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Know the Facts: B.C.'s Economy is Turning the Corner

August 20, 2004

B.C. Leads Canada in Job Growth

B.C. created another 1,200 new jobs in July, bringing the total number of jobs created since December 2001 to169,000. Since December 2001 employment in B.C. has increased 8.7% - the strongest gain in Canada, and well ahead of the national average of 6.3% over the same period.
(Statistics Canada, Aug. 06, 2004)

B.C. Exports Gaining Strength

B.C. exports jumped almost 24% in June compared to June 2003. Year-to-date, exports are up 6.7%, on par with the national increase for the first half of 2004. Much of the export growth so far this year is due to the 17% gain in forestry product exports.
(Stats Can, BC Stats August 13, 2004)


Record Building Permit Values Show Strongest Growth in Canada

The value of building permits issued in B.C. in the first half of 2004 totaled a record $4.15 billion, an increase of 41.4% over the same period in 2003 - the strongest increase in Canada and more than four times the national average of 9.4% growth.
(Statistics Canada, August 9, 2004)

B.C. Forecast to Lead in Housing Start Growth

B.C. will have the strongest increase in housing starts in Canada during 2004, according to a new CMHC forecast. CMHC expects new housing starts in B.C. to increase 21.1% this year, which is the strongest in the country. B.C. is also forecast to be the only province where housing starts will continue to increase in 2005.
(CMHC, Aug. 04, 2004)


B.C. Ports Expanding

A state-of-the-art port expansion worth almost $500 million will be built in Prince Rupert over the next five years and operated by New Jersey-based Maher Terminals Inc. The provincial government has committed more than $17 million to the project. Meanwhile, shipments at the Port of Vancouver were up 16% in the first half of this year from the same period in 2003. The Port of Vancouver is planning a $1-billion expansion of its Delta port terminal starting in 2006.
(The Vancouver Sun, July 28 & July 29, 2004)


B.C. University Enrolment Highest in Canada

B.C. had the highest increase in university enrolment from 2000/01 to 2001/02 -- up 7% vs. the national average of 4.3%. Full-time enrolment in BC jumped 11.1%, again the highest in Canada and more than double the national rise of 4.7%. B.C. was the only province where enrolment declined between 1997/98 and 2000/01
(Statistics Canada, July 30, 2004)


Retail Sales Second Strongest in Canada in May

Retail sales in B.C. grew at the second highest rate in the country in May compared with May 2003. B.C.'s 7.4% increase was well ahead of the 4.6% national average.
(Statistics Canada, July 26, 2004)

British Columbians Pay Less in Personal Taxes Than Most Canadians

Personal taxes made up 18.1% of household spending for British Columbians in 2002 - well below the national average of 20% and lower than in Alberta and Ontario.
(BC Stats, July 23, 2004)

B.C. Economy Outpacing Forecast

The strong recovery of B.C.'s business investments and exports may result in the province's economy outpacing current forecasts for 2004, according to the Business Council of B.C. The Council points to the fact that spending on non-residential buildings was at its highest level in six years and B.C.'s international exports were at their highest monthly levels since 2001 as evidence of B.C.'s growing strength.
(Business Council of B.C., "B.C. Economic Snapshot" July 2004)


Forecast Shows B.C. to Lead Canada in 2005

B.C. will have the highest economic performance among the ten provinces in 2005, according to TD's Regional Economic Outlook report. Growth of 4.1% is forecast for B.C., with a national average of 3.5%.
(TD Economics, "Regional Economic Outlook," July 22, 2004)

B.C.'s Economy to Continue Outpacing National Growth

B.C.'s economy is gearing up according to the Canada West Foundation. The foundation's report cites rebounding exports and solid employment growth over the past year; as well as increased business and labour confidence. Canada West forecasts continued economic growth for B.C. in 2004 and 2005, with growth rates above the national average.
(Canada West Foundation, "Out of the Ashes: B.C.'s Economy in 2004," July 2004)

