We’re exceeding the national employment growth rate, and for the past six years more people moved to B.C. from other provinces than left.
Our economy has created 370,000 new jobs since 2001. Our 2.1 per cent employment growth rate (2008) was third highest in Canada, and exceeded the national rate of 1.5 per cent.
B.C.’s small business growth leads the country and was triple the national average over the last five years.
For four years, our unemployment rate was at one of the lowest levels in 30 years, and in 2008 was 1.5 points lower than the overall Canadian unemployment rate.
Youth unemployment in BC was 17.4 per cent in 1998; in 2008 it was 8.4 per cent. Female unemployment was 7.7 per cent in 1998; in 2008 it was 4.6 per cent.
Funding for major projects
throughout BC increased from $68.1 billion in 2005 to $179.4 billion in 2008, a 150 per cent increase in just three years and triple the $45.7 billion in invested in 2001.
The 2010 Olympic and Paralympic Winter Games are expected to generate over $4 billion in economic activity. Include the convention centre expansion and the resulting economic activity climbs to $10.7 billion.
The Games and their resulting activity will create an estimated 244,000 jobs. Independent economists agree that the 2010 Winter Games couldn’t be better timed as an effective stimulus to B.C.’s economy.
The Games are being attributed as one of the key reasons B.C.’s economy is expected to rebound in 2010.
It’s estimated 250,000 people will come for the Games, and the expected worldwide TV viewing audience is over 3 billion people – an unprecedented opportunity to showcase and market British Columbia to the world.
Today VANOC is spending approximately $3 million to $4 million a day. To date, 78 per cent of that spending has gone to B.C. companies.
BC businesses are benefiting from
2010 Business Opportunities Workshops
that help connect companies to 2010-related opportunities. 7100 business members have taken part in over 230 workshops in every region of the province since 2005.
Indirect spending by sponsor, suppliers, athletic teams and visitors will add another $2 billion.
VANOC sponsorships are surpassing all expectations. To date, VANOC’s reached 98 per cent of its domestic sponsorship target total of $760 million.
The 2010 Winter Games will be the most carbon-neutral Games ever held in modern times, with venues built to LEED environmental standards.
Venues:
The total venue budget for the 2010 Winter Games is $580 million, shared equally between the province and Canada, for a contribution of $290 million each.
All competition venues are now completed – this is the earliest any Olympic Games venues have ever been completed that far ahead of the opening ceremonies. New and improved venues include:
2010 Games security
will cost B.C. taxpayers $87.5 million – which we had always budgeted.
Recognizing the increased federal responsibility, B.C. has agreed to increase its share of joint federal/provincial major infrastructure costs by up to $165 million over the next three years – a good deal for taxpayers that will create jobs and provide legacies for future generations.
Under this funding model, the total cost to the Province for staging the Games will be $765 million – $600 million for the initial staging plus $165 million in future infrastructure. This envelope still includes a $78.5 million contingency fund.
As a part of the new deal the province signed, the Federal government is now entirely responsible for securing the 2010 Games.
2010 Transportation Plan:
VANOC’s $157-millions transportation plan that will employ 2500 temporary staff. The purpose of the plan is to:
Minimize the impact on residents
Enhance the experience for Games visitors
Maximize the opportunities for business
Translink alone is planning for two million additional trips during the Games – and the benefits will remain.
The Games are creating a permanent transit legacy for the Lower Mainland:
The
B.C. Canada Pavilion
in Beijing was designed, programmed and planned in B.C. by local businesses to promote B.C. at the 2008 Summer Olympics.
871 B.C. and Canadian delegates took advantage of the Pavilion, and 2,378 Chinese delegates came to the Pavilion to build trade, business and investment relationships.
690 business connections were recorded and 16 MOUs were signed.
Community Legacies:
We launched the Spirit of 2010 Tourism Strategy, ensuring every region benefits from the Olympics.
We transferred
2010 Legacies Now
out of government and into an independent not-for-profit society and expanded their mandate to include sport and recreation, the arts, volunteerism, literacy, and community programs.
