Each issue of this newsletter is devoted to providing a robust analysis of a single important policy topic affecting BC’s economy. These are published several times a year.
Growing grey: Fiscal policy amid an aging population
As the population ages and more people exit the workforce than naturally enter it, policy-makers will be presented with significant challenges. This short paper looks at some of the fiscal stresses that demographic change will pose, with a specific focus on British Columbia, and suggests options that could help to ease the looming fiscal crunch.
Will the Kids Be Alright? The Arithmetic of Productivity Trends in Canada and B.C.
How can Canada and British Columbia improve productivity?
B.C.'s Manufacturing Sector is Growing...But Faces Competitiveness Challenges
Manufacturing is a growth story for the B.C. economy over the last 10 years and is punching above its weight in terms of our export portfolio, generating new income for the provincial economy. The latest Policy Perspectives, details economic facts, figures and trends, as well as sectoral breakdowns and cross provincial comparisons, relevant to BC’s $50 billion resource and non-resource manufacturing activities. It also provides some cautionary advice relative to key competitive headwinds facing this element of our economy - which makes up 7% of provincial GDP and over 170,000 jobs.
What To Expect When You're Expecting [Disruption]: The Digital Economy and British Columbia
You are in the midst of the Fourth Industrial Revolution. So, what is it — and in what ways may it transform life as we know it?
Ties That Bind: Economic Ties Between BC and Alberta
BC and Alberta have especially strong economic connections and exhibit a high degree of economic interdependence.
A Closer Look at BC's Exports
As a small market jurisdiction, exports of both goods and services are the foundation of the BC economy. Selling goods and services to other markets provides income from external sources, which in turn enables BC households and businesses to purchase and pay for a vast array of imports. Growing BC export-capable industries is critical to raising real incomes and boosting prosperity in the long term.
Assessing The New US Administration's Impact on BC's Natural Resource Industries
What the US Administration does on trade, energy and environmental policy matters to BC’s natural resource sectors, and to the overall health of our economy.
Better, But Still Rising Steadily: An Update on Municipal Spending in Metro Vancouver
In real per capita terms, municipal government expenditures in Metro Vancouver grew by 6.9% over the past five years. This is a notable reduction from the 20% jump recorded between 2005 and 2010.
Diverse and Growing: BC's Agriculture Industry on the Rise
BC's agri-food industry has enjoyed strong growth in recent years.
British Columbia Needs Effective Intellectual Property Frameworks to Promote Collaborative Research and Commercialization
This issue of Policy Perspectives provides an overview of results from a recent Mitacs research project examining what attracts (and deters) foreign direct investment in R&D to Canada, with a specific focus on Canada’s outdated intellectual policy regime.
A Snapshot of Health Care Spending -- In Canada and Around the World
Health care in Canada consumed more than 40% of aggregate provincial government revenues in 2015, with the public and private spending necessary to provide the full suite of health services amounting to 10.7% of national GDP.
Canadian Head Office Survey: How Do Metro Vancouver and British Columbia Stack Up?
This issue of Policy Perspectives reviews the recently released Statistics Canada Annual Head Office Survey, comments on its implications for BC/Metro Vancouver, and offers a few thoughts on factors that contribute to a robust head office “ecosystem.”
The Trans-Pacific Partnership – Positioning Canada and British Columbia for the Pacific Century
The October 5, 2015 announcement that 12 Pacific Rim countries, including Canada, have signed the Trans-Pacific Partnership Agreement (TPP) is good news for British Columbia. Once/if ratified by all of the signatory countries, it will take time for BC businesses to feel the full effects of the deal: elimination of some tariffs will take 10 years or more. Eventually, the global economic potential of the “TPP region” and the new areas covered by the agreement, particularly services and investor and intellectual property protections, could reshape trade flows and boost economic development in what is already the most dynamic region in the world.
Winners and Losers from the Slumping Loonie...Through a British Columbia Lens
In the final months of 2012 the Canadian dollar was trading slightly above parity with the US greenback. Nearly three years later, one Canadian dollar is worth ~76 US cents. This marks an unprecedented depreciation of the Canadian currency – more than 25% in a bit less than three years. A decline of this speed and magnitude has significant economic implications.
It’s Bigger Than You Think: Non-Resource Manufacturing in BC
In British Columbia the processing of resources is a highly visible part of the manufacturing sector, particularly the processing of logs harvested from the province’s forests. But non-resource manufacturing is also a significant part of the provincial economic landscape.
This issue of Policy Perspectives takes a closer look at non-resource manufacturing in British Columbia. The sector comprises a bigger piece of the industrial base than most people realize. Looking ahead, we see non-resource manufacturing as a promising source of economic and export gains for British Columbia.
Economic Growth and Tighter Labour Markets in BC: Some Implications of the Demographic Shift Ahead
Most people are aware that the population in Canada and other western countries is aging, that longevity is increasing, and that the front‐end of the large baby boom generation has started to retire. Fertility rates have also fallen, which means the future supply of workers will be restricted. But how quickly will the population grow, and age, in the coming decades? Will there be a dramatic shortfall of working‐age people?
This issue of Policy Perspectives briefly reviews current population projections for BC, shining a spotlight on a few key demographic variables. The findings underscore the steady aging of the provincial as well as the national population. It is also clear that immigration plays a significant role in the changing demographic landscape – within a decade, it will be the only source of population growth for both Canada and BC. Immigration can also help temper the pace – but not reverse the reality of – population aging.
Forest Sector Remains a Vital Economic Engine for BC
British Columbia’s forest industry is an integral part of our economy and remains one of the most important economic engines for the province. It generates tens of thousands of jobs directly and supports many more jobs in other sectors that sell goods and services into the different elements of the forest products cluster.
An Updated Look at BC’s Inventory of Major Capital Projects
In this issue of Policy Perspectives, we provide a summary of capital spending on “major” projects in British Columbia.
The Underground Economy
“Underground” economic activity takes different forms and includes the production/provision of both legal and illegal goods and services. The underground economy (UE) is a concern for governments because it reduces the tax base and can weaken regulatory regimes intended to protect consumers, workers and the environment.
BC’s Tourism Industry: Positioned for Growth
In BC, tourism supports and sustains jobs in every region and serves as the economic backbone of many smaller communities. Compared to other provinces, the tourism industry is proportionally larger in BC, a reflection of the province’s natural beauty and the diversity of both winter and summer activities offered here. Greater Vancouver’s international status as a desirable travel destination contributes to the prominence of the broader BC tourism sector.