Positive Economic Indicators for BC
Gross Domestic Product - Updated May 12, 2011
British Columbia’s economy bounced back in 2010, expanding 4.0% after posting a 1.8% decline in real GDP (chained 2002 dollars, measured at basic prices) in the previous year. The recovery was broadly based, with both the goods and service sectors making significant gains. The rebound in goods-producing industries was partly driven by a turnaround in resource-based industries. A long downturn in the forest sector finally came to an end in 2010, while the mining, oil and gas extraction industry posted its first increase in real GDP since 2005. The construction industry also picked up speed after losing ground in 2009. In the service sector, most industries made gains in 2010. The Olympics provided a boost to several tourist-related industries, including accommodation and food services, which expanded 3.5%.
(Prepared by BC Stats, Source: Statistics Canada)
Employment Rate - Updated July 8, 2011
British Columbia’s jobless rate fell 0.3 percentage points to 7.3% in June. After four consecutive monthly increases, employment in British Columbia slipped 0.4% in June. A drop (–4.6%) in the number of people who were self-employed was the primary reason for the decline in employment. Employment in the goods-producing sector dipped 1.9% in June after job growth stalled in the previous month. Manufacturing (–4.2%) posted the most significant drop while declines in agriculture (–3.3%) and construction (–1.4%) also contributed to the job losses.
The number of service sector jobs remained virtually unchanged. Employment gains in information, culture & recreation (+5.1%) and accommodation & food services (+1.6%) offset declines in the number of people working in health care (–2.9%) and education (–2.6%).
(Prepared by BC Stats, Source: Statistics Canada, Labour Force Survey)
Wages in B.C. - Updated July 8, 2011
Workers in British Columbia were paid an average hourly wage of $23.17 in June, up 0.8% from the previous month. This marked the first increase in wages since February. BC’s average hourly rate remained above the national average ($22.72 per hour) and was the third highest in Canada.
(Prepared by BC Stats, Source: Statistics Canada, Labour Force Survey)
Inflation rate in B.C. - Updated May 20, 2011
Consumer prices in British Columbia rose 2.7% in April compared to the same month in 2010. Rising energy costs (+11.0%) continued to be the main driver of inflation due to the increasing prices of gasoline (+19.8%) and fuel oil (+25.5%). The price of electricity saw its weakest increase (+0.6%) since July 2009. Excluding energy, the Consumer Price Index rose 2.1%.
Inflation levels in BC’s two largest cities mirrored one another, posting similar increases in April. Vancouver registered a 2.6% jump, while prices rose 2.7% in Victoria over the same period.
(Prepared by BC Stats, Source: Statistics Canada)
Retail Sales - Updated June 21, 2011
Sales by retailers in the province rose for the third consecutive month in April (+1.3% seasonally adjusted), and recorded one of the highest increase among the provinces. Retail sales gains were seen in half the provinces, most markedly in Alberta (+1.6%) and BC, while PEI (-3.3%) saw the most significant decline. Strong sales in the automotive sector (+1.7%) were a major factor in the overall growth in retail sales at the national level (+0.3%).
(Prepared by BC Stats, Source: Statistics Canada)
Manufacturing sales - Updated June 15, 2011
Manufacturers in British Columbia saw sales slip 0.9% (seasonally adjusted) in April, following gains made in the previous month. Sales were modestly higher in the machinery (+2.3%), food product (+1.5%) and primary metal (+1.0%) industries. However, these gains were offset by reduced shipments by computer & electronics (–8.1%), transportation equipment (–7.6%), paper (–3.9%) and wood (–1.4%) producers. Nationally, manufacturing sales fell 1.3% in April as weaker shipments of transportation equipment (–7.8%) accounted for most of the decline.
(Prepared by BC Stats, Source: Statistics Canada)
Wholesale Sales - Updated June 17, 2011
Wholesale sales in the province declined in April, falling 0.9% (seasonally adjusted), following a similar decrease (-0.6%) in the previous month. Five provinces posted gains, with the most significant boosts seen in Quebec (+1.7%) and Newfoundland & Labrador (+3.8%). At the other end of the scale, Saskatchewan (-10.6%) saw the most notable drop-off.