96 literacy task groups, 300 communities and more than 1,000 community partners across B.C. are participating in the
Literacy Now Communities
program, which guides task groups through a planning process to address local literacy needs.
More than 100 communities organized 300 events during
Spirit of BC Week 2009,
including arts celebrations, winter festivals, literacy days, volunteer recognition nights, and family skate and swim days.
Since 2004, more than 650 inner-city youth in Vancouver and Prince George have participated in
Chill,
a snowboarding program presented by Bell through 2010 Legacies Now.
Nearly 16,000 students have attended
Explorations
summer camps since 2005, when 2010 Legacies Now and the Ministry of Education launched the program.
Hosting BC
has invested over $2 million in 33 communities to host 145 national and international sport events since 2004.
We launched the
Asia-Pacific Initiative,
setting out a road map for B.C. to capitalize on economic prosperity through increased trade and investment opportunities with the global economic drivers of the 21st century: China, India, Japan, Korea and Southeast Asia. Watch a video about
B.C.’s Asia-Pacific Gateway Strategy.
The Asia Pacific initiative has the potential to drive B.C.’s economy with $5 billion in increased investment, $76 billion in additional annual trade and 255,000 new jobs by 2020.
We implemented a new Asia Pacific Division focused on increasing trade and investment. By mid-2009, we’ll have doubled our trade & investment offices in key Asian markets to six.
We launched the
BC Alumni Initiative
in November 2007, to reach and engage BC’s expatriates living and working in the Asia Pacific region in order to leverage business and social connections to promote our priorities.
We developed a new
Twinning Tool Kit
to support local governments in building ‘sister city’ relationships with Asian countries.
The BC Liberals have cut taxes 120 times and cut over 150,000 needless regulations since forming government.
Our economy has outperformed the national economy every single year since 2003, growing by 3 per cent in 2007, an estimated 1 per cent in 2008, and exceeding the national average of 0.6 per cent.
While experts predict zero growth in 2009 due to the global economic crisis, the Ministry of Finance forecasts economic growth returning to 2.4 per cent in 2010. At the same time, the national economy is forecasted to decline by 1.2 per cent in 2009 and then grow 1.9 per cent in 2010.
Independent forecasters expect economic growth in B.C. to be amongst Canada’s leaders in 2010, largely because of the Olympic Games.
We continue to diversify B.C.’s economy to make it more resilient to the downturn in the U.S. economy and reduce the wild economic swings B.C. has historically experienced through policies and programs including:
People are returning to B.C.
– 2003 saw the first positive net inter-provincial migration in six years, and in 2007 we led all provinces, attracting nearly 15,500 people, marking the first time in over a decade that any province other than Alberta led the country in inter-provincial migration.
Between January and September 2008, B.C. attracted a further net 5,000 people from other provinces.
Unemployment among B.C. women in 2008 was 4.6 per cent –in 1998 it was 7.7 per cent and in 2000 it was 6.7 per cent. In fact, this rate was as high as 9.5 per cent in 1992.
Economic Response 2009
During this global economic crisis, we’ve put in place an economic strategy that will create thousands of jobs and build opportunities in every region of the province while preserving key programs such as health, education and social services.
We’re investing almost $14 billion in infrastructure projects in every region of the province:
$2 billion is cost-shared with the federal government for new projects to be accelerated over the next three years.
Another $10.6 billion is for approved projects within our capital plan for the next three years.
$1.4 billion in local infrastructure projects is being built in partnership with local governments and the federal government.
Our new and accelerated investments will generate as many as 88,000 jobs across BC, and build the assets we need to support our future growth and development.
Since 2001, we’ve invested $31 billion in capital projects across B.C. in education, health, transportation and other sectors.
Announced in January 2009, government will run a temporary deficit for the next two years due to the impact of the global economic crisis on provincial revenues.
Budget 2009 projects deficits of $495 million in 2009/10 and $245 million in 2010/11, returning to a balanced budget in 2011/12.
Budget 2009 protects budgeted increases for education and increases funding for people and need and health care.
