In March 2020, the COVID-19 pandemic led the government of British Columbia to declare a 14-day state of emergency. Just a month later, South Island Prosperity Partnership (SIPP) launched the Rising Economy Taskforce to aid Greater Victoria’s economy in recovering from the pandemic. As an internationally-renowned teaching and research hub that continually works to improve lives both globally and in our local communities, UVic is uniquely situated to help meet these goals.
“The University of Victoria is a tremendous asset to the South Island region,” says Emilie de Rosenroll, CEO of South Island Prosperity Partnership and chair of its Rising Economy Taskforce. “As a globally recognized leader in post-secondary education, UVic’s contribution to the Rising Economy Taskforce has brought us deep insights into the future of the education and training sector and the vital role post-secondary institutions play in economic development. Growing our people to be the best they can be is an essential part of creating a resilient economy for everyone.”
The Rising Economy Taskforce’s recommendations, released this week, were put together after several months of extensive research, analysis and consultation. The report captures top priorities and actions community, business, academic and government leaders can take over periods stretching from six months to over two years. These ideas are currently being discussed in Rising Economy Week, a five-day virtual program that features discussions with experts in economic development, business, entrepreneurship, innovation, urban development, education and more.
Several members of the UVic community were part of the Rising Economy Taskforce. Following initial work done by then-UVic President Jamie Cassels and his team, current President Kevin Hall has become a key part of the discussion in Cassels’s stead. Hall speaks Friday at the “Future of Higher Education: Rising to Disruption” panel during Rising Economy Week.
UVic contributes significantly to the success of the region and we engage deeply with our local community. Through involvement with the South Island Prosperity Partnership, we will continue to work with our partners to build on that success and to develop forward-looking, innovative solutions that ensure the social and economic recovery of the south island. —UVic President Kevin Hall
Pillars of recovery
During its period of extensive research and consultation, the Rising Economy Taskforce took the recommendations from this work and categorized them across ten pillars. Four of these build directly on UVic’s strengths:
Invest in Inclusion
Invest in Innovation Ecosystems
Invest in the Future Workforce
Invest In Digital Infrastructure Access to Close the Divide
With a strong emphasis on Indigenous voices and research, creativity and innovation across its 10 faculties—in addition to strong mentorship and community-engaged learning programs—UVic has already begun to take steps to build back the economy of Greater Victoria.
Innovation and the future
The SIPP report’s Invest in Innovation Ecosystems pillar aims to support innovation across sectors, helping businesses and communities respond more quickly to disruptions such as the COVID-19 pandemic. It also encourages sustainable business growth, new products and ideas, and research and development. UVic is a leader or support in several of in these recommendations. These include a recommendation to increase funding to the Coast Capital Innovation Centre, UVic’s on-campus venture incubator, which mentors and supports entrepreneurs in every stage of the process.
UVic is also a leader or major support in most of the Invest in the Future Workforce recommendations. Dynamic learning, for example, is an integral part of the UVic experience—taking students beyond the classroom and into the real world, where they gain invaluable experience and learn how to turn ideas into action. UVic’s experience and infrastructure in this area will be essential in the SIPP report’s recommendation to establish a future skills alliance for the south island—including prioritised support for greater work-integrated learning opportunities such as UVic co-ops.
The Blue Economy
Geography grad student Brian Timmer conducts fieldwork in a bed of kelp near the Broughton Archipelago, on BC’s central coast. Photo: Markus Thompson
Canada has the world’s longest coastline, and as such, is in a unique position to support and enhance the blue economy—the sustainable use of the ocean for economic growth. Greater Victoria is on the cusp of that breakthrough, thanks in part to UVic’s decades-long investment in ocean research and monitoring systems, including its Ocean Networks Canada (ONC) initiative.
Experts predict that the blue economy will grow in strength and importance over the years, reaching a value of $3 trillion by 2030. The Rising Economy Taskforce is working to support this growth—and Greater Victoria’s contribution to the effort—by establishing an Ocean and Marine Innovation Hub on southern Vancouver Island.
Kate Moran, President and CEO of ONC, will also speak at a Friday panel about this horizon of change—“The Blue Economy: The Ocean as Our Next Frontier”—during Rising Economy Week.
The accelerating blue economy will be spurred by public demand for green economic investment, which includes transitioning to zero-carbon marine transportation, establishing ecosystem-based aquaculture management, delivering ocean-based climate adaptation solutions, installing and operating ocean renewable energy systems, and operating ocean-based carbon dioxide removal systems. —Kate Moran, President and CEO of Ocean Networks Canada
UVic is working to make the blue economy a more tangible reality in Greater Victoria through their work with ONC. UVic will add to that effort by supporting a recommendation to create a work placement program for the ocean and marine sector. UVic has one of Canada’s largest university co-operative education programs; 75% of co-op students graduate with job offers, and UVic grads are ranked as the best-prepared for the workforce of any Canadian comprehensive university. That leadership puts UVic in a strong position to build even more work-placement programs that benefit students, businesses and the Greater Victoria community.
Inclusivity is the way forward
COVID-19 has exposed the gaps in society. Pre-existing inequalities have worsened, vulnerable groups are even more vulnerable, and those lacking digital literacy and easy access to technology have suffered.
But COVID-19 also offers opportunities.
The Rising Economy Taskforce embraces the “build back better” approach to this crisis. Just as COVID-19 cast light on the gaps in society, on inequalities and those who are more vulnerable, it is also an opportunity to be proactive in building a better society.
UVic’s core values emphasize equality, inclusivity and building a better, more sustainable future. And its work in the Rising Economy Taskforce is a glance forward, to seeing those values realized, working collaboratively with the region’s stakeholders to advance the prospects of Greater Victoria, its economy and its people.
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.
