- BC's economy experienced strong growth in 2017, with employment increasing by 87,300 jobs and the unemployment rate falling to 5.1%. However, labour productivity indicators such as wages and employment in sciences declined.
- Housing affordability deteriorated significantly due to high home prices, contributing to a reduction in quality of life. Consumer debt levels also increased substantially.
- While private sector investment declined, exports per worker rose and government debt remained relatively low compared to other provinces. Overall, BC's economic performance was mixed, with positive employment trends but weaknesses in other key areas.
(Vedika) Low Rate Call Girls in Pune Call Now 8250077686 Pune Escorts 24x7
BC Check-Up 2018
1. CHECK UP ON BC’s ECONOMY • www.bccheckup.com • Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
ppt = percentage point
BC’s employment
opportunities were
abundant
jobs to 2.5 million
4 years of economic growth
pushed BC’s labour market
to full capacity
Government net debt as
a percentage of GDP:
+0.9ppt to 15.2%
Percentage of labour force between
ages 19 and 25 with less than a high
school education: -0.1ppt to 5.4%
Aggregate compensation actually
grew but it was outpaced by
the rate of job creation
Employment in the
natural and applied sciences:
Value of international
exports:
Consumer debt per capita
largely due to rising mortgage debt
BC’s labour productivity
stayed the course
BC’s quality of life
deteriorated
BC’s investment climate
remained stable
+
87,300
are service sector
positions
Unemployment
to 5.1%
–
0.9ppt –
0.2ppt
+
12.7%
–
0.1%
Long-term
unemployment to 0.5%
–
0.1ppt
Labour force with at least
some post-secondary
education: RECORD IN BC!
+2.0ppt to 71.4%
Private sector
non-residential
building investment:
to
6.8%
to
$4.5
billion
to $43.7billion
to $55,096Average labour
compensation:
Housing
affordability
due to record
housing prices
Export
Commodities
Share of median income
spent on housing:
Due to low Canadian
dollar and spike in
energy exports
+7.1% to $67,294
+
2.3ppt
+
7.3ppt
Vancouver Victoria
WORSENED
3to 80.6% to 59.4%
–
2.6%
TOP ENERGY
$9.7
billion
WOOD
$5.3
billion
METALLIC MINERAL
$11.0
billion
LABOUR PRODUCTIVITY QUALITY OF LIFE INVESTMENT CLIMATEEMPLOYMENT OPPORTUNITIES
BC Check-Up 2018
2. CHECK UP ON BC’s ECONOMY • www.bccheckup.com • Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
Moderated growth is expected throughout 2018 and 2019.
Housing activity is expected to slow down as a result
of new policies and shifting demands.
Uncertainty over trade relations will continue to have some
impact on BC’s exporters, especially softwood lumber
exporters.
Recent policy changes in BC, including the new employer
health tax, speculation tax, and the community benefits
agreement, will also affect BC’s economy.
GDP
Growth
Rate
Forecast
Goods:
+16,800
Services:
+10,400
Dec 17-June 18
+
2.4%
+
27,300
Jobs
Outlook 2018-2019
3. CHECK UP ON BC’s ECONOMY • www.bccheckup.com • Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
2016-2017
CHANGE
in BC EMPLOYMENT UNEMPLOYMENT
RATE
+
87,300
–
0.9ppt
ON
7,128,000
BC
2,466,800
AB
2,286,900
18,416,400
AB
7.8%
ON
6.0%
BC
5.1%
6.3%
BC’S EMPLOYMENT OPPORTUNITIES WERE ABUNDANT
BC British Columbia
Canada
AB Alberta
ON Ontario
ppt = percentage point
LONG-TERM
UNEMPLOYMENT
RATE
–
0.1ppt
AB
1.2%
ON
0.7%
BC
0.5%
0.7%
Employment Opportunities
4. CHECK UP ON BC’s ECONOMY • www.bccheckup.com • Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
Four years of strong economic growth pushed BC’s
labour market to full capacity, as employment grew
by an impressive 87,300 new jobs in 2017, reaching
a total of 2.47 million. Unemployment also
fell to 5.1%, below the national average of 6.3%.
Improved labour market conditions also drew many
people back to work, with the labour participation
rate rising to 65.3%, the highest level since 2010.
This also led to a decline of 0.1ppt in BC’s long-term
unemployment rate to 0.5%.
Labour market:
Full capacity
!
Employment Opportunities
Employment:
+ 3.7%
Unemployment:
– 0.9ppt
Labour Force
Participation:
+ 1.4ppt
5. CHECK UP ON BC’s ECONOMY • www.bccheckup.com • Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
2016-2017
CHANGE
in BC EDUCATIONAL
ATTAINMENT
EMPLOYMENT IN
THE SCIENCES
LABOUR
COMPENSATION
PER EMPLOYEE
+
2.0ppt
–
0.2ppt
–
0.1%
ON
73.7%
BC
71.4%
AB
70.5%
73.4%
ON
8.5%
AB
8.0%
BC
6.8%
6.3%
AB
$72,479
ON
$60,501
BC
$55,096
$58,874
BC’S LABOUR PRODUCTIVITY STAYED THE COURSE
BC British Columbia
Canada
AB Alberta
ON Ontario
ppt = percentage point
Labour Productivity
6. CHECK UP ON BC’s ECONOMY • www.bccheckup.com • Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
A higher level of education in the workforce implies
better employment prospects and compensation, as
well as improved business productivity. In 2017, the
share of BC’s labour force with at least some post-
secondary education grew to 71.4%.
