BC Economy
CPAs are on the front lines of business in this province, and they see firsthand what issues are affecting investment and the economy. CPABC provides CPAs and the public with timely economic updates and analysis on British Columbia as a place to WORK, INVEST, and LIVE.
The BC: Check-Up INVEST report focuses on investment and business activity across the province and in each of the province’s seven regional developments.
The report highlights the decline in private non-residential investment, housing starts and business activity resulting from the COVID-19 pandemic. It also offers insights into the 2020 recession’s effects on GDP per person, government debt, and major project activity.
The BC: Check-Up Work report provides a snapshot on employment trends across the province, including how the COVID-19 pandemic sharply decreased employment and disrupted different industries across the province throughout 2020.
Read the BC: Check-Up Work Report
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-from-home-Newsroom-image.jpg?ext=.jpg "2020 is the year of working (out) from home")
Economy & Policy
Where does BC’s economy stand a year after the pandemic shut down our status quo?
March 2021 marked a full year since the COVID-19 pandemic pushed British Columbia into a state of emergency. Over the past year, the world has traversed a balancing act between protecting the health and safety of individuals while simultaneously attempting to minimize the economic fallout necessary to do so.
Apr 23, 2021
Economy & Policy
CPABC: B.C.’s Budget 2021 Focused on Economic and Healthcare Supports
The Chartered Professional Accountants of British Columbia (CPABC) commends the government for investing in our healthcare system in Budget 2021 as the province continues to address the COVID-19 pandemic.
Apr 22, 2021
Economy & Policy
Ambitious 2021 federal budget offers $101 billion in new spending over coming years
On April 19, 2021, the Government of Canada released its first budget since the pandemic began. Here’s a short overview.
Apr 19, 2021
Economy & Policy
Strong major project activity in Southwest B.C. may spark economic rebound
In the lead up to 2020, Southwest B.C. experienced record levels of housing construction activity, private investment, and business activity.
Mar 24, 2021
Economy & Policy
BC economy continues to recover in February, but challenges remain
BC saw another month of job gains in February 2021, marking the tenth consecutive month of employment levels improving since the low witnessed in April 2020. The increase helped lower the unemployment rate to 6.9%, a sizeable decline from the peak of 13.4% seen in May 2020 but above the 5.0% rate in February 2020.
Mar 23, 2021
Economy & Policy
Greater Victoria business activity and housing starts take a hit in 2020, but major investments should boost recovery
In the years leading up to 2020, Greater Victoria’s investment activity was thriving with a growing number of active businesses, strong housing starts, and robust economic growth. Unfortunately, the region’s economy took a significant dip due to the COVID-19 pandemic.
Mar 19, 2021
Economy & Policy
CPA profession appears at Cullen Commission into money laundering
The Cullen Commission of Inquiry into Money Laundering in British Columbia turned its attention to Canada’s CPA profession in early 2021. The purpose of the Commission is to inquire into and report on the extent of money laundering within certain sectors, including professional services, and determine the scope and effectiveness of the powers, duties, and functions exercised or carried out by relevant regulatory authorities.
Mar 5, 2021
Economy & Policy
Canadian economy hitting some bumps on road to recovery
For the eighth consecutive month, BC’s workforce expanded in December. However, the most recent data shows that BC’s growth rate continues to slow considerably from rates seen earlier in the recovery, and for the first time since April, Canada as a whole saw an employment loss.
Jan 15, 2021
Economy & Policy
Southwest B.C.’s employment recovering, but nearly 70,000 workers remain displaced
Early in the pandemic, the entire province saw employment levels decline markedly.
Jan 14, 2021
Economy & Policy
Thompson-Okanagan’s goods sector leading economic recovery
After years of robust economic growth and low unemployment across the Thompson-Okanagan region, the COVID-19 pandemic quickly reversed the trend.
Jan 13, 2021
Economy & Policy
The fight continues
An update on anti-money-laundering initiatives
Jan 13, 2021
Economy & Policy
BC economy continues to rebound, but long road remains ahead
For the seventh consecutive month, BC’s saw its workforce expand in November. However, BC’s unemployment rate remains well above the 5% it boasted back in February.
Dec 16, 2020
Economy & Policy
2020 is the year of working (out) from home
While COVID-19 hasn’t exactly quashed the possibility of having shared fitness experiences, it’s certainly changed what that looks like. And businesses that facilitate—or even simulate—togetherness seem poised to dominate the market.
Dec 14, 2020
Economy & Policy
Why scaling up BC tech companies is critical to BC’s economy
To better understand BC’s tech ecosystem, we spoke with BC Tech’s president and CEO, Jill Tipping, FCPA, FCA and KPMG’s Greater Vancouver Area’s industry lead partner, George Kondopulos, CPA, CA on findings from the latest BC Technology Report Card.
Dec 11, 2020
Economy & Policy
Federal deficit forecast over $380 billion in 2020-21 as relief package expands
On November 30, the Government of Canada released its Fall Economic Statement.