Our commitment to sound fiscal management and prudent budgeting ensures we will not leave a legacy of deficit budgets for future generations.
The forecast for the 2008/09 fiscal year is a surplus of $50 million, unchanged from the forecast in Budget 2008.
Accelerated a 44 per cent reduction in small business taxes lowering the rate to 2.5 per cent ($146 million in 08/09).
Provided a 50 per cent rebate in school property tax for industry ($50 million a year), and increasing to 60 per cent by 2011/12 ($65 million a year once implemented).
Doubled commission to businesses for collecting PST/ HRT - the first increase in 14 years.
Increased resource road funding twenty-fold to $20 million.
Held economic summits in Prince George and Vancouver in early 2009.
We believe balanced budgets and prudent fiscal planning creates financial stability which allows us to deliver sustainable government programs, without placing a financial burden on our children.
Through surpluses, we’ve reduced the provincial operating debt from $15.7 billion in 2002/03 to $8.3 billion in 2007/08 – a reduction of 47 per cent. It is expected to fall further to $6.4 billion in 2008/09.
BC’s taxpayer-supported debt to gross domestic product (GDP) ratio (a key measure of debt affordability) also fell from over 20 per cent to 13.8 per cent since 2001 – the lowest since 1990/91.
Our record of debt pay-down gave us the room to run short-term deficits for the upcoming two years (2009/10 and 2010/11) totalling $740 million to protect core social programs like health and education during the global economic downturn.
To ensure long-term discipline is maintained, we passed legislation requiring a balanced budget again by 2011/12.
Our new legislation also requires that discretionary year-end spending through supplementary estimates is prohibited, and must go to paying down the operating debt until that debt is eliminated.
We also passed a ministerial accountability act which holds each minister individually accountable for coming in on budget by holding back 10 per cent of their salary until it’s confirmed that they have not overspent.
Not one BC Liberal cabinet minister has ever overspent their budget.
We banished NDP-style fudge-it budgets by adopting Generally Accepted Accounting Principles, which Auditor General Strelioff described as “leading the way” in budget transparency.
We keep our forecasts prudent - for 2009, we’re forecasting economic growth of minus 0.9 per cent - lower than those put forward by the Economic Forecast Council.
As a result of our discipline and policies, B.C. received seven consecutive credit rating upgrades, and today the province has an AAA rating.
Our record of debt management and credit rating upgrades is saving British Columbians tens of millions of dollars each year that would otherwise be spent on interest payments.
Federal-Provincial Relations
We believe that British Columbians benefit from a strong and constructive relationship with the federal government based on respect and a shared vision of enhancing our province and our country.
Since 2001, we’ve fostered a constructive and cooperative relationship with the federal government, resulting in billions of dollars in federal investment in our province and our communities.
Infrastructure:
Towns for Tomorrow
and
LocalMotion
– $48 million in joint investment for projects that meet important needs for smaller communities.
Pacific Gateway – $1 billion over eight years, of which $800 million goes to projects in B.C. Watch a video about
B.C.’s Asia-Pacific Gateway Strategy
Building Canada Plan
– $2.2 billion over seven years in federal contributions to B.C. under the new national infrastructure program.
Flood Protection – $16 million to be spent this year for cost-shared flood protection in 25 communities.
Tsawwassen treaty
– introduction of federal legislation to ratify the Tsawwassen First Nation Final Agreement.
Maa-nulth treaty
– joint initialling of a Final Agreement under the BC treaty process between B.C., Canada and the Maa-nulth First Nations.
Broadband - $7.86 million to the First Nations Emergency Services Society and their partner, the First Nations Technology Council.
Health Care Partnerships:
Wait time guarantee – $76.4 million federal contribution in support of B.C.’s wait time guarantee for cancer radiation therapy.
2004 Health Care Agreement - $5.4 billion in increased health care funding.
2003 Health Accord - $3.7 billion in increased health care funding.
Environmental Partnerships:
Renewable Energy – Over $36 million through the ecoENERGY for Renewable Power program to invest in renewable energy projects.
ecoTrust – $199.3M federal contribution in support of projects consistent with B.C.’s plan to reduce carbon and greenhouse gas emissions by 33 per cent.
