BC Economy 2023

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BC Economy 2023

BC Check-Up Live

The 2023 BC: Check-Up Work report focuses on labour-market trends across the province and in each of the province’s seven economic development regions. The report finds that BC’s labour market has been resilient to economic headwinds, despite showing some signs of softening over the last year. Employment gains were muted relative to surging population growth, and the unemployment rate jumped from 4.3% in September 2022 to 5.4% in September 2023. However, average wages grew at a faster pace than inflation, and labour-market conditions remained strong in a historical context.

BC Check-Up Live

The 2023 BC Check-Up Live focuses on affordability as we emerge from the COVID-19 pandemic. The report finds that BC’s population grew at the fastest rate in 25 years, adding nearly 117,000 new residents from July 1, 2021 to July 1, 2022. At the same time, the inflation rate reached a 40-year high in 2022, the Bank of Canada raised its interest rate from 0.25% in March 2022 to 5.0% as of July 2023. This has weakened the purchasing power of homebuyers and reduced demand, which resulted in housing prices falling in some markets over the past year.

BC Check-Up Invest

The 2023 BC Check-Up Invest focuses on investment trends across the province and in each of the province’s seven development regions. The report finds that in 2022, despite rising interest rates, key investment indicators such as housing starts, non-residential investment, and major project activity remained strong. However, building permits issued - a leading indicator - declined significantly since interest rates began increasing, indicating investment will likely weaken in 2023. Further, GDP per person is forecasted to decline, and government debt is expected to increase significantly.

BC Economy 2023

BC Check-Up Live

BC Check-Up Live

BC Check-Up Invest

Press Release

Is BC’s Economy Heading for a Soft Landing?

CPABC: BC Labour market has cooled significantly since April 2024

BC's tipping point

BC Check-Up: Investment climate shows strength in housing construction, but challenges in economic growth and major projects

Investing in BC

What are the benefits of BC’s Pay Transparency Act?

Work in BC

Life in BC - Immigration driving growth as housing crisis persists

CPABC: BC’s population growth surges in 2022 as international migration picks up

How can BC focus on policies that boost economic outlook?

Economic update: Inflation slowing, BC labour market strong, and forestry industry struggles

CPABC: Building investment strong in 2022, but high inflation and interest rates weaken outlook

Economic update: Inflation slowing but remains high; BC adds more jobs

A look at the federal underused housing tax

Economic update: Interest rates may have peaked as inflation begins to slow

Holiday spending up this season, though inflation weighing: PwC Report

Despite economic challenges, BC facing record labour shortages

Employee benefits inflation projection for 2023

Economic update – BC’s labour market remains strong, but rising interest rates and housing costs cause challenges

The Cullen Commission: What's next?

Work in BC

Work-life balance preferred over big salaries, CPAs say

Economic update: Inflation, interest rates, and weakening employment challenge BC’s recovery

What do the recent interest rate hikes mean for Canadians?

CPABC: B.C. housing shortage creates affordability crunch

The high cost of living in British Columbia

Uneven BC economic recovery: Price escalation, robust labour market

CPABC: BC's population growth continued to slow into 2021, housing prices a major deterrent

BC springs forward with strong economy, but inflationary and labour supply pressures loom

BC Check-Up: Invest

Greater Victoria starts 2022 off with low unemployment, but high job vacancies

Kicking off 2022 with record employment and job vacancies in the Thompson-Okanagan

BC ended 2021 with robust labour market, but employment growth lags population gains

BC employment continues to exceed pre-pandemic levels, exports reach record highs

PwC forecasts holiday spending to be up a third this year

Employee benefits inflation update for 2022

Work in British Columbia

Employment gains over past year pushes BC workforce above pre-pandemic levels

CPABC: B.C.’s labour market tightening as workforce up over 150,000 positions since September 2020

CPABC's 2022-2023 Budget Submission: A focus on tax modernization to encourage economic resurgence

CPABC: With limited fiscal room, B.C. government should focus on tax modernization to spur growth

Life in British Columbia

PwC CEO Survey: Despite economic optimism, investment in employees and workplaces is critical

BC’s population growth slowed in 2020 while inadequate housing supply pushing prices higher

BC suffers job losses due to circuit breaker, but economy is still expected to resurge this year

Where does BC’s economy stand a year after the pandemic shut down our status quo?

CPABC: B.C.’s Budget 2021 Focused on Economic and Healthcare Supports

Ambitious 2021 federal budget offers $101 billion in new spending over coming years

Strong major project activity in Southwest B.C. may spark economic rebound

BC economy continues to recover in February, but challenges remain

Greater Victoria business activity and housing starts take a hit in 2020, but major investments should boost recovery

CPA profession appears at Cullen Commission into money laundering

Canadian economy hitting some bumps on road to recovery

Southwest B.C.’s employment recovering, but nearly 70,000 workers remain displaced

Thompson-Okanagan’s goods sector leading economic recovery

The fight continues

2020 is the year of working (out) from home

Why scaling up BC tech companies is critical to BC’s economy

COVID-19 employment disruption remains concentrated amongst B.C.’s youth

BC Check-Up: Work

CPABC: Despite recent gains, COVID-19 continues to displace over 100,000 workers across B.C.

At 12.3 per cent, Southwest B.C.’s summer unemployment rate highest in B.C.

BC continues strong job growth and recovery in consumer spending in September

The new retail experience: How COVID-19 rapidly accelerated the shift in customer demands

July data sees BC’s economic recovery continue, but recent COVID-19 outbreaks pose threat

BC’s road to recovery: Supporting displaced workers

June economic data: BC continues recovery from COVID-19

Federal deficit to hit $343 billion from COVID-19 economic fallout

CPABC: Bolstering B.C. business productivity key to economic recovery

Worst appears to be behind us with encouraging May economic data on BC’s COVID-19 recovery

BC’s economy: Full impact of COVID-19 still unknown as economy prepares to reopen

BC’s road to recovery – Minimizing the economic fallout

BC’s economic outlook: Bleak now, brighter in the future

Economic forecasts: COVID-19's impact expected to bring Canada, BC in recession

Economic forecast uncertain, but COVID-19 containment can bring hope