BizNews This Week Archives - Page 11 of 21

How will tariffs affect you? Help us advocate for business

February 26, 2025/in BizNews This Week, Global Uncertainty/by Jim Zeeben

Help us help you.

We know the threat of tariffs has already created shockwaves in the Canadian economy. But how will they impact you specifically? We’d like to hear what you have to say so we can take those concerns forward to all levels of government. Please share your thoughts with

communications@victoriachamber.ca.

The Chamber is often looked to for solutions in times of crisis and — as our region’s voice of business — we work hard to represent all of our members. This can be with municipal mayors and councils, local and national media or with federal and provincial representatives.

We know tariffs will be a major topic next week at our Business Leaders Breakfast with BC Finance Minister Brenda Bailey. This event is now sold out, but you can still register for our next Business Leaders Series event with Capt. (N) Kevin Whiteside. The Base Commander has championed a good relationship with our business community, and he has plenty of insight into how to further that partnership.

In times of uncertainty, CFB Esquimalt has always been a pillar of strength for Greater Victoria’s economy. The base employs about 6,000 people who support our region’s retailers and services. As well, this community within a community is a significant customer of goods and supplies itself. Find out more about how you can help build connections on March 13.

Food prices drop for first time since 2017: CPI at 1.9%

February 19, 2025/in BizNews This Week, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

Canada’s inflation rate ticked up slightly in January, to 1.9%.

“The (tax) holiday gave Canadians a bit of a break on prices for alcohol, food and clothing — enough to bring restaurant prices down for the first time since 2017,” Canadian Chamber economist Andrew DiCapua said. “However, that relief was overshadowed by higher energy prices which kept overall inflation pressures elevated.”

The Bank of Canada had forecast inflation to come in at 1.7% in January, which likley indicates it will not cut interest rates at its March 12 meeting, DiCapua said.

“Despite our working assumption that rates should be lowered to neutral (around 2%) by Summer 2025, the Bank will likely pause rates at their next meeting to evaluate the effects of their monetary policy.”

Victoria hosts meeting on government procurement

February 19, 2025/in BizNews This Week, Government Local/by Jim Zeeben

The City of Victoria wants to help businesses learn how they can work directly with the public sector. On Feb. 25, from 9 am to noon, representatives from the federal, provincial and municipal governments will be part of an information meeting at Victoria City Hall.

“This event can be an efficient way to market your goods and services to many public sector representatives in just a few hours,” the event’s webpage states, adding:

“You will have the opportunity to:

Access information related to Government procurement processes
Ask questions on how to sell goods and services to Government
Learn about tools and resources
Pick up tips on finding opportunities, bidding best practices and more.”

The event is free but space is limited.

Register Now

Esquimalt seeks candidates for council byelection

February 19, 2025/in BizNews This Week, Government Local/by Jim Zeeben

Details have been announced about the byelection required to replace former Township of Esquimalt Councillor Darlene Rotchford, who stepped down after being elected to the provincial legislature last October.

General Voting Day for the byelection is April 5, with advance voting available on March 26 and April 2.

Nominations for candidates can be made until 4 pm, Feb. 28. To find out more about nomination requirements, go to esquimalt.ca or email elections@esquimalt.ca.

Throne speech promises to drop gloves on tariffs

February 19, 2025/in BizNews This Week, Government Provincial/by Jim Zeeben

The provincial government is back in Victoria for the first session of the 43rd Parliament of British Columbia. As is tradition, BC’s Lt. Gov. delivered the speech from the throne. The theme of the speech, which reflects the government’s intent for the year ahead, focused on a strong defence against the threat of tariffs being imposed by the United States.

“We have everything we need to protect ourselves from the economic impacts of the Trump presidency and come out stronger,” BC Premier Eby said in a media release.

Among the speech’s highlights were promises of new laws to build infrastructure faster, and better management of the province’s finances. BC will look to diversify its export markets through trade missions and eliminating barriers to interprovincial trade.

The 2025 BC Budget will be announced March 4, and the Chamber hosts the BC Finance Minister the following day in a sold-out event at Hotel Grand Pacific.

Trying times are nothing new, working together will get us through

February 19, 2025/in BizNews This Week, Chamber Awareness, Global Uncertainty/by Jim Zeeben

I want to take a minute to address all of our Chamber members and let you know we are here for you. These are uncertain times, for sure. But we have faced uncertainty for a while now, and we understand what it takes to thrive in less than perfect conditions.

Our fundamentals are strong — as a region, as a business community and as an organization. The key is remembering what we can control and what we can’t. Around the world, there are multiple situations that want our attention. The term polycrisis has become popular to explain this state of affairs as we experience sweeping political and social change, rapid technological advancements and ongoing climate emergencies.

Right now, the elephant in the room is the threat of economic action against Canada by the new government in the United States. We still don’t know what this will look like, but we are hearing about potential responses and repercussions every day. This week, the provincial government’s Throne Speech seemed to put BC on a war footing. And, federally, we’re hearing similar rhetoric from leadership candidates seeking to be our next Prime Minister.

The barrage of headlines can feel overwhelming.

I don’t know what the future holds, but I can tell you that I continue to work with our Chamber team to improve business conditions in Greater Victoria. This includes meeting with decision makers in all levels of government, creating connections for members of our region’s business community and supporting members however needed.

