B.C.'s Economy Outpacing National Average

November 17, 2004

*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. (B.C. Stats, Nov. 12, 2004)

*Investment Climate Second Strongest in Canada*

B.C. has the second strongest investment climate in Canada, according to a recent Fraser Institute report. This is a dramatic improvement from 2001 when B.C. was designated the worst investment climate in Canada. (Fraser Institute, "Provincial Investment Climates," Nov. 2004)

*Strong Growth In B.C.'s Housing Starts*

Housing starts in B.C. during the first ten months of the year have increased 24%. According to CMHC's second quarter Housing Outlook report, B.C. is expected to have the highest percentage growth in starts in Canada this year. (CMHC, Nov. 08; Sept.09, 2004)

*Consumer Confidence Up Fifth Consecutive Month*

Consumer confidence in B.C. was up for the fifth month in a row in September, according to the Conference Board of Canada. B.C. is ahead of the national consumer confidence average of 57.5%, with 62% of British Columbians thinking "Now is a good time to make a major purchase." (Conference Board of Canada, Nov. 12, 2004)

*Fifth Consecutive Double-Digit Increase In Exports*

B.C. exports are up 10.9% in the first nine months of 2004 from the same period in 2003 - the third strongest gain of all provinces and ahead of the national increase of 9.1%. B.C. exports rose 15.6% in September, compared with the same month last year, which marks the fifth consecutive month of double-digit export growth for the province. (Statistics Canada, Nov. 10, 2004)

*B.C. Job Growth Leader: 11,800 New Jobs in October*

B.C. added 11,800 new jobs in October bringing the total number of new jobs created since December 2001 up to 179,200. Employment in B.C. has increased 9.4% since Dec. 2001, the strongest growth of all provinces and well ahead of the national average of 6.8% over the same period. (Statistics Canada, Nov. 05, 2004)

*B.C. Building Permit Increasing 3.5 Times National Rate*

The value of building permits in B.C. has increased 27.9% year-to-date - 3.5 times the national average of 7.9%. B.C. also leads the provinces with the highest year-to-date increase in the value of residential building permits, a 37.6% increase, compared to the national increase of 16.3% over the same period. (Statistics Canada, Nov. 04, 2004)

*B.C.’s Credit Rating Upgraded*

B.C.'s credit rating was upgraded to AA, from -AA, by one of the world's largest credit rating companies, Standard and Poor's. Standard and Poor's based the credit upgrade on the record of the B.C. government meeting and exceeding its fiscal targets each fiscal year since coming into office in 2001. The Province expects to finish the fiscal year with a budget surplus of near $1 billion. (Standard and Poor's, Ministry of Finance, Nov.04, 2004)

*B.C. Small Business Sector Continues to Grow, Province Leads in Self-Employment*

The number of small businesses operating in B.C. grew by 3.4% last year, the second straight annual increase of more than 3%. B.C. has the second highest national proportion of private sector employment derived from small businesses in 2003, with almost 972,000 jobs derived from small business. Scotiabank also reports that self-employment accounts for 18% of the B.C.’s workforce, higher than in any other province and exceeding the 13% national average (B.C. Stats, Oct. 27, 2004; Scotiabank Group "Global Economic Research", Oct. 27, 2004)

*Bank of Montreal Upgrades B.C.'s Forecast*

The Bank of Montreal (BMO) has upgraded its 2004/05 economic forecast for B.C. BMO expects B.C. to maintain its position as one of the top provincial growth leaders in Canada with real GDP growth of 3.1% in 2004, and increasing to 3.5% in 2005. B.C.'s growth will be the second strongest in Canada, and ahead of the forecasted national average of 2.9% in 2004. (Bank of Montreal, "Provincial Outlook" Oct. 21, 2004)

*B.C. Posts Third Largest Increase in Retail Sales*

B.C. posted the third strongest retail sales gain in the country when comparing August 2004 over the same month in 2003. B.C.'s increase of 5.0% is ahead of the national average increase of 3.4%. (Statistics Canada, Oct. 21, 2004)

*B.C. Leads With Largest Gain in Wholesale Trade*

B.C. leads the provinces with the highest increase in wholesale trade in August, compared to the same month in 2003. B.C.'s 19.1% gain in wholesale trade was the highest in Canada and well ahead of the 15.8% national increase. (Statistics Canada, Oct. 20, 2004)

*Home Sales Top $2 Billion for Eighth Consecutive Month*

The British Columbia Real Estate Association (BCREA) reports home sales in B.C. topped $2 billion for the eight consecutive month in September. Year-to-date sales have reached 76,716 units, worth $22 billion - a 20% improvement in dollar volume, and a 7% jump in unit sales, over the first nine months of 2003. (B.C. Real Estate Association, Oct.15, 2004)

*Fourth Consecutive Quarterly Gain for Index*

The Business Council's BC Economic Index rose by 1.3% in the third quarter, the first time in a decade the Index has registered four consecutive quarterly increases over 1%. Employment, housing construction, increased retail spending, manufacturing shipments, and number of overseas visitors to the province have all contributed to B.C.'s growth. (Business Council of British Columbia, BC Economic Index, October 13, 2004)

*Sawmill Production Increases in 2004*

Sawmills and planing mills in B.C. produced 15.5% more lumber this July than in the same month last year. Higher production at coastal mills (+31.2%) boosted overall output, but mills in the Interior (+12.8%) were also busy. Year-to-date, sawmill production in the province was up 5.6%. (B.C. Stats, Oct. 08, 2004)

*New Businesses growing at Fastest Rate since 1995*

The number of new business incorporations in B.C. increased 17% (year-over-year) in the second quarter of 2004 - the largest number of new incorporations in a single quarter since the first quarter of 1995. (B.C. Stats, Small Business Quarterly, Oct. 2004)

*B.C. Gains Decade-High Number of New Residents*

During the second quarter of 2004 B.C. had the largest quarterly net inflow of new residents (10,249) in a decade. B.C.'s newest residents include nearly 3,400 migrants from other Canadian provinces. In 2003 the yearlong gain of 2,100 Canadian migrants to B.C. was the first time in six years more people moved to B.C. from other provinces than British Columbians migrating out. (Stats Can/BC Stats, Sept. 2004)

*Royal Bank of Canada Upgrades B.C.'s Forecast*

The Royal Bank of Canada (RBC) has upgraded its 2004/05 economic forecast for B.C. RBC expects B.C.'s real economic growth to reach 3.6% in 2004 and increase to 4% in 2005, up from the previously forecast growth of 3.0% for 2004 and 3.5% in 2005. RBC's upgrade is based on expectations that B.C. will continue to be Canada's job creation leader in 2005, with a corresponding increase in disposable income, robust retail sales, and as the only province where housing starts are expected to increase in 2005. (Royal Bank of Canada, "Provincial Outlook" Oct. 06, 2004)

*B.C. Businesses Most Optimistic in Canada*

Small businesses in B.C. are leading the country in optimism for the fifth quarter in a row, according to a report released by The Canadian Federation of Independent Business (CFIB). B.C. leads the national index with 116.3 points, compared to the national average of 107.5 points. Positive provincial policies are credited in part for the increased optimism. (Canadian Federation of Independent Business, Quarterly Business Barometer, Sept 30, 2004)
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