Record-Breaking Home Sales Continue

B.C.’s record setting home sales continued in June, contributing to a 34% increase in the value of homes sold in the first half of 2004 compared to the same period last year. The number of properties sold across the province is up 17.5% for the first half of the year.
(BC Real Estate Association, July 16, 2004)


Non-Residential Construction Investment Strong

Investment in non-residential building construction was up 3.7% in the second quarter of 2004 compared with first quarter - the second-largest increase of all provinces and more than 7 times the national increase of 0.5%.
(Statistics Canada, July 12, 2004)


B.C. Housing Starts Remain Strong

Housing starts across BC in the first half of the year were up 46.5% over the same period last year. According to CMHC's second quarter Housing Outlook report, B.C. is expected to have the highest percentage growth in housing starts in Canada this year.
(CMHC, May 10 & July 09, 2004)


B.C. Leads Country in Wage Rate

B.C. has the highest percentage of people earning $16 or more an hour in Canada. Nearly one million, or 57.2%, of employees in B.C. earn $16 or more per hour - the amount Statistics Canada says will support a family of four in an urban centre. In addition, since 2001 B.C. has had the largest percentage increase in jobs in Canada.
(Ministry of Skills Development and Labour, July 6, 2004)


B.C. Businesses Most Optimistic in Canada

B.C.'s small and mid-sized enterprises lead the country in optimism, according to CFIB's latest quarterly survey. B.C. is ahead of the national index for the third quarter in a row - 118.2 points vs. 106.4 nationally - and its highest level since CFIB began regular quarterly reporting of business expectations.
(CFIB, Quarterly Business Barometer, June 30 2004)