Total Canadian sales (-0.1%) were relatively flat, with sales declining in four of the seven major industry groupings.
(Prepared by BC Stats, Source: Statistics Canada)
International Trade (Exports) - Updated June 9, 2011
The value of exports from British Columbia fell (–9.1% seasonally adjusted) in April. While exports of agriculture & fish products (+0.9%) and machinery & equipment (+1.7%) rose slightly, shipments of industrial & consumer products (–22.2%) declined. Likewise registering substantial declines were exports of energy (–6.5%) and forestry (–6.1%) products.
The value of goods bound for US customers was down (–4.9%) for a third straight month. All major commodity groups, with the exception of machinery & equipment (+1.2%), were weaker. Most significant of these was a 13.6% drop in the value of exported energy products, the second double-digit decline in energy exports in as many months.
(Prepared by BC Stats, Source: BC Stats)
Housing Starts - Updated June 9, 2011
Housing starts in British Columbia surged ahead 30.2% (seasonally adjusted) in May, building on the 21.9% increase posted a month earlier. Nationally, the number of new housing starts advanced slightly (+2.7%) in May. Eight provinces posted a higher number of starts, with BC (+30.2%), Alberta (+13.6%) and Quebec (+12.0%) all registering double-digit increases. However, these gains were almost entirely offset by a sharp decline in the number of starts in Ontario (–21.6%).
(Prepared by BC Stats, Source: Canadian Mortgage and Housing Corporation)
Residential and Non-Residential Building Permits - B.C. Regional - Updated July 7, 2011
Year-to-date, building intentions were up 1.4% in May. North Coast (+307.3%) saw the largest growth, by far related to a significant increase in the value of commercial permits. However, gains were also recorded in Mainland/Southwest (+14.6%) and Northeast (+6.0%). Cariboo (–14.7%), Vancouver Island/Coast (–20.3%), Thompson-Okanagan (–23.4%), Kootenay (–23.8%), and Nechako (–53.1%) all registered declines in permit values.
(Prepared by BC Stats, Source: Statistics Canada)
Tourist visits - Updated June 17, 2011
Visitor entries to Canada through BC were up (+0.7%, seasonally adjusted) in April. Same-day visits from the US (-0.1%) were off for the third consecutive month, while overnight trips also experienced a small decline (-0.3%). Overall, total US entries dipped 0.3%. However, there were more travelers from overseas countries (+3.8%), driven primarily by a double-digit increase (+11.5%) in the number of visitors from Asia. Meanwhile, European entries (-2.1%) were down.
There were nearly 1.2 million Canadians returning home via BC in April, up 3.3% from the previous month. Total trips from the US increased 2.8%, while the number of Canadians returning from overseas jumped (+8.1%).
(Prepared by BC Stats, Source: Statistics Canada)
Population – Updated June 22, 2011
The estimated population of British Columbia totaled 4,563,296 persons as of April 1st, 2011, for an increase of 1.1 per cent over the preceding twelve months. Canada grew at the same rate and compared to the other provinces BC had the sixth strongest growth rate. During the first three months of 2011, the population grew by an estimated 9,211 persons (+0.2%).
(Prepared by BC Stats, Source: Statistics Canada)
Independent Economic Forecast Council on economic growth
B.C.’s economy is expected grow moderately over the next year according to B.C.’s independent Economic Forecast Council. On average, the council forecasts B.C.’s GDP growth at 2.7 per cent for this year. This is down from Budget 2010, when economic growth was projected at 3.1 per cent. For 2012, the council’s forecast is unchanged at 3.0 per cent. The council’s average annual forecast for 2013-2015 is 2.8 per cent.
B.C.’s top credit rating reconfirmed
The Dominion Bond Rating Service, Standard & Poor, and Moody's Investment Service have all reconfirmed B.C.'s strong credit rating. The most recent report from Moody's notes the Province's debt reduction efforts of the past few years have put British Columbia in a stronger position to face the economic downturn. DBRS rates B.C. AA (High); Standard & Poor, AAA; and Moody's, AAA.
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