BC
Economic
Update
March
2006
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“B.C. prospects couldn’t be brighter—construction projects for the Vancouver-Whistler Olympics are about to start, global commodity demand is boosting Canadian industries, and Pacific Rim trade is driving further growth”
- RBC Financial Group chief economist Craig Wright
The Province, October 18, 2005 |
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B.C. economy maintaining momentum in 2006
- Projected 3.7 % GDP growth
- Highest growth in mining and construction sectors
- Tourism industry continues to grow
- Health care and education to see significant growth in spending
- B.C. forecasting large surplus in FY 05-06
- Canadian dollar reaches multiyear high of $1.14 to the US dollar
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B.C. exports continue to grow
- Relative to January 2005, B.C. exports are up 19.9%
- National exports in the same timeframe grew by 14.8%
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B.C.’s unemployment rate hits a thirty year low
- In Feb. 2006, the unemployment rate fell to 4.8%, with 9,000 net jobs created (0.4% increase)
- The manufacturing sector and construction companies saw the largest increase in employment
- Full time employment is down (-1.3%), while part-time employment is up 7.5%
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B.C.’s inflation rate the lowest in Canada since January
- Inflation dropped to1.6%
- Energy prices rose 9.3%, while other goods and services increased by just 1.1%
- Vancouver’s inflation rate is just 1.4%
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B.C. residential investment reaches record levels
- Spending up 10.8% in 2005 to reach the $11 billion mark
- $6.0 billion spent on new housing
- British Columbians spent an additional $4.0 billion on improving existing dwellings.
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Entertainment spending continues to grow
- B.C. food services and drinking places recorded a 7.9% increase in operating revenues in 2004
- B.C. has recorded a whopping 37.2% increase in restaurant spending since 2000, outpacing the Canadian average significantly
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B.C. Tourism is “moving on up”
- Vancouver has been allocated a $600 million Olympic budget
- Tourism B.C. to receive an additional $50 million, $21 of which is to be allocated to the Olympics
- Tourism B.C. is engaging in advertising campaigns in efforts to attract skilled workers
- The Mainland/Southwest region of B.C. saw a 7.3% increase in hotel room spending in 2004
- Government aiming to double B.C. Tourism by 2015
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Vancouver remains the best place to live in North America
- Vancouver ranks 3 rd in the world (along with Vienna) behind Geneva and Zurich
- Based on quality of life survey by Mercer Human Resource Consulting
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BC Real Estate continues to soar
- Home sales in B.C. reached 100,586 in November 2005, breaking the record set for the full year of 2004: 96,314 units.
- Home sales in November 2005 were 15% higher than the previous year.
- As at December 19, 2005, home sales in B.C. were up 27% from the previous year
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Labor income on the rise
- In 2005, provincial labor rose 6.1%
- Wages, salaries, and benefits of workers grew 6.8%
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| Sources: B.C. Stats, Statistics Canada, The Province and The Vancouver Sun, Scotiabank, RBC, Vancouver Real Estate Board |
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