The Province is launching a bold, new long-term economic plan that moves British Columbia forward by tackling the challenges of today while growing an economy that works for more people and families.
StrongerBC: A Plan for Today, a Vision for Tomorrow builds on B.C.’s strength – its people. The plan sets out to fill one million jobs over the next 10 years by investing in skills training, building resilient communities and positioning B.C. as a world leader in a low-carbon economy.
“Our government understands that people are the economy and that growing the economy cannot mean leaving people behind,” said Premier John Horgan. “Today, B.C. is a national economic leader, and our StrongerBC plan provides a framework to create a low-carbon economy that works for everyone. An economy built for all is an economy built to succeed.”
As a first step in the plan, the Province is investing $136.6 million to build a new state-of-the-art Trades and Technology Complex at the British Columbia Institute of Technology (BCIT) Burnaby campus. The complex will be a hub for skills training and include four new buildings, benefiting more than 12,000 full- and part‐time students per year in more than 20 trades and technology programs.
“The pandemic has exposed deep vulnerabilities in our society, and we know we can’t go back to the way things were,” said Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation. “This plan is your plan. It’s built by British Columbians, for British Columbians and puts people first. By investing in people, we will tackle today’s challenges while growing tomorrow’s economy. And through this plan we will close our skills gap, prove that we can grow the economy while tackling climate change and create a province that is more inclusive, sustainable and innovative.”
Anne Kang, Minister of Advanced Education and Skills Training, said: “Investing in new trades training infrastructure at BCIT is a crucial part of equipping students for the jobs of the future while supporting a clean, innovative economy. The new Trades and Technology Complex will help ensure future students have access to the best tools, instruction and equipment needed to meet the demand for an estimated 85,000 new trades jobs expected over the next 10 years.”
Along with building a new Trades and Technology Complex at BCIT, key actions under the StrongerBC Economic Plan include training British Columbians to succeed in the jobs of tomorrow, accelerating the timeline to connect all B.C. communities to high-speed internet, creating opportunities for under-represented entrepreneurs, expanding domestic manufacturing capabilities, establishing an ESG Centre of Excellence to promote Environmental, Social and Governance principles for products and services, and building more resilient B.C. businesses by expanding access to global markets.
The plan is built with the belief that an economy can grow and thrive, while addressing two core issues: inequality and climate change. The StrongerBC Economic Plan puts the province on this path by working toward inclusive and clean growth, as well as identifying six missions to achieve these goals:
supporting people and families;
building resilient communities;
advancing true, lasting and meaningful reconciliation with Indigenous Peoples;
meeting B.C.’s climate commitments;
leading on environmental and social responsibility; and
fostering innovation throughout B.C.’s economy.
The StrongerBC Economic Plan is the result of extensive engagement sessions, including sessions led by the Minister of Jobs, Economic Recovery and Innovation with more than 300 people from every region of the province and from all walks of life, such as leaders from businesses, labour groups, First Nations and Indigenous communities, municipalities and universities and colleges.
Mariana Mazzucato and her team at the U.K.-based University College London – Institute for Innovation and Public Purpose have been advising the Province on the development of the plan. Mazzucato is one of the world’s foremost economic thought leaders who has advised governments and policy makers to deliver solutions to societal challenges.
The plan’s goals will be tracked through a broad set of progressive indicators. In addition to traditional economic indicators like gross domestic product (GDP) and job numbers, the plan will also measure well-being indicators like affordable housing, post-secondary training and poverty reduction.
StrongerBC: A Plan for Today, a Vision for Tomorrowis an evolving plan based on the experiences of British Columbians and designed to be adapted and adjusted. People are encouraged to share their economic priorities and ideas online. Input from the survey will help inform future policy and guide the work of the plan.
Andrew Mercier, Parliamentary Secretary for Skills Training –
“With more than 85,000 new trades jobs expected in the next decade, it is imperative that we invest in the educational opportunities and facilities that apprentices and students need to get the job done. I’m excited for the future laid out in the StrongerBC Economic Plan and supported by skilled trades certification. I know our skilled tradespeople are up to the challenge of helping build a stronger B.C. for us all.”
“BCIT is a place where students learn to maximize their potential while gaining hands-on work experience that is applicable to everyday life. After completing four years of my carpentry apprenticeship at BCIT, I am confident that I can tackle any complexity within my field. Thanks to support from BCIT, the provincial government and industry partners, there will be more educational opportunities to support students, like myself, in becoming innovators for the trades industry.”
Kathy Kinloch, president, BCIT –
“This important investment will facilitate the ongoing transformation of BCIT’s Burnaby campus and our ability to help power B.C.’s ongoing pandemic recovery by giving trades and technology learners the skills and credentials they need for today and tomorrow. This transformation will also provide our incredible faculty and staff with the tools needed to stay in lockstep with industry’s current and emerging trends. Our thanks to the Province, our generous donors and to BCIT faculty and staff for your crucial support on this key initiative.”
Quick Facts:
In fall 2021, a series of focused virtual engagement sessions were held with First Nations governments and Indigenous organizations with engagement continuing into 2022.
In addition, more than 300 stakeholders and partners provided input to help develop this plan, taking part in 33 virtual engagement sessions.
B.C. leads Canada in economic recovery with more than 100,000 new jobs added in 2021.
According to the Labour Market Outlook, more than one million job openings are expected in B.C. over the next 10 years, approximately 80% of which will require post-secondary education and training.
