BC Economy Continues to Surge at the Close of 2004

December 22, 2004

The BC Economy is continuing to surge as we approach the close of 2004, helping to build a better tomorrow for British Columbians. A growing economy is a positive step for all British Columbians, providing increased revenues to government, allowing for further investment in to the programs people care about most.

The BC Economy, By the Numbers

Home Sales Inject Billions into B.C. Economy
The British Columbia Real Estate Association (BCREA) says B.C.'s booming home sales generated $9.4 billion in related economic activity and created more than 78,000 jobs since 2001. BCREA reports November home sales alone generated an estimated $187 million in related spending such as furniture and appliance purchases and home renovations.
(The British Columbia Real Estate Association, Dec. 16, 2004)

B.C. Emerging as an Economic Leader in Canada
RBC Financial Group's Provincial Outlook predicts B.C. will be a leader in economic growth among the provinces in 2004 and 2005, second only to Alberta. RBC expects real economic growth in B.C. to reach 3.4% in 2004 and increase to 3.7% in 2005. Next year, B.C. is expected to lead the country in job creation and will be the only province where new home construction activity is expected to increase.
(RBC Financial Group, "Provincial Outlook" Dec. 15, 2004)

B.C. Businesses Among the Most Optimistic in Canada
Small businesses in B.C. are among the most optimistic in the country for the sixth quarter in a row, according to a report released by The Canadian Federation of Independent Business (CFIB). 68% of B.C. business owners surveyed feel their firms are going to do well in the next 12 months and more than one third expect to hire more people in full-time positions.
(Canadian Federation of Independent Business, Dec. 15 2004)

Strong Job Creation in 2005
The Manpower Employment Outlook Survey found 26% of Vancouver employers plan to hire more people in the first three months of 2005. Only 9% anticipate reductions, resulting in a net 17% rise in the number of employers who expect to increase staffing levels -- the best employment outlook in Canada.
(Manpower Inc., Dec. 14, 2004)

B.C. Leads the Country in Housing Starts
Housing starts in B.C. are on pace to increase 32% over the previous year - The biggest increase in housing starts among the provinces.
(CMHC, Dec. 08, 2004)

Strong Growth Expected to Continue in 2005
The Economic Forecast Council increased its forecast for British Columbia's economic growth for 2004 and is forecasting strong economic growth to continue in 2005. The council released its economic forecast for the period 2004 to 2009. For 2004, B.C.'s economy is expected to grow by 3.4%, up from the earlier forecast of 2.9%. The growth forecast for 2005 is 3.3%. The council expects B.C.'s economy will continue to grow faster than the Canadian average during the forecast period.
(Economic Forecast Council, Dec. 03, 2004)

B.C. Job Growth Leader
In November, B.C.'s 6.4% unemployment rate was below the Canadian rate of 7.3% - - the lowest monthly rate in over two decades. B.C. continues to have the highest job growth rate in the country with 180,400 jobs created since December 2001.
(Statistics Canada, Dec. 03, 2004)

Strong Growth In Residential Construction
Third quarter investment in B.C.'s residential building construction was up nearly 25% in 2004 over the third quarter in 2003, higher than the national average of 14.5% over the same period.
(Stats Canada Dec 1, 2004)
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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