Emerson to Chair Provincial Economic Advisory Council
Premier Gordon Campbell has announced that David Emerson will chair a new nine-person Economic Advisory Council that will provide expert advice and recommendations to government on maintaining and enhancing the province’s economic strengths.
Agreement Extends Full Labour Mobility Across Canada
Full labour mobility between provinces was confirmed by an agreement among Canada’s labour and trade ministers, breaking down economic barriers and allowing Canadians and their families to move freely throughout the country, Premier Gordon Campbell.
Economic Plan Supports Families and Boosts Productivity
The B.C. Government will take immediate steps to improve the province’s economic competitiveness and reduce costs for families and business in the wake of the global economic slowdown, Premier Gordon Campbell announced to British Columbians this evening.
B.C. to Move Forward with Northwest Transmission Line
Premier Gordon Campbell has announced the Province will immediately start the environmental assessment process and First Nations consultation on the Northwest Transmission Line along Highway 37.
Premier Launches Initiatives to Boost Rural Economies
Premier Gordon Campbell announced a host of new initiatives to support rural communities at the Union of B.C. Municipalities Convention.
All-Time Highs Continue in Second Quarter of 2008
The quarterly release of the Major Projects Inventory shows the number of major construction projects in B.C. has increased for the twentieth straight quarter.
Public Accounts Show B.C.'s Economic Strength
A growing economy and prudent financial management have helped British Columbia post its fourth consecutive surplus.
B.C. Apprentices Increase for Fourth Straight Year
With almost 40,000 registered apprentices and youth participants in British Columbia as of March 31, the Industry Training Authority (ITA) has successfully exceeded its service plan targets for the fourth straight fiscal year.
Premier Congratulates Ports on Friendship Agreement
A friendship agreement signed between the Port of Ningbo, China, and the newly expanded Port of Prince Rupert builds on the promise of the Pacific Gateway, Premier Gordon Campbell said today at the opening of Prince Rupert’s new container terminal.
Legislation Introduced to Eliminate Mandatory Retirement
Legislation that sweeps mandatory retirement out of the way by offering choices to British Columbians who turn 65 has been introduced in the BC Legislature.
B.C. Eliminates Mandatory Retirement
As of Jan. 1, 2008, employees can choose when they want to retire. Changes to human rights legislation protect all people 19 years and over from discrimination on the basis of age. This means people cannot be forced to retire.
Premier Announces $2.8 Million For Mining Training
The Province and the federal government will invest a total of $2.8 million to help youth from rural and First Nations communities in northwestern B.C. get the hands-on experience they need to develop exciting careers in the mining industry.
Job Creation in British Columbia Remains Strong
British Columbia finished 2006 on a strong note, creating nearly 10,000 jobs in December for a total of over 65,000 new jobs in 2006.
Premier Campbell Unveils B.C.-Canada Pavilion For Beijing Games
Premier Gordon Campbell has unveiled plans for the B.C.-Canada Pavilion, which will be British Columbia and Canada’s showcase to the world at the 2008 Beijing Summer Olympics.
Premier Launches China Tourism Marketing Campaign
Premier Gordon Campbell unveiled Tourism British Columbia’s China Tourism Marketing Campaign at the China International Travel Mart trade show in Shanghai.
New Measures to Train, Attract and Retain Workers
The BC Liberal government will launch aggressive new strategies to train, attract and retain skilled workers and provide young British Columbians with the education and support they need to work and succeed in the Pacific Century.
Surplus Improves, But Challenges Remain
A stronger economic outlook for 2006 is bolstering British Columbia’s surplus, but emerging economic and natural resource risks pose challenges.
B.C. Major Project List Surpasses $100 Billion Mark
British Columbia’s hot economy continues to fuel record levels of construction.
Alcan Announces $2-Billion Investment Plan For B.C.
Alcan has announced that it plans to invest $2 billion to upgrade its Kitimat smelter with modern and more efficient technology.
$12.7-Million Upgrade at Boundary Bay Airport
The BC Liberal government, the Corporation of Delta and Alpha Aviation Inc. have committed more than $12.7 million to improve Boundary Bay Airport.
B.C. & Beijing Sign Investment Co-Operation Agreement
A Memorandum of Co-operation in Investment signed today between the B.C. government and the Beijing Investment Promotion Bureau will help expand business opportunities, cultural understanding and maximize Olympic opportunities on both sides of the Pacific
Alberta and B.C. Break Down Barriers to Create Single Large Market
Alberta and British Columbia have signed a groundbreaking agreement to eliminate barriers to trade, investment and labour mobility between the two provinces. The agreement creates the second largest economic region in Canada.
13,000 New Jobs Created, Unemployment Hits 30-Year Low
British Columbia created 13,000 new jobs in March, while the unemployment rate fell to 4.4 per cent, the lowest rate in 30 years.
B.C. Film and Television Production Soars in 2005
Film and television production in British Columbia increased more than 50 per cent over 2004, contributing $1.2 billion to the provincial economy in 2005.
Homeowner Grant Threshold to Increase
Proposed improvements will safeguard the value of homeowner grants in response to substantial increases in property values.
B.C. Posts Greatest Job Growth in Canada for 2005
According to Statistics Canada, B.C.’s overall job growth was more than double the national average of 1.4% in 2005 and well above the 1.8% job growth seen in Alberta.
