CPABC in Focus July/August 2016 - Page 16

Cover Story Working, Investing, and Living in BC in 2015 By Marlyn Chisholm BC’s economy held its own in 2015 TD Economics, Provincial Economic Forecast Update, April 5, 2016. 1 Statistics Canada, Retail Trade January 2016, released March 2016. 2 BC Stats, Annual BC Origin Exports, May 2016. These estimates are slightly different from 3 those in the CPABC Regional Check-Up reports, which are based on data from January 2016. TD Economics, Provincial Economic Forecast Update, April 5, 2016. 4 16 CPABC in Focus • July/August 2016 cineuno/iStock/Thinkstock Overall, BC was a better place in which to work, invest, and live in 2015. Of the six indicators used in CPABC’s Regional Check-Up reports, BC saw improvements in four: job creation, capital investment, business bankruptcies, and educational attainment. As for the remaining two indicators—the consumer insolvency rate and the provincial unemployment rate—the former remained the same as in 2014, and the latter increased, making it the only negative indicator result in 2015. Last year’s global oil shock stalled economic growth and job creation in Canada, especially in our most energy-producing provinces. BC, however, fared comparatively well, with a GDP growth rate of 2.4% in 2015—second only to Ontario’s growth rate of 2.6%.1 Continued export growth, low interest rates, a booming real estate market, and continued immigration all helped to boost the BC economy in 2015, stimulating domestic demand and creating 27,800 new jobs across the province. In addition, significant inter-provincial and international in-migration fuelled a 9% increase in BC’s retail sales2 and helped stimu ]H\[X]]H [XYH[YYH[\\]\K[\[YHX[[[X\[[[[X[܈[\H[Z[\[[[K&\[^ܝ[YH[ܙX\YHۛHH[\ H]Y[ M[ MK][BH[YHو[\Y[[H[\\XHXYXX\]X[Y[ MK\\ٙ]H[[ܙX\H[H[YHو^ܝHTX\\]\K[[[Y\XK[HZYHX\ ݙ\[ H\Z[Y][و^ܝ[YH[H]X]YH\XX][[YX[\[H[[[وHTXۛ^H[H]\[و MK[ZXY \^XY]\ܛHH\و[YH܈H[XZ[\و M\\\\[X[HۈH[[\[\KX[Y]\]\YYYXۛ^K]\Hݚ[HH]\XH]˂XۛZXYX]&\X[[ܛH ˌ H[ M%HY\ܛ^XYو[Hݚ[H[[YM8%\Yۈ^X][ۜوۙ\ܛX[\HB[\Y\][Y]HHXZ[Y[YX[\%[\X[\X[YX\[\\K[YKY][ۘ[K۝[YYۜ[Y\[X[ ][Hۙ[[[ZYܘ][ۂ[\[X\]X]]K[[۝[YHY[]Z[[\˂܈HXZ[[ ]\][Y[Y[ۈ ]\K[\X[\ܛ[۝[YHH[YHXۛZX]\YX][ۈ \XX[H[HY ]X[\JKۙ™Y\X[[\][ۘ[[X[[H\[X\] [\ݚ[x&\ܛ[H\˜H^Hܝ[Y\X[X܈[ܝ][ۋYK[\K[][X][ۋ[\X[[\K[\H\[HۜY\][ۈ[[]&\]\HXˈ]8&\XH]ۙH܂[ܙHوHXZ܈\][[\Y[[[ܝ\&\\]YYYY]\[\ B[\H[H\ݙY [Y[Hو\HڙX]HXZXY H[YHBYH[^و[\Y[ݚ[]YK]]ZY H[\Z[Y\وH[\HX\][HY[[و[\ۛY[[Y[][ۜX^HY\\[\X\\[H]\K