Positive Economic Indicators
June 5, 2009
POSITIVE ECONOMIC INDICATORS
Wages in B.C. Compared to Canada
In May 2009, B.C.'s average weekly wage rate was approximately $790 per week, the third highest in Canada. The average weekly raise has risen by $142 – or 22 per cent – since 2001 ($648).
The average hourly wage in B.C. in May 2009 was $22.10 – more than 2.5 times the minimum wage and a 23 per cent increase compared to 2001's average ($17.98). For B.C. youth under 25, the average hourly wage was $12.91 – the third highest rate in Canada.
(Statistics Canada)
A British Columbian who earns the average weekly wage of $790 makes over $7,300 per year more today, before taxes, than they would have in 2001, when the average weekly wage was $648.
(BC Stats)
CURRENT FIGURES
Non-Residential Building Permits on the Rise
In March 2009, the value of non-residential building permits was worth $307 million, an increase of 30 per cent compared to the same time in 2008.
(Source: Statistics Canada)
Major Construction Projects Hold Strong
Despite the global economic downturn, the number and value of major construction projects planned or underway across British Columbia went up during the fourth quarter of 2008, with 880 major construction projects, worth an estimated $179.4 billion. This is an increase of 21 per cent in estimated value from the same time period in 2007, when 835 major capital projects worth an estimated $148.1 billion were planned or underway.
(Ministry of Small Business, Technology and Economic Development, Major Projects Inventory December Edition)
Oil and Gas Rights Record Sales
The 2008-09 fiscal year oil and gas land rights sales total of $2.4-billion trumped the previous record-breaking year by $1.2 billion, and broke every tracked record for oil and gas land rights sales in British Columbia. This is in addition to the record-setting 2008 calendar year total of $2.66 billion. News Release
Conference Board Forecasts Economic Improvement in 2009
In its Spring 2009 Provincial Outlook, the Conference Board of Canada forecasts British Columbia to record 3.3 per cent real GDP growth in 2010, the highest rate in Canada. In addition, the Conference Board predicts retail sales, GDP per capita, disposable income per capita and employment rate will be above the national average in 2010.
(Conference Board of Canada, Provincial Outlook, Spring 2009)
Consumer Confidence Highest in B.C.
British Columbia has the highest consumer confidence in the country. According to the Conference Board of Canada’s Index of Consumer Confidence for April 2009, B.C.’s consumer confidence is at 93 compared to 75.2 for Canada as a whole.
(Conference Board of Canada, Index of Consumer Confidence April 2009)
B.C.'s Population and Interprovincial Migration Continues to Rise
During 2008, British Columbia grew by 73,773 people, or by 1.7 per cent, to reach a population of 4,419,974. 43,793 new immigrants were welcomed to British Columbia, in 2008, while 6,450 people settled in the province as a result of interprovincial migration.
(BC Stats)
B.C.'s Small Businesses Growing
For the sixth consecutive year B.C. experienced small business growth. The total number of small businesses operating in British Columbia in 2007 increased 2.4 per cent over the previous year, the largest increase since 2003. In 2007 B.C. led the nation with 86.7 small businesses per 1,000 people, exceeding the Canadian average of 69.8 per 1,000 people. In 2007, 98 per cent of businesses in British Columbia were small businesses.
(BC Stats and Ministry of Small Business, Technology and Economic Development, Small Business Profile 2008)
Exports to Asia on the Rise
In 2008, British Columbia’s total exports to the Asia-Pacific, including India, were worth over $10.6 billion - an increase of over 43 per cent compared to total exports in 1999.
In 1999, British Columbia’s total exports to the People’s Republic of China, B.C.’s second largest trading partner, were worth $598 million. In 2008, this number, for the first time ever, passed the $2 billion mark.
Exports to India have more than doubled in value over the past ten years and exports to Japan also reached record levels in 2008, surpassing the $5 billion mark for the first time.
Total Exports to South Korea, B.C.’s fourth largest trading partner, were worth almost $2 billion in 2008, a 158 per cent increased compared to 2009.
(Industry Canada – Trade Data Online)
The overall value of world-wide exports from British Columbia rose by 7.1 per cent (seasonally adjusted) in February 2009, the highest month-over-month growth since May 2008.
(BC Stats)
Airport Passenger Traffic Soars to New Heights
Last year was a record year at airports throughout British Columbia. Prince George, Victoria International, Kelowna, and Vancouver International airports all recorded passenger increases over 2007 levels – resulting in all-time highs for passenger traffic.
Building Relationships
In May 2008, Premier Campbell announced the launch the BC Alumni Ambassadors Network in Beijing. The purpose of the network is to invite alumni from B.C. post-secondary institutions and B.C. expatriates living and working abroad to become ambassadors for British Columbia – fostering more social and business relationships.
Since March 2001, 7,670 skilled and business immigrants have been attracted to British Columbia through the B.C. Provincial Nominee Program, including 2,600 during the last fiscal year.
(Ministry of Advanced Education and Labour Market Development)
