Let’s talk about B.C.’s economy.

Talking about the economy can be challenging. When things are going well, it doesn’t seem necessary. But right now, B.C.’s economy could be doing better, and we should be talking about it.

Last year, more people left B.C. than arrived, the third highest population loss in records. This isn’t just a statistic; it’s the stories of people making difficult choices. Families struggling to make ends meet, young people giving up on the dream of homeownership, and businesses losing talented workers. These stories are all tied to an economy that isn’t reaching its potential.

Affordability in B.C. feels like a target we just can’t seem to hit. Food prices have risen by seven per cent in one year, adding nearly $800 to a family of four’s grocery bill. A single-family home in Vancouver now costs upwards of $1.9 million, and job opportunities are shrinking as companies look to other provinces as more viable places to do business.

What’s holding us back?

  • B.C.’s GDP per capita – a key metric of overall living standards – fell outright in 2023 and 2024. While GDP is expected to grow in 2025, B.C. still faces an economic plateau with the completion of major capital projects. With no large projects on the horizon, B.C.'s economic outlook remains uncertain.

  • Private sector hiring has been lagging since 2019. With policy and regulatory hurdles driving business and investment elsewhere, B.C. becomes less attractive to skilled workers.

    Without a thriving private sector, innovation, well-paying jobs, and the quality of public services all take a back seat.

  • Between 2016 and 2021 B.C.’s population rose by 7.6%, but the availability of housing didn’t keep up.

    High building costs and long approval times push prices even higher, leaving families wondering if they’ll ever afford a home.

  • Delayed permits and excessive regulations have stalled investment, especially in the resource sector, where nearly $670 billion worth of projects have been suspended or canceled since 2015.

    Growing regulatory hurdles are making B.C. and Canada less appealing for investors- pushing opportunities elsewhere.

Better is possible.

B.C. is often celebrated as one of the world’s most livable places, but without a growing economy, that reputation is at risk.

The challenges we face are complex, but prioritizing economic growth provides a clear path forward. By reducing regulatory and tax burdens and encouraging private sector investment, we can make B.C. more competitive for businesses. A stronger economy not only benefits everyone but also gives those considering a move out of province a reason to stay—highlighting the opportunities available right here at home.

When the economy grows, affordability improves. The gap between paycheques and rising costs begins to close, allowing people to build stable, fulfilling lives—whether it’s owning a home, investing in their future, or putting down roots in B.C.

At the Business Council of British Columbia, we are committed to addressing these challenges. During our 2024 Business Summit, we invited speakers and attendees to share innovative solutions for fostering economic prosperity in B.C. Together, we compiled Ten Bold Ideas for a Brighter Future—a roadmap to strengthen B.C.’s economy. But turning these ideas into action requires a collective effort. From boardrooms to dinner tables, we all have a role to play in advancing solutions and working together to create a brighter future for B.C.