the previous year, British Columbia saw a net population increase of 42,111 during the third quarter. While there was a net loss of 1,125 persons as a result of interprovincial migration, international migration resulted in a net inflow of 30,643 persons. Natural increase (the number of births less the number of deaths) contributed another 12,593.
(Prepared by BC Stats, Source: Statistics Canada)
Independent Economic Forecast Council on economic growth
B.C.’s economy is expected grow moderately over the next year according to B.C.’s independent Economic Forecast Council. On average, the council forecasts B.C.’s GDP growth at 2.7 per cent for this year. This is down from Budget 2010, when economic growth was projected at 3.1 per cent. For 2012, the council’s forecast is unchanged at 3.0 per cent. The council’s average annual forecast for 2013-2015 is 2.8 per cent.
B.C.’s top credit rating reconfirmed
The Dominion Bond Rating Service, Standard & Poor, and Moody's Investment Service have all reconfirmed B.C.'s strong credit rating. The most recent report from Moody's notes the Province's debt reduction efforts of the past few years have put British Columbia in a stronger position to face the economic downturn. DBRS rates B.C. AA (High); Standard & Poor, AAA; and Moody's, AAA.