Spirit Bear Rainforest
– $30-million federal contribution to the Conservation Investments and Incentives Initiative (CIII) in support of the Spirit Bear Rainforest.
Partnerships for Workers:
Community Development Trust
– $129 million to help forest workers and communities under the national Community Development Trust.
Community Futures British Columbia - $3 million for projects that are a priority for rural communities in British Columbia.
Devolved funding for worker training and labour programming – $280 million in annual funding for EI sponsored employment benefits and support measures and $396 million over six years for labour programming through a new Labour Market Agreement.
Temporary Foreign Worker Program – revisions to the Temporary Foreign Worker Program to speed the application process and let workers stay longer.
Immigrant settlement services – $120 million for B.C. immigrant settlement services, rising from a starting point of $40 million in 2005/06.
Olympics:
2010 venues – A combined $365 million for the 2010 Olympic and Paralympic Winter Games, including $55 million in additional funding to help offset increased construction and labour costs.
Other partnerships:
Mountain Pine Beetle – $200 million over three years for the Federal Mountain Pine Beetle Program.
Enhanced Driver’s Licence
– federal-B.C. Memorandum of Understanding on the development and implementation of the B.C. Enhanced Driver’s Licence program.
House of Commons representation – introduction of Bill C-22, to give more seats to B.C., Alberta and Ontario.
Social housing – agreement to transfer the administration of social housing resources from the federal government to the Government of B.C.
Job Creation & Employment Record
We believe a good job is the best social safety net for people and that a healthy free-enterprise economy is one that continues to grow jobs and opportunities for people.
Finance Minister Colin Hansen talks about creating jobs for B.C.
The B.C. economy’s generated about 370,000 new jobs since 2001 – 80 per cent are full-time.
Our 2.1 per cent employment growth rate in 2008 was third highest in Canada and exceeded the national growth rate of 1.5 per cent.
At 4.6 per cent in 2008, our unemployment rate is at one of the lowest levels in over 30 years and has fallen more than five percentage points compared to December 2001 (9.7 per cent).
Every region of B.C. has a lower unemployment rate today than in 2001.
We continue to have one of the lowest unemployment rates in the country, 18 per cent below the national average. B.C.’s rate has been at or below the national average since 2004.
For the first time in 30 years, annual unemployment rates since 2005 were all under 6 per cent:
2008 – 4.6 per cent
2007 - 4.2 per cent
2006 – 4.8 per cent
2005 - 5.9 per cent
B.C.’s youth unemployment rate for 2008 was 8.4 per cent. In 1998 it was 17.4 per cent and in 2000 it was 13.7 per cent.
Private Sector Investment in B.C.
We believe private sector investment creates jobs and drives the economy. Government’s role is to attract investment by cutting taxes and regulations, promoting domestic and international investment, and forming partnerships with venture capital.
Labour and Citizens’ Services Minister Iain Black talks about building investment in B.C.
On top of giving B.C. the lowest taxes in the G7 and cutting over 150,000 regulations, we are fostering key sectors to stimulate private investment in new and growing industries.
Offers innovative B.C. companies the unprecedented opportunity to access a portion of the $2.3-billion of capital available for investment.
Will attract top- tier institutional venture capital fund managers.
Will attract more private venture capital investment into some of our most exciting and innovative sectors, specifically in clean energy technology, life sciences, and information technology.
Financial Sector
The finance sector is the largest growing sector in B.C. representing $34 billion of our GDP. Investments in B.C. by firms from outside Canada totalled $25.3 billion between 2004 and 2008.
Nearly 1,000 foreign-owned companies operate in B.C. (roughly one-quarter of all corporations) and in 2008 foreign-owned firms represented 13 per cent of our capital investment.
We continue to focus on building the financial sector by:
Completely eliminating the corporate capital tax by 2010.
Reducing the provincial corporate income tax from 12 per cent to 11 per cent and it will go down further to 10 per cent by 2011.