But a deeper look at employment, specifically in the
natural and applied sciences, says otherwise. Workers
in these knowledge-based fields boost innovation
and long-term business productivity, and this indicator
fell for a second consecutive year in BC to 6.8%.
Wages:
Low
!
Labour Productivity
Labour Compensation per Employee
AB
72K
BC
55K
ON
61K
CAN
59K
7. CHECK UP ON BC’s ECONOMY • www.bccheckup.com • Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
BC British Columbia
Canada
AB Alberta
ON Ontario
2016-2017
CHANGE
in BC
YOUTH
AT RISK
–
0.1ppt
AB
8.3%
ON
5.8%
BC
5.4%
7.2%
*Percentage share of median pre-tax household income required
to cover the cost of mortgage payment (principal and interest),
property taxes, and utilities based on the median market price
for an overall aggregate of housing types.
CONSUMER DEBT
PER CAPITA
HOUSING
AFFORDABILITY*
+
7.1%
+
2.3ppt
+
7.3ppt
BC
$67,294
ON
$55,570
AB
$53,576
$56,609
BC
Vancouver 80.6%
ON
Toronto 75.2%
BC
Victoria 59.4%
AB
Calgary 41.6%
47.52%
Vancouver Victoria
BC’S QUALITY OF LIFE DETERIORATED
ppt = percentage point
Quality of Life
8. CHECK UP ON BC’s ECONOMY • www.bccheckup.com • Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
BC’s average labour compensation was low while
its consumer debt per capita is high. This, combined
with high housing prices and rising interest rates,
affected BC’s quality of life.
In 2017, the share of labour force aged 19-24 with less
than a high school education fell to 5.4%. There has
been a steady decline over the past five years,
reflecting an increase in high school completion rates
and likely better employment prospects for young
workers.
!
Quality of Life
BC
AB
ON
CAN
Growth in Consumer Debt
Debt:
High
8.4%
9. CHECK UP ON BC’s ECONOMY • www.bccheckup.com • Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
2016-2017
CHANGE
in BC PRIVATE SECTOR NON-
RESIDENTIAL BUILDING
INVESTMENT (MILLIONS)
VALUE OF EXPORTS
PER WORKER
GOVERNMENT
NET DEBT AS
A % OF GDP
–
2.6%
+
9.7%
+
0.9ppt
ON
$15,728
AB
$7,123
BC
$4,531
$38,543
AB
$40,358
ON
$26,365
BC
$16,805
$25,531
ON
37.1%
BC
15.2%
AB
6.0%
30.4%
BC’S INVESTMENT CLIMATE REMAINED STABLE
BC British Columbia
Canada
AB Alberta
ON Ontario
ppt = percentage point
Investment Climate
10. CHECK UP ON BC’s ECONOMY • www.bccheckup.com • Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
Despite following four successive years of strong
economic growth, 2017 was less than stellar for BC’s
investment climate. After six years of positive growth,
private sector non-residential building investment
declined to $4.5 billion.
While the value of exports per worker saw a 9.7% gain
to reach $16,805, BC significantly lagged behind the
Canadian average and other comparison jurisdictions.
BC’s government net debt as a percentage of GDP
increased to 15.2%, but it remained one of the best
performers among our comparison jurisdictions.
Business Interest:
Average
!Private Sector Non-Residential
Building Investment:
– 2.6%
Value of Exports per Worker:
+ 9.7%
Government Net Debt
as a % of GDP:
+ 0.9ppt
Investment Climate
11. CHECK UP ON BC’s ECONOMY • www.bccheckup.com • Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
Educational attainment: The
percentage of the labour force
aged 25 to 64 with post-secondary
accreditation.
Employment in the sciences: the
share of employment in the natural
and applied sciences.
Labour compensation per
employee: compensation received
by an individual for work done,
including employers’ social
contributions, before deducting
government transfers.
Consumer debt per capita:
includes both personal and
mortgage debt.
Youth at risk: the percentage of
the labour force aged 19-24 lacking
a high school diploma.
RBC housing affordability index:
the proportion of median pre-tax
household income required to
service the cost of mortgage
payment, property taxes, and
utilities based on the median
market price for an overall
aggregate of housing types in
a given market.
Private sector investment in non-
residential infrastructure:
investments in non-residential
building construction, excluding
expenditure on residential
construction and engineering work.
Value of exports per worker:
the ratio of the inflation-adjusted
value of exports to the number
of workers.
Government net debt as a
percentage of GDP: the ratio of
government net debt to GDP and
measures the fiscal position of a
provincial government.
Data for BC Check-Up is obtained from Statistics Canada and supplemented with information from other credible published sources.
Job creation: the annual change in
the number of employed workers.
Unemployment rate: the share
of unemployed persons in the
labour force, which is defined
as people ages 15 and older who
are employed or actively looking
for work.
Long-term unemployment: the
share of the labour force out of
work for 52 weeks or more.
LABOUR PRODUCTIVITY QUALITY OF LIFE INVESTMENT CLIMATEEMPLOYMENT OPPORTUNITIES
Definitions