Business And Economic Strength Archives - Page 3 of 4

Old Man Lake wildfire near Sooke finally contained

July 31, 2024/in Business And Economic Strength, Climate Change Solutions, Safe Communities/by Jim Zeeben

The wildfire near the District of Sooke that has been spreading smoky skies across the South Island is now officially categorized as contained.

Thanks to recent wet weather and the determined efforts of firefighters, the blaze is not expected to grow beyond its 230-hectare size. The fire was reported on July 22.

However, as crews continue to work on the blaze, Capital Regional District Parks and trails in the area, including the Sooke Potholes, remain closed.

“This is welcome news for people in Sooke,” Chamber CEO Bruce Williams said. “The fire discouraged people from going to that area, and you can imagine that has added to the difficulties facing businesses there. I encourage everyone to make an effort to get out and support those who experienced a drop in business due to the fires when it’s safe to do so.”

Bank of Canada cuts interest rates again, as expected

July 24, 2024/in Business And Economic Strength, Inflation And Rising Costs/by Jim Zeeben

The Bank of Canada has further reduced its overnight rate.

The cut was widely expected by economists as inflation appears to be under control and heading back to the target 2% rate. The next opportunity to further reduce interest rates is in September.

The Bank also released its Business Outlook Survey and its Canadian Survey of Consumer Expectations on July 15. Both reports found that public expectations for future inflation are in line with Bank forecasts.

Rifflandia always a big boost for business in our region

July 24, 2024/in Business And Economic Strength, Hospitality And Tourism Rescue And Recovery/by Jim Zeeben

It’s become an icon of 21st century Greater Victoria, generating $7 million in economic impact and serving as a vanguard of emerging culture in our region.

Rifflandia, the music festival that put Vancouver Island on the international concert map, is preparing for its 2024 edition, Sept. 13-15, at the Matullia Lands in Rock Bay.

This year, The Chamber is partnering with Rifflandia to help build connections with our business community. More than 80% of the festival’s vendors, suppliers and crew are based in Greater Victoria. Rifflandia programs also encourage festival-goers to support local businesses in store and online.

The festival has grown over the years, showcasing many of our region’s top venues and offering a diverse experience. This year, organizers say the new location on the Matullia Lands in Rock Bay can accommodate up to 10,000 people.

Belleville Terminal construction starts this week

July 3, 2024/in Business And Economic Strength, Chamber Awareness, Government Federal, Government Local, Government Provincial, Transportation Options/by Jim Zeeben

Work is getting underway on the redevelopment of Belleville Terminal, with Phase 1 Wharf Modifications starting at the Steamship Building’s water lot.

A barge with a crane derrick is on site, and work will take place from 7am to 5pm, Monday to Friday, and potentially weekends depending on scheduling. However, no work will occur over long-weekends, and should be completed by the end of August.

“Potential impacts from this work include noise from the removal of existing pilings and installation of new pilings as well as the visual impact of the crane derrick within the inner harbour,” states a memo about the project from the BC Ministry of Transportation and Projects.

The Chamber advocated for two decades to gather support for the modernization of this important international gateway that greets thousands of travellers every year.

“It’s great to see the project finally underway and we know the temporary disruption will be worth having a 21st century facility in place,” Chamber CEO Bruce Williams said.

You can stay updated on the Belleville Terminal Redevelopment Project by visiting the project website.

Tech sector’s economic impact continues to grow: report

July 3, 2024/in Business And Economic Strength, Fair Rules, Finding And Keeping Workers/by Jim Zeeben

Greater Victoria’s diversified economy plays an important role in helping our region sustain downturns in the global economy. A great example is the tech industry, which thrived during the pandemic and now creates an economic impact of $7.9 billion.

The latest figures were announced last week in a report commissioned by the Victoria Innovation, Advanced Technology and Entrepreneurship Council (VIATEC).

The sector has grown by 51% since 2017 and now supports more than 20,000 employees.

The report found that lifestyle was the top advantage for being located in Greater Victoria, followed by our climate and short commute times. The biggest challenges facing tech businesses are a lack of affordable housing for staff, our region’s high cost of living in general and our limited talent pool.

VIATEC started as The Chamber’s Advanced Technology subcommittee before becoming its own organization in 1989.