Dec 1, 2020
Economy & Policy
COVID-19 employment disruption remains concentrated amongst B.C.’s youth
In the early days of the COVID-19 pandemic the number of active businesses in B.C. dropped by nearly 15,000, and nearly one in every six jobs were eliminated.
Nov 30, 2020
Economy & Policy
How has the employment situation changed since the summer? A “BC Check-Up: Work” update
CPABC’s recent BC Check-Up: Work report focused on the job disruption that took place over the summer due to the COVID-19 pandemic.
Nov 27, 2020
Economy & Policy
BC’s unemployment rate falls to 8.0% during the fall, but storm clouds remain
Data continues to illustrate how BC’s economy is on the mend, but rising COVID-19 cases threaten this progress.
Nov 25, 2020
Economy & Policy
BC Check-Up: Work
New report provides insights on COVID-19 employment disruption
Nov 16, 2020
Economy & Policy
CPABC: Despite recent gains, COVID-19 continues to displace over 100,000 workers across B.C.
According to the BC Check-Up: Work, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on employment trends across the province, B.C.’s unemployment rate was 10.7 per cent in August 2020.
Nov 4, 2020
Economy & Policy
At 12.3 per cent, Southwest B.C.’s summer unemployment rate highest in B.C.
According to the BC Check-Up: Work, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on employment trends across the province, Southwest B.C.’s unemployment rate hit 12.3 per cent in the Summer of 2020 (June to August).
Nov 3, 2020
Economy & Policy
What makes Vancouver shine as a market to watch in 2021?
One of the major themes of our recent Emerging Trends in Real Estate report was the accelerated pace of change as certain pre-existing trends evolve or gather speed and new patterns emerge in Canada’s real estate market.
Oct 28, 2020
Economy & Policy
BC continues strong job growth and recovery in consumer spending in September
BC is on track to outperform Canada’s average GDP and unemployment rate in both 2020 and 2021, according to recent forecasts and new economic data from September.
Oct 26, 2020
Economy & Policy
Highlights from CPABC's BC Check-Up: Work Survey (Infographic)
More than 560 members responded in the most recent survey, which focused on work in BC.
Sep 16, 2020
Economy & Policy
The new retail experience: How COVID-19 rapidly accelerated the shift in customer demands
Prior to the COVID-19 pandemic, the way consumers preferred to shop had begun to morph, with an increasing demand for in-store experiences, greater e-commerce, and more sustainable products. The COVID-19 pandemic has only expedited these trends.
Sep 2, 2020
Economy & Policy
July data sees BC’s economic recovery continue, but recent COVID-19 outbreaks pose threat
Economic data from July indicates that BC is continuing to rebound from the historic lows that began in March. However, the employment rebound has been disproportionately spread across sectors, and areas of consumer spending have shifted since pre-crisis.
Aug 20, 2020
Economy & Policy
BC’s road to recovery: Supporting displaced workers
The COVID-19 pandemic has upended the way British Columbians work and live. Over the past few months, businesses across the province closed their doors, displacing a large portion of the workforce.
Aug 11, 2020
Economy & Policy
June economic data: BC continues recovery from COVID-19
After March and April brought historic collapses in employment, consumer activity, exports, and increasingly negative GDP forecasts, new data continues to suggest the worst of the economic damage from the COVID-19 pandemic is behind us. While the situation remains precarious, June data shows the economy is continuing its rebound that began in May.
Jul 22, 2020
Economy & Policy
Federal deficit to hit $343 billion from COVID-19 economic fallout
On July 8, Finance Minister Bill Morneau announced the federal deficit is projected to hit $343 billion this fiscal year, due largely to significant economic aid provided during the ongoing COVID-19 pandemic. Minister Morneau’s fiscal and economic update provides details on how federal benefits and business support programs, including the extension of the Canadian Emergency Wage Subsidy (CEWS), have impacted the Canadian economy thus far.
Jul 9, 2020
Economy & Policy
CPABC: Bolstering B.C. business productivity key to economic recovery
The economic impact of the COVID-19 pandemic has been devastating. As a result of necessary containment measures, B.C.’s unemployment rate hit 13.4 per cent in May and economic forecasts for the province predict a steep economic contraction in 2020.
Jun 26, 2020
Economy & Policy
Worst appears to be behind us with encouraging May economic data on BC’s COVID-19 recovery
After historic collapses in employment, consumer activity, exports, and increasingly negative GDP forecasts, it appears the worst of the economic damage from the COVID-19 pandemic is behind us. While the situation remains precarious, May data shows the economy is beginning to heat up.
Jun 19, 2020
Economy & Policy
BC’s economy: Full impact of COVID-19 still unknown as economy prepares to reopen
How has containing COVID-19 impacted BC’s economy? Recent data is beginning to illustrate what this looks like.
May 13, 2020
Economy & Policy
BC’s road to recovery – Minimizing the economic fallout
On May 6, 2020, the BC government announced its plans to re-open the economy, eight weeks after declaring a state of emergency due to the COVID-19 pandemic. The announcement came as BC’s situation looks increasingly positive, with declining total cases and the lowest per capita cases across any jurisdiction with over five million people in Canada, the US, and western Europe.
