Greater Victoria’s unemployment rate dropped to 7.6% in October from 9.1% the month before, according to Statistics Canada’s latest figures.
 
The numbers reflect what is now being called a K-shaped economic recovery, with some businesses able to return to pre-pandemic operations and others still facing an uncertain future.
 
Across Canada, 57% of businesses in the accommodation and food-services sector report they are unable to take on more debt. About one-third of those say, at current levels of business, they will need to consider closing, declaring bankruptcy or reducing staff unless revenue increases in the next six months.
 
“With finite public resources available, we need to look carefully at the return on investment of government spending,” said Canadian Chamber of Commerce Chief Economist and Vice-President of Policy, Dr. Trevin Stratton. “Some programs are more beneficial than others. Some policies will contribute more to economic growth. Let’s make sure federal spending is focused on quality over quantity.”

Ensuring all sectors play a role in recovering from the pandemic is one of the key elements of Reboot: Greater Victoria’s Economic Recovery Plan. The report, released Monday, is the work of the Rising Economy Taskforce, which brought together 40 business, community, government and academic leaders to work on 12 sector committees.
 
“I worked closely with other community leaders and the South Island Prosperity Partnership, and I think this report is an invaluable tool for making decisions about where we want to see investments made to achieve a full and equitable recovery,” Chamber CEO Bruce Williams said.
 
Among the recommendations are a call to embrace the 21st-century innovation economy and the creation of an Indigenous Economic Development Office.

There’s a reason the word “uncertainty” rivals “unprecedented” as the most used term of the pandemic. There was no playbook for dealing with COVID-19 when we first learned, back in the spring, how dangerous the virus was. But we have a precedent now. We know what to do to flatten the curve and re-open society safely, and it’s the playbook we continue to follow on Vancouver Island.
 
On Saturday, Provincial Health Officer Dr. Bonnie Henry announced new geographic restrictions targeting larger population centres on the Lower Mainland. The area-specific rules are needed to try to tamp down a concerning flareup of new cases.
 
“We aren’t facing new restrictions in Greater Victoria because we have done the right things and our low case counts reflect that. We need to carry on, while also continuing to support local businesses that are going above and beyond just to stay open,” Chamber CEO Bruce Williams says. “Please make sure of the information you’re consuming and sharing. Our situation is not the same as Vancouver or Toronto or other large media centres. Support local news and make good choices for you and your family and our community. The Island can be a beacon of hope for so many places wondering what they can do to slow this pandemic. We will get through this together.”
 
With the rise in case counts in BC and many other jurisdictions, Dr. Bonnie Henry is also suggesting it’s prudent for businesses to review their existing plans for keeping customers and staff safe from COVID-19.

The Greater Victoria Chamber of Commerce proudly announced the first members of the Chamber Champions initiative at the Annual General Meeting Tuesday afternoon. The Champions are a new, highly engaged echelon of membership designed to connect these business and community leaders through vigorous dialogue and strategic discussions about the recovery and resilience of our Greater Victoria economy.
 
“The Champions are just as the title says, they are offering their resource to champion the work of The Chamber in support of our members,” Chamber CEO Bruce Williams says. “This sort of leadership is more important now than at any other time in The Chamber’s 157-year history. The Chamber matters more than ever, and these leaders represent a clear voice.”
 
This first announcement of Champions welcomes:

• Knappett Projects
• MNP
• RBC
• Big Wheel Burger
• Telus
• CIBC
• CHEK News

 
Many more will be announced in the weeks and months ahead.
 
“MNP works with clients on business planning and advisory services, tax strategies, accounting and helping to make strategic decisions about the future,” says Steve Wellburn, Partner, Private Enterprise with MNP Victoria. “Given the exceptional challenges and opportunities our local businesses are facing right now, the Chamber Champion program is extremely timely and we’re proud to be involved as a partner.”

The Chamber strongly supports the guidance of Provincial Health Officer Dr. Bonnie Henry, and we are waiting for direction on regional restrictions for BC.
 
With Vancouver Islanders making a concerted effort to keep COVID-19 cases low, it’s time to at least consider why businesses here face the same restrictions as areas of the Lower Mainland that have not had the same success.
 
“We are hearing some frustration that the entire province is being painted with the same brush,” Chamber CEO Bruce Williams told CTV News Vancouver Island on Tuesday. “People are saying that we are abiding by the rules here and have really never seen a bump in cases.”
 
The Chamber would like to hear from our members about what you would like the province to do. Are you in support of regional restrictions, or do we need to continue to apply the same rules to the entire province?
 
Send your feedback to communications@victoriachamber.ca.