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 – Statistics Canada says retail sales rose 0.4 per cent to $66.6 billion in August, helped by higher new car sales.
The agency says sales were up in four of nine subsectors as sales at motor vehicle and parts dealers rose 3.5 per cent, boosted by a 4.3 per cent increase at new car dealers and a 2.1 per cent gain at used car dealers.
Core retail sales — which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers — fell 0.4 per cent in August.
Sales at food and beverage retailers dropped 1.5 per cent, while furniture, home furnishings, electronics and appliances retailers fell 1.4 per cent.
In volume terms, retail sales increased 0.7 per cent in August.
Looking ahead, Statistics Canada says its advance estimate of retail sales for September points to a gain of 0.4 per cent for the month, though it cautioned the figure would be revised.
This report by The Canadian Press was first published Oct. 25, 2024.
OTTAWA – The federal government is expected to boost the minimum hourly wage that must be paid to temporary foreign workers in the high-wage stream as a way to encourage employers to hire more Canadian staff.
Under the current program’s high-wage labour market impact assessment (LMIA) stream, an employer must pay at least the median income in their province to qualify for a permit. A government official, who The Canadian Press is not naming because they are not authorized to speak publicly about the change, said Employment Minister Randy Boissonnault will announce Tuesday that the threshold will increase to 20 per cent above the provincial median hourly wage.
The change is scheduled to come into force on Nov. 8.
As with previous changes to the Temporary Foreign Worker program, the government’s goal is to encourage employers to hire more Canadian workers. The Liberal government has faced criticism for increasing the number of temporary residents allowed into Canada, which many have linked to housing shortages and a higher cost of living.
The program has also come under fire for allegations of mistreatment of workers.
A LMIA is required for an employer to hire a temporary foreign worker, and is used to demonstrate there aren’t enough Canadian workers to fill the positions they are filling.
In Ontario, the median hourly wage is $28.39 for the high-wage bracket, so once the change takes effect an employer will need to pay at least $34.07 per hour.
The government official estimates this change will affect up to 34,000 workers under the LMIA high-wage stream. Existing work permits will not be affected, but the official said the planned change will affect their renewals.
According to public data from Immigration, Refugees and Citizenship Canada, 183,820 temporary foreign worker permits became effective in 2023. That was up from 98,025 in 2019 — an 88 per cent increase.
The upcoming change is the latest in a series of moves to tighten eligibility rules in order to limit temporary residents, including international students and foreign workers. Those changes include imposing caps on the percentage of low-wage foreign workers in some sectors and ending permits in metropolitan areas with high unemployment rates.
Temporary foreign workers in the agriculture sector are not affected by past rule changes.
This report by The Canadian Press was first published Oct. 21, 2024.
OTTAWA – The parliamentary budget officer says the federal government likely failed to keep its deficit below its promised $40 billion cap in the last fiscal year.
However the PBO also projects in its latest economic and fiscal outlook today that weak economic growth this year will begin to rebound in 2025.
The budget watchdog estimates in its report that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year.
Finance Minister Chrystia Freeland pledged a year ago to keep the deficit capped at $40 billion and in her spring budget said the deficit for 2023-24 stayed in line with that promise.
The final tally of the last year’s deficit will be confirmed when the government publishes its annual public accounts report this fall.
The PBO says economic growth will remain tepid this year but will rebound in 2025 as the Bank of Canada’s interest rate cuts stimulate spending and business investment.
This report by The Canadian Press was first published Oct. 17, 2024.