Expanding the list of qualifying International Financial Activities eligible for exemption from corporate tax (up to a 100 per cent refund).
Technology Sector
We’ve invested over $1.7 billion in research and innovation since 2001, which has helped leverage over $1 billion more in research funding from other sources.
We created the
Innovative Clean Energy Fund
and invested $25 million to further establish B.C. as a world leader in alternative energy and power technology. A further $25 million has since been committed to expand the program.
High tech employment in B.C. increased 4.8 per cent to 81,140 in 2007, more than forestry and mining combined. A recent survey showed tech-sector salaries in B.C. jumped 4.5 per cent in 2008 – the highest jump in North America.
Investment in major projects throughout B.C. increased from $68.1 billion in 2005 to $179.4 billion as of December 2008 in 880 major capital projects – nearly a 110 per cent increase in just three years and nearly quadruple the $45.7 billion in investment in 2001.
Investments in B.C. by firms outside of Canada has totalled $25.3 billion since 2004, and an estimated $5.7 billion in 2008 – up approximately 18 per cent since 2004.
There will be over one million new job openings in B.C. over the next 12 years requiring skilled workers.
We’ve dramatically cut personal income taxes to attract and retain skilled workers; we now have the lowest personal income tax in Canada for people earning up to $116,000.
We launched a new $90-million training tax credit program starting in 2007 to encourage employers to take apprentices.
We’ve increased funding for trades training by 42 per cent since 2001 and we now spend over $100 million per year.
The
Industry Training Authority
(ITA) anticipates registering 47,000 registered apprentices/trainees this year – nearly triple the number registered in 2001.
Through the
Provincial Nominee Program,
2,332 skilled workers and entrepreneurs were accepted in 2007 – in 2001 there were just 88.
We’ve worked to improve and accelerate the process for bringing in Temporary Foreign Workers. We’ve also increased the number of eligible occupations from 12 to 33, a 175 per cent increase.
Since 2001 we’ve created an additional 36,700 public post-secondary student spaces.
We eliminated mandatory retirement to increase the supply of skilled workers and give people 65 and older more choice.
We created
TILMA
so that skilled workers (doctors, teachers, plumbers, etc) from Alberta can freely practice their trades in B.C. without any additional regulatory requirements.
We were the first province on March 12, 2009, to introduce legislation providing skilled trades and professions with full labour mobility, supporting a historic national
Agreement on Internal Trade
(AIT) and improving opportunities for workers & employers.
The new labour mobility legislation will allow a person certified in any Canadian jurisdiction to be recognized and able to practice their profession in any other Canadian jurisdiction, and is similar to legislation being enacted or revised in other provinces.
We brought in the
Health Professions Regulatory Reform Act
to enable qualified physicians working in other provinces and countries to practice here with a restricted license in their specific areas of qualification.
Small business growth is leading the country at 8.8 per cent between 2002 and 2007 – double the national average.
Small businesses created 159,000 jobs since 2001 – 25,400 in 2007 alone – and employ over one million people today. They account for 33 per cent of our GDP – the highest in Canada.
Since 2001, 39,500 small businesses have been created in B.C. – an increase of 11.8 per cent.
We’ve eliminated over 150,000 regulations since 2001 to support small business growth – a red tape reduction of 42 per cent.
We doubled the small business tax threshold from $200,000 to $400,000.
We cut the small business tax rate to the second-lowest in Canada from 4.5 to 2.5 per cent – a 44 per cent reduction – saving small business $400 million over the next three years.
A small business owner with an average yearly net income of $80,000 on sales of $500,000 will save $1,600 as a result of our tax reductions.
Annual earnings for small business workers over the past five years increased 21 per cent - more than twice the increase for large businesses.
We created a permanent
Small Business Roundtable,
giving small businesses a voice and the opportunity to speak to government directly about their needs.
We created
BizPal,
an easy, one-stop-shop for the set-up of small businesses.
We created a
Single Mobile Business Licence,
reducing red tape and allowing mobile businesses to operate cross-municipally with one licence, saving time and money.