Our mission holds. We will work together to build good business and great community for all.

We can take heart in the report from the Canadian Chamber’s Business Data Lab that found Greater Victoria’s economy is among the best protected in the country.

Our regional economy is resilient. We have always been leaders in championing diversity.

Our tourism, tech and civil society sectors are powerful. Our public sector has evolved in symbiosis with a thriving private sector. More recently, we have seen how championing inclusion has fortified our labour force and added creativity to our enterprises. These are pragmatic solutions representing the reality of who we are as a community. Let’s not forget that.

Taken together, our commitment to building a sustainable and resilient economy has helped us through every crisis we’ve faced in the past. And I know — when the present eventually becomes the past — we will be grateful for the strong foundation that all of us have helped build.

Let’s carry on doing our best work, stay focused on what we can accomplish and hold on to the values that make our community the envy of the world.

Jobless rate down, but unease being felt nationally

February 12, 2025/in BizNews This Week, Business And Economic Strength, Finding And Keeping Workers/by Jim Zeeben

Greater Victoria continues to have one of the lowest unemployment rates in the country, according to Statistics Canada’s latest numbers.

Our region had a rate of 3.6%, with 244,700 people working out of a labour force of 253,800. Nationally, the unemployment rate was 6.6%. Notably, fewer people are switching jobs likely because of the ongoing uncertainty of a looming trade war.

“The job changing rate, which measures the proportion of workers who remained employed from one month to the next but who had changed jobs, was 0.4% in January,” Statistics Canada reported. “This was lower than the corresponding proportion in January 2024 (0.5%) and lower than the pre-pandemic average for January from 2017 to 2019 (0.7%)”

The national job market was something cited by the Bank of Canada today when it released its Summary of Governing Council Deliberations explaining it’s decision to cut interest rates on Jan. 29.

“According to multiple indicators, the job market remained soft. The unemployment rate was 6.7% in December, with new entrants into the labour market — mostly younger workers and newcomers to Canada — finding it particularly hard to get a job,” the Bank said.

Fed funding helps GVHA add shore power for ships

February 12, 2025/in BizNews This Week, Government Federal, Hospitality And Tourism Rescue And Recovery, Safe Communities/by Jim Zeeben

Chamber CEO Bruce Williams attended an announcement Tuesday to hear federal Minister of Transport and Internal Trade Anita Anand announce a long-awaited contribution to our region.

The feds are providing $35.5-million for infrastructure projects across BC, including $22.5 million to help the Greater Victoria Harbour Authority advance the Shore Power Project under the Government of Canada’s Green Shipping Corridor Program.

The funds will help with electrifying the deep-water port at The Breakwater District, reducing emissions and supporting long-term economic growth in Greater Victoria.

“Shore Power is a critical first step in electrifying Ogden Point. It will ensure the terminal can provide the necessary power for cruise ships, vessels, and commercial operations like HeliJet, as well as over 30 businesses and future partners,” the GVHA said in a media release. “This initiative is part of a broader effort to establish a Green Corridor for cruise travel between Alaska, British Columbia, and Washington. It is central to GVHA’s electrification plan for the deep-water port and upland port operations. Converting to renewable energy sources will increase the port’s self-sufficiency and strengthen its climate resilience.”

Region ranked 36th among cities facing tariff impacts

February 12, 2025/in BizNews This Week, Chamber Awareness, Global Uncertainty/by Jim Zeeben

Another day, another market-shaking remark from the economic elephant south of the border. After giving Canada a 30-day reprieve from his initial 25% tariff threat, US President Donald Trump surprised everyone by announcing a 25% tariff on steel and aluminum.

The seemingly random rhetoric has created uncertainty in the business world — a world that places a high value on planning for the future.

To help us better understand what a trade war might mean for Canadian communities, the national chamber network’s Business Data Lab has taken a deep dive into the potential impact on 41 Canadian cities.

The good news for Greater Victoria is we are low on the list at 36.

“Near the bottom of the list are cities that are less exposed to the tariffs because they trade less intensively with the US and/or have more diversified trade patterns. Several of these cities are located on Canada’s coasts, exporting more to Asia from the West Coast, or more to Europe from the East Coast,” the report said. “In British Columbia this includes Victoria, Nanaimo and Kamloops. On the East Coast it’s Halifax, Nova Scotia. And it appears that Sudbury’s exports of nickel and copper are reaching other international markets beyond the United States.”

Chamber CEO moderating Beacon Services workshop

February 5, 2025/in BizNews This Week, Chamber Awareness, Finding And Keeping Workers/by Jim Zeeben

Chamber CEO Bruce Williams is moderating a full day of discussion, from 9am to 4pm on Feb. 7, about how our region can do more to help employers find and keep workers.

Beacon Community Services is putting on the event, which includes a keynote speech by Osoyoos Band Chief Clarence Louie. The band is the top employer in their region, and Chief Louie is recognized for his work in economic development.

Following the speech, Williams will lead three fireside chats on the following topics:

Empower communities: The role of Social Enterprises in Job Creation
Harnessing the Talent of Canadian Newcomers
Reskilling for the Future – Embracing AI & Skills Needed in the Workplace

To learn more or register, go to beaconcs.ca.