Real estate market continues showing signs of calm

July 3, 2024/in Business And Economic Strength, Finding And Keeping Workers, Housing, Inflation And Rising Costs/by Jim Zeeben

The region’s real estate market appears to have taken a deep breath in June, as overall sales were down 13.4% from May. The numbers reflect seasonal expectations.

“I think this is good news, as the more stable the market is, the more it supports both buyers and sellers,” Victoria Real Estate Board Chair Laurie Lidstone said in a media release. “If we continue to see seasonal norms in our market, the upcoming summer months will be slower and quieter than spring was, as consumer priorities shift to vacations and outdoor pursuits. If the pattern continues, we’ll likely see an increase in activity as fall nears.”

There were 3,460 active listings at the end of June, up 3.7 % from May.

June’s benchmark value in the Victoria Core was $1,295,500 for a single family home and $567,900 for a condo.

Inflation shows its stubborn side with bump in May

June 26, 2024/in Business And Economic Strength, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

Inflation rose 2.9% on a year-over-year basis in May, up from a 2.7% rise in April.

The increase came as a surprise for many economists who are watching for the Consumer Price Index to return to the 2% target, which the Bank of Canada considers to be sustainable inflation.

Statistics Canada said May’s increase was caused by higher prices for services, specifically cellular services, rent and air fares.

“The increase in services inflation is not helpful, especially as wage growth is elevated. The risk of a strong rebound in the housing market hasn’t materialized yet, but slowing shelter inflation is welcome news,” Canadian Chamber Senior Economist Andrew DiCapua said. “Our consumer spending tracker is showing growth presenting a risk that demand is more robust. Odds of a cut in July are lower and still depend on whether the economy is weaker than the Bank’s recent forecast. Governing Council continues to be heavily data dependent, and this reversal will support their restrictive bias. The Bank will want to take a slow and measured approach, especially with inflation accelerating.”

The Consumer Price Index for June will be released on July 16, ahead of the next interest rate decision on July 24.

YYJ working to improve services for travellers

June 26, 2024/in Business And Economic Strength, Transportation Options/by Jim Zeeben

Air travel is vital for business and essential for our region’s visitor economy. To make sure our region’s airport continues to overachieve, the Victoria Airport Authority is conducting a survey to check-in with stakeholders.

The survey consists of a variety of statements along 12 critical variables, and can be saved to complete in multiple sessions.

Responses are confidential, and will help the airport’s team better understand how to serve the community.

Recognizing international credentials makes sense

June 19, 2024/in Business And Economic Strength, Training And Microcredentials/by Jim Zeeben

The International Credentials Recognition Act comes into effect July 1, requiring regulatory bodies to reduce red tape in 29 professions and make it easier for qualified professionals to have credentials recognized, no matter where they were trained.

A major change is eliminating the catch-22 that required someone to have work experience in Canada even though they couldn’t work in Canada because of the lack of Canadian work experience.

The professions include engineers, social workers, veterinarians, paramedics, early childhood educators, teachers, biologists, land surveyors, architects and more.

“The Chamber continues to call for changes to credentials to allow more trained professionals to do the work they have been trained to do,” Chamber CEO Bruce Williams said. “We need a skilled labour force and these changes make sense.”

Lessons of past can help us improve future economy

June 19, 2024/in Business And Economic Strength, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

Canada’s economy made a significant shift last month when the Bank of Canada dropped its interest rate for the first time in four years. Now the Bank’s governor is saying he and his central bank peers are navigating a new world.

“We’ve also learned some lessons from the post-pandemic inflation, and we will take these to heart,” Tiff Macklem told the International Economic Forum of the Americas on June 12. “But the challenges of the future are rarely the same as those of the past. Supply shocks are more likely in the future. New technologies not only have the potential to increase prosperity but also to disrupt. Interest rates may be easing in many economies, but global interest rates are unlikely to return to pre-pandemic levels. The new normal won’t be the old normal. And if we’re not going back, we’ll all need to adjust.”

Macklem said supply-side economics, inflation as a common enemy and public trust in the banking system are the biggest lessons learned from the past four years.

The Bank’s next interest rate announcement is set for July 24.