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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.

 

2017 Federal Budget: Lots of Words, Few New Measures

A principal theme of this Budget is the need to improve Canada’s lagging performance on private sector innovation, with the federal government directing funds to stimulate growth in six key innovation-based industry sectors and pledging to develop a handful of “super clusters” across Canada.

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RELEASE: Budget 2017 Offers Opportunities for Innovation, But BCBC Cautious on Canada's Overall Competitiveness

Today's federal budget, delivered at a time of significant global uncertainty, abrupt shifts in markets, and accelerating technological change, offers new opportunities for innovation and emerging sectors. However, the Business Council of British Columbia remains cautious on the implications of the continued federal deficit and questions whether enough is being done to strengthen Canada's competitiveness.

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BC Economy Still Healthy...But Growth Will Downshift in 2017

Following three years in which BC topped the provincial growth charts, in 2017 our economy will lose a bit of momentum.

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What the Expanding Global Middle Class Means

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BC Jobs Part II: A Visual Summary of BC's 2016 Regional Job Performance

In this second part of this series, we take a deeper dive into the labour market and shed some light on the regional dimensions.

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An innovative ‘meeting place’ between the BC business community and First Nations leadership launches to support economic reconciliation in BC

The Champions Table, an initiative resulting from the commitments made between the B.C Assembly of First Nations (BCAFN) and the Business Council of British Columbia (BCBC) in their Memorandum of Understanding signed on September 6, 2016, held their inaugural meeting on March 8th, 2017. The Champions Table establishes a formal ongoing dialogue where leaders can come together to explore opportunities, discuss barriers and work jointly to develop and advance a more effective approach to economic development based on reconciliation with First Nations.

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Finlayson Op-Ed: Growing more large companies should be a key policy goal for B.C. (Troy Media, Exchange Magazine & Castanet)

The B.C. government recently published its annual “small business profile,” a document that highlights the role and impact of the small business sector in our economy.  The table below summarizes the distribution of B.C. businesses by size category.  Of 396,000 enterprises, more than half are one-person operations with no paid employees. Another 109,500 have between 1-4 staff.  Just 7,700 have 50 or more employees.  And perhaps 1,500-1,750 of these have surpassed the 100 employee threshold. 

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Finlayson Op-Ed: A closer look at the 2017 BC Budget (Business in Vancouver)

Parsing the details of the Liberal government’s 2017 budget offers a number of insights into British Columbia’s $270 billion economy. The first and most significant is the advantage conferred by economic and industrial diversification.

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BC Jobs Part I: A Visual Summary of BC's 2016 Job Performance Within Canada

In this first of a two part series of blogs on BC Jobs, we provide an overview of employment growth in 2016 within a comparative national framework.

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BC Budget 2017 Analysis

Budget 2017 is a good news budget. While it falls shy of being a “something-for-everyone” document, it does announce some useful tax/premium reductions along with increased spending in a number of high priority areas. It also extends the province’s track record of sound fiscal management. Apart from the risk stemming from the high debt load of certain Crown corporations, Tuesday’s budget reinforces BC’s top notch credit rating.

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NEWS RELEASE: Budget 2017 Moves Toward Improved Business Competitiveness While Still Balancing the Books

Victoria - The Business Council of British Columbia welcomes today’s provincial budget, which managed to find room for tax relief while maintaining the government’s commitment to balance the budget.  This is a noteworthy accomplishment at a time of global uncertainty and when most other provinces continue to face budgetary shortfalls.  Keeping the books balanced reaffirms the government’s commitment to prudent fiscal management, and provides BC with some policy flexibility going forward. 

“Delivering a balanced budget within a climate of modest economic growth and a mixed outlook for commodities sets BC apart and signals that the province is a stable place to invest and do business,” said Greg D’Avignon, President and Chief Executive Officer of the Business Council of British Columbia.  “We congratulate Minister de Jong and his cabinet colleagues for their continued focus on disciplined expenditure management.”

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BC2035

BC2035 is about creating a shared vision of BC’s future and laying down a pathway to realize that vision. It is about initiating conversations, fostering greater collaboration and getting politicians, policy makers, First Nations leaders, and business leaders to think about, prepare for and act on the future.

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Finlayson & Peacock Op-Ed: Retooled U.S. tax regime could erode Canada’s competitive advantage (Business in Vancouver)

As U.S. President Donald Trump settles into office and the Republican-controlled Congress begins work on its legislative agenda, it is clear that sweeping changes are in store for U.S. policies in several areas. Overall, the direction of change is likely to pose some significant economic challenges for Canada.

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Finlayson Op-Ed: Freelance job market booming, but there are real risks (Troy Media & Business in Vancouver)

The rise of the gig or sharing economy is one of the most visible trends shaping the contemporary labour market.

Gig jobs are an example of what economists describe as non­standard work. Such work can be contrasted with a traditional job, in which a person has a durable and structured relationship with a specific employer within a permanent workforce.

Today, more people than ever generate income via contracting, freelancing, temporary assignments and various kinds of on­call arrangements.

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Assessing The New US Administration's Impact on BC's Natural Resource Industries

What the US Administration does on trade, energy and environmental policy matters to BC’s natural resource sectors, and to the overall health of our economy.

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A Tale of Two Economies: Leveraging Regional Immigration Strategies to Enhance Growth

The vast majority of new immigrants in BC choose to live in the already capacity-stretched Lower Mainland area. Most other B.C. towns and almost all rural areas attract comparatively few newcomers.

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Finlayson & Peacock Op-Ed: More fiscal discipline needed down at your local city hall (Business in Vancouver)

Added together, the 21 municipalities that make up Metro Vancouver spent $3.74 billion on operations in 2015. This is separate from their outlays on infrastructure and other capital projects; nor does it include spending by the regional district.

In B.C., municipalities are responsible for delivering a wide array of services, including fire and police protection, garbage and recycling, water and sewer services, parks and recreation and roadworks. In a region that’s home to 2.5 million people, it is not surprising that local governments must earmark sizable sums to supply these services. What is striking, however, is the pace at which such expenditures have been growing in Metro Vancouver. As documented in a recent Business Council of British Columbia report (www.bcbc.com), over the past decade total municipal spending in the Metro Vancouver region jumped by a hefty 67%. Spending growth has slowed in the last few years, but the magnitude of the increase since 2005 stands out.

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RELEASE: BCBC Welcomes Provincial Government Approval of the Trans Mountain Pipeline Expansion Project

The Business Council of British Columbia welcomes today’s decision by the province to grant an environmental assessment certificate, with conditions, to the Trans Mountain Pipeline Project and to confirm that this project has met the government’s five conditions. This is an important step in advancing a nationally significant project that will deliver benefits to British Columbia communities and workers while meeting growing global demand for oil.

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Finlayson & Peacock Op-Ed: 10 economic issues that will affect British Columbia in 2017 (Business in Vancouver)

As we roll into 2017, equity markets appear to embody optimism about the year to come, business investment remains sluggish and political uncertainty abounds as Donald Trump is about to assume office, Europe grapples with various existential crises and British Columbians gear up for the provincial election in May.

What will developments in the international arena mean for B.C. in 2017? How will our leading industries fare?

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Finlayson Op-Ed: 2016 year in review: Commodity markets improved but Canada lost competitiveness in 2016 (Business in Vancouver)

It’s been an eventful 12 months, and anyone asked to identify the biggest economic stories of the year faces a cornucopia of choices. To my mind, four stand out – three are “external” to B.C., while the final story unfolded within the province.

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