We doubled the PST and HRT (Hotel Room Tax) commission paid to businesses collecting PST on behalf of the province – up to $198 per month (from $99), adding up to $1,200 to a business’ bottom line.
Trade & Investment Labour Mobility Agreement (TILMA)
We believe all Canadians should have the legal right to work anywhere in Canada. Reducing barriers to the free movement of workers, goods, services and investments enhances the economic vitality of our province and our country.
Minister of Technology, Trade and Economic Development Ida Chong talks about Labour.
TILMA came into effect on April 1, 2007 and will be fully implemented by April 2009.
TILMA creates the second-largest economy in Canada, with a combined B.C.-Alberta market of more than 7.7 million people, 30 per cent larger than Quebec.
TILMA will add $5 billion to real GDP, and create 78,000 new jobs in B.C. alone.
TILMA gives workers the freedom to move from one province to the other by recognizing occupational certifications of workers in both provinces, reducing costs in both time and money.
TILMA will apply greater consistency in recognizing the credentials and qualifications of foreign-trained professionals within the two provinces.
TILMA is critical to our economy as inter-provincial trade barriers cost consumers, businesses and investors’ time and money every year due to unnecessary red tape.
Following B.C. & Alberta’s lead, in December 2008 the provinces and territories have signed the
Agreement on Internal Trade
(AIT) – a full labour mobility agreement.
The AIT is effective April 1, 2009 – it allows people with specific professional or occupational certification in one province/territory to be recognized as qualified to practice their profession in all provinces and territories (where that practice is regulated across Canada).
TILMA streamlines business registration and reporting requirements so that businesses registered in one province are automatically recognized by the other.
84 per cent of surveyed members of the Canadian Federation of Independent Business are in favour of TILMA.
TILMA will help address the demographic shift in B.C. and address the potential labour and skill shortage, and with the ability of certification in both B.C. and Alberta, there is greater opportunity to attract teachers, nurses and other high demand professions to Western Canada.
Environmental, health and safety issues are exempt from TILMA.
B.C.’s average hourly wage is over $22 an hour – more than 2.75 times minimum wage and nearly 24 per cent higher than it was in 2001.
Average hourly wage for youth is over $13. That’s 1.5 times the minimum wage and the third highest in Canada.
Real disposable income per capita has gone up every single year under our government. It’s grown 20 per cent since 2000 – nine per cent in the past two years alone – the highest two-year growth rate in 20 years.
Since 2001, B.C. has beat Canada in Real Disposable Income growth every year -- the first time since before 1990.
Much of the growth in take-home pay can be attributed to the tax cuts we’ve brought in.
British Columbians now have the lowest provincial income tax in Canada for anyone earning $116,000 or less. 250,000 low-income British Columbians now pay no income taxes at all.
$1.4 billion in estimated costs for the proposed Banks Island North Wind Energy Project
Canpotex recently announced their building two new port facilities, in Prince Rupert and North Vancouver – with a combined estimated cost of $550 million
Stewart: $3.45 billion in projects proposed or underway including:
Regional unemployment rate for December 2008 was 3.6 per cent, down from 6.1 per cent in 2001.
Major Project Investment in the region:
Increased investment of $9.9 billion for December 2008 over December 2004 – a 503 per cent increase:
December 2004: $1.87 billion
December 2008: $11.26 billion
Chetwynd: $947 million in projects proposed or underway in the area including:
$600 million - Dokie Wind Farm Project
Hudson Hope: $359 million in projects proposed or underway including:
$112 million - Peace Canyon Turbine Upgrade
Fort St. John – over $7 billion in projects proposed or underway including:
$38 million Enerplex Sports Centre
Of the 6,999 wells drilled in Northeast British Columbia between 2003 and 2008, 2,496 were drilled under the Summer Drilling Program the BC Liberals introduced.
Government investment in the region
Fort Nelson: $665,000 Sewer Rehabilitation.
Dawson Creek: $208,000 City Hall Energy Improvements.