May 7, 2020
Economy & Policy
BC’s economic outlook: Bleak now, brighter in the future
How has containing COVID-19 impacted BC’s economy? Recent data is beginning to illustrate what this looks like.
Apr 15, 2020
Economy & Policy
Economic forecasts: COVID-19's impact expected to bring Canada, BC in recession
As we better understand the implications of COVID-19 on our society and the measures required to curb its growth, organizations are updating their economic forecasts in real-time.
Mar 30, 2020
Economy & Policy
Economic forecast uncertain, but COVID-19 containment can bring hope
If there’s one thing we know about COVID-19, it's that it has brought incredible uncertainty to our lives. It has also brought uncertainty about the state of our economy.
Mar 25, 2020
Economy & Policy
CPABC: B.C.’s Budget 2020 Introduces New Measures to Maintain Balanced Budget and Affordability
The Chartered Professional Accountants of British Columbia (CPABC) commends the government for achieving a balanced budget while still investing in social and capital projects.
Feb 19, 2020
Economy & Policy
Moderate Economic Growth to Continue into 2020
According to the BC Check-Up, an annual economic report released by the Chartered Professional Accountants of British Columbia (CPABC), B.C.’s economic growth moderated throughout 2018 and into 2019, while the housing market cooled and the labour market neared capacity. B.C.’s GDP growth rate is forecasted to slow from 2.4 per cent in 2018, to 1.7 per cent in 2019, and 2.0 per cent in 2020 based on numbers by TD Economics.
Nov 5, 2019
Economy & Policy
Walking on water, living the life
We’re surrounded by water in the form of rivers, oceans, and lakes in the Lower Mainland. Water actually covers 71% of our Earth's surface.
Apr 18, 2019
Economy & Policy
Affordability key to BC Budget 2019
The Chartered Professional Accountants of British Columbia (CPABC) congratulates the government for its seventh consecutive balanced budget.
Feb 21, 2019
Economy & Policy
Why modular housing can be one key solution to housing affordability
Long before online ordering at Amazon.ca, the Sears print catalogue was the major shopping source for Canadian families, especially those in rural areas lacking any nearby retail locations.
Feb 13, 2019
Economy & Policy
Ensuring B.C.’s business competitiveness
The approval of the LNG Canada project, the expansion of Amazon’s office, and the opening of an Apple corporate office in Vancouver are positive signs that point to B.C.’s business potential.
Nov 27, 2018
Economy & Policy
B.C. exporters should take advantage of Canada’s trade agreements
Export of goods and services make up 38 per cent of B.C.’s real Gross Domestic Product (GDP). As exports are a vital part of our economy, it is crucial that we continue to focus on exploring and diversifying our export products and markets.
Oct 22, 2018
Economy & Policy
Temperature check: BC’s economic activity expected to cool down slightly
The year 2017 was not without challenges for British Columbia. The uncertainties over NAFTA renegotiations began last year and continue today.
May 7, 2018
Economy & Policy
GDPR: What European privacy regulations mean for Canadian businesses
If your business has relationships with the European Union (EU), you’ll want to make sure you’re up to date on the EU’s privacy legislation, as one of the toughest privacy regulations in decades will come into full effect in Europe on May 25, 2018.
Feb 8, 2018
Economy & Policy
Bridging the gap – Skills vs. needs
CPAs in BC have consistently ranked the ability to attract and retain skilled talent as the greatest challenge to business success in this province. And it is with good reason. Over the past five years, BC has seen unprecedented job growth, especially in burgeoning sectors like tech; in fact, the pace of growth in the tech sector is so fast that labour demand has outstripped supply, making it difficult for tech companies to attract and recruit skilled talent. BC Tech estimated that our tech industry will need to fill approximately 35,000 positions by 2021.
Dec 13, 2017
Economy & Policy
Skills Training: An Essential for Employees & Entrepreneurs
Technology is rapidly changing how we do things. The introduction of ATM machines in the 1980s, is a prime example, where technology reduced routine cash handling done by tellers and refined their roles to provide better customer service and sales, which required new skills.
Nov 29, 2017
Economy & Policy
A quiet crisis – youth employment
People between the ages of 15 and 29 are the leaders of today and tomorrow, and we depend on their ability to foster the economy for the next generation and to care for the previous generation. Despite accumulating skills and making efforts to find work, many young British Columbians are struggling today and feeling anxious: the world of work has changed, leaving their futures unknown.
Oct 25, 2017
Economy & Policy
High cost of living impacts business competitiveness
According to the Chartered Professional Accountants of British Columbia’s (CPABC) annual Business Outlook Survey, 81% of B.C.’s CPAs identified attracting and retaining skilled labour as a challenge to effective business investment and productivity. B.C.’s high cost of living and increasingly expensive housing, particularly in Greater Vancouver, have impacted recruitment efforts.
Sep 18, 2017