Economic growth surpasses forecasts for province

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BC is back in the black as the province is reporting a $1.3 billion surplus for the 2021-22 fiscal year. The economy outperformed most forecasts that were expecting deficits for years to come as businesses recover from the pandemic.
 
“While others might have chosen cuts and austerity, our investments in people have helped our economy rebound faster than anyone in the public or private sector predicted,” BC Finance Minister Selina Robinson said. “Looking ahead, the Province will keep using this economic strength to support British Columbians, including bringing in new measures in September to help those who are struggling the most with global inflation.”
 
The Canadian economy was also up, with national GDP rising by 3.3% in the second quarter. The jump is the largest since 1974. The increase was driven by strong consumer spending and investments by businesses, Statistics Canada said.

Province offers $118 million to help doctors in BC

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Access to a family doctor is one of the keys to ensuring safe communities, which are fundamental to good business.

With an ongoing shortage of primary care providers in BC, there are serious concerns about what can be done to encourage more doctors to commit to serving BC communities.

To try and stabilize the situation, the province announced today that it is providing $118 million through a partnership with Doctors of BC. The funds will be used over four months, starting Oct. 1, to support operational costs for family doctors and medical clinics.

About 3,480 family doctors who have their own practices and 1,100 family doctors working in walk-in clinics are expected to receive funding. That represents more than 70% of family doctors working in the province.

Tourism stats show strong recovery underway

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Greater Victoria’s tourism sector continues to bounce back. Statistics are tracking ahead of last year and even 2019 in some categories. Chemistry Consulting‘s latest Tourism Bulletin shows the rate of an average hotel room in June was higher than the same month in 2019. Hotel occupancy was 77.85%, compared to 38.22% last year and 83.79% in 2019.

Harbour Air completes historic all-electric test flight

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Innovation led by business is vital to addressing climate change. A prime example is the work being done by Harbour Air to switch to an all-electric fleet. On Aug. 18, that goal came a little closer as the company celebrated the successful 45 mile flight of a De Havilland Beaver. The plane was completely retrofitted in 2019 to operate using 100% electricity.

“I am excited to report that this historic flight on the ePlane went exactly as planned” said Kory Paul, Harbour Air’s Vice President of Flight Operations.

To stay up to speed on the latest progress from Harbour Air, go to ePlane Updates.

Industry coalition urges end to dispute hurting hospitality industries

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The Chamber has added our voice to an open letter on behalf of BC’s hospitality, tourism, accommodation, liquor and cannabis retail businesses.

The letter is calling for a quick end to the BCGEU strike that is damaging businesses still trying to recover from the pandemic.

“The craft brewers and the local distilleries, people like that are having problems because the people that are on strike are the ones that would put their product on the shelves of stores,” Chamber CEO Bruce Williams told CHEK News. “So they’re now wondering whether they have to stop production and lay people off.”

These businesses are at risk if the strike continues and “will unfairly bear the brunt of serious economic consequences including business closures and layoffs, cancelled events such as concerts and weddings, loss of consumer confidence, and damage to BC’s reputation among tourists and consumers,” the letter states.

“Up until 2020, B.C.’s hospitality and tourism sector was growing faster than the provincial economy as a whole, with more than $22.3 billion in revenue annually, and supporting more than 250,000 jobs. But two years of restrictive Public Health orders, mandated closures, and capacity limits caused losses in business, revenue, and workforce, and left us with high debt loads and depleted bank accounts. Approximately 20% of businesses in our sector did not survive the pandemic. The rest are still struggling to recover.”

Message from the CEO on inflation and interest rate

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Canada’s inflation rate was 7.6% in July. That’s down slightly from the month earlier but still creates many challenges for businesses. Common questions include how much cost can be passed on to customers, and should wages be increased accordingly?
 
To try and answer some of these, and to shed some light on the role interest rates play in managing inflation, I hosted a special panel of financial experts:

  • Chris Yuan, Associate Wealth & Investment Advisor (RBC)
  • Jared Heimsoth, Director, Capital Markets (CIBC)
  • Kevin Greenard, Senior Wealth Advisor and Portfolio Manager (Scotiabank)
  • Manny Del Dago, Senior Wealth Advisor (Island Savings)
  • Susan Mowbray, Partner, Consulting (MNP)

The discussion was informative and enlightening. I encourage every Chamber member who wants to better understand what’s happening with the economy to watch the recording of our conversation. I know it helped me, especially as there are reasons for optimism that aren’t always reflected in the media. We’re lucky to have Chamber Champions who continue to help us get through every challenge that arises.
 
Thank you,
 
Bruce Williams
CEO, The Chamber

Region busy with film industry productions

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Greater Victoria’s film industry continues to create economic opportunities on southern Vancouver Island. Netflix recently updated a website that provides details on their local productions. The site, Netflix in your Neighbourhood, shows filming locations of recent series such as Rescued by Ruby, Super PupZ and others.
 
“We had three features and 13 television movies come through last year — that’s amazing,” Vancouver Island South Film and Media commissioner Kathleen Gilbert told CHEK News. The industry was responsible for direct spending of about $55 million per year over the pandemic.
 
The Chamber continues to work with community partners on several projects looking to build production studios in Greater Victoria.

Ukrainian refugees offered transitional housing

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Refugees from Ukraine have a sanctuary in Victoria to help them begin the long process of resettling in Canada. The Victoria branch of the Ukrainian Canadian Congress has set up a dorm-style village for families who were initially billeted by host families upon arriving in Victoria from Ukraine.

About 2,000 people fleeing the war in Ukraine have indicated they hope to settle on Vancouver Island. As of today, Canada has approved 182,528 applications out of 455,854 from Ukrainians seeking temporary residency.

The Ukrainian Village in Victoria can house 45 refugees in 15 rooms. Families are expected to stay for about three months before finding their own accomodation.

The Chamber continues working with our community partners to identify potential opportunities for billets or temporary housing. Employers in Greater Victoria can help by posting any job openings to a special federal job bank for Ukrainian refugees.

Langford opens process to help new homeowners

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Applications are being accepted for people who expressed interest in the City of Langford‘s innovative attainable home ownership program.

Langford announced the program last October and has updated eligibility requirements to increase the number of people who can benefit.

The Chamber applauds efforts to increase housing supply and help more people afford a home. Initiatives such as Langford’s will help employers find and keep workers who face challenges with the cost of living in our region.

Saanich uses ‘quick build’ approach on active transportation projects

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Active transportation infrastructure plays a vital role in Greater Victoria’s economic resilience, making it more convenient for people to commute to work while reducing greenhouse gas emissions.

The District of Saanich has announced work on eight projects that will enhance pedestrian and cycling safety.

The projects are part of a new approach that speeds up the traditional approval process that can delay municipal projects. Saanich’s “quick build” approach uses money from the operating budget.

The municipality has also issued a progress report to help track the status of each project.

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