The Trades and Technology Complex at BCIT is the first provincially funded post-secondary capital project that requires developers to prioritize hiring Indigenous, women and other under-represented people in the trades through the Community Benefits Agreement.
Learn More:
For more information about StrongerBC: A Plan for Today, a Vision for Tomorrow, visit: https://strongerbc.ca/plan
OTTAWA – Canada’s unemployment rate held steady at 6.5 per cent last month as hiring remained weak across the economy.
Statistics Canada’s labour force survey on Friday said employment rose by a modest 15,000 jobs in October.
Business, building and support services saw the largest gain in employment.
Meanwhile, finance, insurance, real estate, rental and leasing experienced the largest decline.
Many economists see weakness in the job market continuing in the short term, before the Bank of Canada’s interest rate cuts spark a rebound in economic growth next year.
Despite ongoing softness in the labour market, however, strong wage growth has raged on in Canada. Average hourly wages in October grew 4.9 per cent from a year ago, reaching $35.76.
Friday’s report also shed some light on the financial health of households.
According to the agency, 28.8 per cent of Canadians aged 15 or older were living in a household that had difficulty meeting financial needs – like food and housing – in the previous four weeks.
That was down from 33.1 per cent in October 2023 and 35.5 per cent in October 2022, but still above the 20.4 per cent figure recorded in October 2020.
People living in a rented home were more likely to report difficulty meeting financial needs, with nearly four in 10 reporting that was the case.
That compares with just under a quarter of those living in an owned home by a household member.
Immigrants were also more likely to report facing financial strain last month, with about four out of 10 immigrants who landed in the last year doing so.
That compares with about three in 10 more established immigrants and one in four of people born in Canada.
This report by The Canadian Press was first published Nov. 8, 2024.
The Canadian Institute for Health Information says health-care spending in Canada is projected to reach a new high in 2024.
The annual report released Thursday says total health spending is expected to hit $372 billion, or $9,054 per Canadian.
CIHI’s national analysis predicts expenditures will rise by 5.7 per cent in 2024, compared to 4.5 per cent in 2023 and 1.7 per cent in 2022.
This year’s health spending is estimated to represent 12.4 per cent of Canada’s gross domestic product. Excluding two years of the pandemic, it would be the highest ratio in the country’s history.
While it’s not unusual for health expenditures to outpace economic growth, the report says this could be the case for the next several years due to Canada’s growing population and its aging demographic.
Canada’s per capita spending on health care in 2022 was among the highest in the world, but still less than countries such as the United States and Sweden.
The report notes that the Canadian dental and pharmacare plans could push health-care spending even further as more people who previously couldn’t afford these services start using them.
This report by The Canadian Press was first published Nov. 7, 2024.
Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.
As Canadians wake up to news that Donald Trump will return to the White House, the president-elect’s protectionist stance is casting a spotlight on what effect his second term will have on Canada-U.S. economic ties.
Some Canadian business leaders have expressed worry over Trump’s promise to introduce a universal 10 per cent tariff on all American imports.
A Canadian Chamber of Commerce report released last month suggested those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.
More than 77 per cent of Canadian exports go to the U.S.
Canada’s manufacturing sector faces the biggest risk should Trump push forward on imposing broad tariffs, said Canadian Manufacturers and Exporters president and CEO Dennis Darby. He said the sector is the “most trade-exposed” within Canada.
“It’s in the U.S.’s best interest, it’s in our best interest, but most importantly for consumers across North America, that we’re able to trade goods, materials, ingredients, as we have under the trade agreements,” Darby said in an interview.
“It’s a more complex or complicated outcome than it would have been with the Democrats, but we’ve had to deal with this before and we’re going to do our best to deal with it again.”
American economists have also warned Trump’s plan could cause inflation and possibly a recession, which could have ripple effects in Canada.
It’s consumers who will ultimately feel the burden of any inflationary effect caused by broad tariffs, said Darby.
“A tariff tends to raise costs, and it ultimately raises prices, so that’s something that we have to be prepared for,” he said.
“It could tilt production mandates. A tariff makes goods more expensive, but on the same token, it also will make inputs for the U.S. more expensive.”
A report last month by TD economist Marc Ercolao said research shows a full-scale implementation of Trump’s tariff plan could lead to a near-five per cent reduction in Canadian export volumes to the U.S. by early-2027, relative to current baseline forecasts.
Retaliation by Canada would also increase costs for domestic producers, and push import volumes lower in the process.
“Slowing import activity mitigates some of the negative net trade impact on total GDP enough to avoid a technical recession, but still produces a period of extended stagnation through 2025 and 2026,” Ercolao said.
Since the Canada-United States-Mexico Agreement came into effect in 2020, trade between Canada and the U.S. has surged by 46 per cent, according to the Toronto Region Board of Trade.
With that deal is up for review in 2026, Canadian Chamber of Commerce president and CEO Candace Laing said the Canadian government “must collaborate effectively with the Trump administration to preserve and strengthen our bilateral economic partnership.”
“With an impressive $3.6 billion in daily trade, Canada and the United States are each other’s closest international partners. The secure and efficient flow of goods and people across our border … remains essential for the economies of both countries,” she said in a statement.
“By resisting tariffs and trade barriers that will only raise prices and hurt consumers in both countries, Canada and the United States can strengthen resilient cross-border supply chains that enhance our shared economic security.”
This report by The Canadian Press was first published Nov. 6, 2024.
