Ken Peacock, chief economist at the Business Council of British Columbia, said that would work in the favour of the West Coast in the event of a recession.
“I would argue it delivers more benefits and arguably is a plus, not a negative, being able to attract in the international marketplace,” he said, likening it to international tourists’ willingness to spend more money vacationing in B.C. than domestic tourists spend.
At the same time, he said, attracting larger foreign productions also insulates the province from swings in demand in the much smaller domestic market even if there is a slump in Hollywood.
Peacock said the huge increase in consumption of streaming services over the past few years has also been a significant boon to B.C. film workers and infrastructure.