B.C. Unemployment Rate Hits 30-Year Low
British Columbia created 14,400 new jobs in October, while the unemployment rate fell to 5.1 per cent, the lowest monthly rate in 30 years.
B.C. Budget Update - Improving Support for Seniors, Moving B.C. Forward
Improved support for senior citizens is at the heart of new budget measures that also include a significant fund for First Nations and tax reductions to help keep B.C.'s economy strong.
B.C. Economic Growth Forecasts Strengthen
The independent Economic Forecast Council has improved its economic growth outlook for British Columbia from 3.3% to 3.6%.
B.C. Development Projects Continue to Break Records
The number of major projects proposed or underway in British Columbia hit a record high in the second quarter of 2005.
B.C. Job Growth Rate Leads the Country, Unemployment Rate Nears Historic Lows
British Columbia created 17,700 new jobs in May while the unemployment rate fell to 5.7 per cent, the second-lowest monthly rate on record.
BC is Canada's Number One Job Creation Engine
British Columbia posted the largest gain in jobs in Canada in April, creating 13,300 new jobs and lowering B.C.’s unemployment rate to 6.1%, said Finance Minister Colin Hansen, BC Liberal candidate for Vancouver-Quilchena.
Building Permits Soar - More Good News for BC's Economy
According to Statistics Canada, the total number of building permits between January and March is up by 30 per cent over the same period in 2004 – nearly double the national average.
It's Official, We're Number One! - B.C. is number one of all Provinces in Economic Growth
For the first time in nearly two decades, B.C. is now Number One of all provinces in Canada again in economic growth, confirming that the BC Liberal plan to create new opportunity for British Columbians is working, said Premier Gordon Campbell.
New $50-million Coast Development Initiative Announced
A new $50-million North Island – Coast Development Initiative will give communities on Vancouver Island and the Sunshine Coast the funding, control and ability to create new opportunities for sustainable economic growth and more jobs.
Canadians are Moving Back to British Columbia
For the second year in a row more people are choosing to make British Columbia their home because of the opportunities this province offers.
Budget 2005: Prosperity for British Columbia
Watch clips of Premier Gordon Campbell's address to the Vancouver Board of Trade outlining Budget 2005.
Regional Tourism Strategy Unveiled
Speaking to the 12th annual B.C. Tourism Industry Conference in Vancouver, Premier Gordon Campbell unveiled the third component of the Province’s tourism marketing strategy: $14 million in proposed funding for regional tourism promotion.
Unemployment at Lowest Rate Since June 1981
B.C. accounted for half of all the new jobs created in Canada in December and the monthly unemployment rate fell to its lowest point since June 1981.
BC Economy Continues to Surge at the Close of 2004
The BC Economy is continuing to surge as we approach the close of 2004, helping to build a better tomorrow for British Columbians.
Economy to Continue Strong Growth in 2005
The independent Economic Forecast Council expects British Columbia will continue to enjoy strong economic growth in 2005, estimated at 3.3%.
B.C. Unemployment Hits 20-Year Low
The overall unemployment rate at 6.4 per cent is at its lowest rate since Aug. 1981. Youth unemployment stood at 11.4 per cent in November – the lowest since August 1990.
BC Economy Continues to Grow
The BC economy is continuing to grow allowing the BC Liberal government to continue investing in the priorities of British Columbians.
B.C.'s Economy Outpacing National Average
B.C.'s economy outpaced the national average for the first time in seven years in 2003. B.C.'s economic growth of 2.5% in 2003 was ahead of the national average of 2.0% growth over the same period.
Unemployment Rate Drops in Every Corner of British Columbia
British Columbia added 12,000 new jobs in October and the unemployment rate has declined throughout the province.British Columbia added 12,000 new jobs in October and the unemployment rate has declined throughout the province.
The PST rolls back, B.C. moves forward
With the economy turning the corner and the budget balanced, Finance Minister Gary Collins today announced a reduction in the provincial sales tax rate to 7% from 7.5%.
Full-time Job Growth Explodes in September, Unemployment Rate Drops 0.6 percent
According to Statistics Canada's September Labour Force Survey, employment in British Columbia increased by 13,000 jobs in September, including over 25,000 full-time positions.
$135 Million Northern Development Initiative to Promote Economic Growth and Job Creation
Legislation introduced in Victoria to establish the $135-million Northern Development Initiative Trust will give northern communities the funding, control and ability to identify and pursue new opportunities for stimulating sustainable economic growth.
New Tourism Strategy to Enhance Marketing, Resort Development and Community Involvement
Premier Gordon Campbell has announced a sweeping new tourism strategy to enhance marketing, resort development and community involvement in maximizing tourism assets, including doubling marketing funding for Tourism BC.
Booming Economy and Budget Windfall a Credit to Premier Campbell's Management and Vision
B.C.’s economic growth continues to be robust this year, reflecting solid employment gains, near record lumber prices, higher energy and mineral prices, sustained housing market activity and stronger retail sales.
Know the Facts: B.C.'s Economy is Turning the Corner
B.C. Leads Canada in Job Growth
B.C. Leads Canada in Job Creation and Wage Rates
B.C. leads the country in job creation and a larger proportion of British Columbians are making $16 or more per hour than in any other province.
BC Economic Strategy Working
BC Economic Strategy Working - KPMG Report

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