INVEST in BC 2 0 2 4 9 Official Publication of the BC Economic Development Association in special partnership with BCBusiness.
SOURCE: CENTRAL 1 ECONOMICS
PROVINCIAL
FORECAST
REAL GDP GROWTH
EMPLOYMENT GROWTH
2024 1.8%
2025 1.7%
2026 1.9%
POPULATION GROWTH
2024 2.7%
2025 1.2%
2026 1.1%
CONSUMER PRICE INDEX
2024 2025 2026
2024 2025 2026
2.5%
2.1%
2.0%
3.3%
2.8%
1.1%
Columbia (CPABC), construction began
on 47,894 housing units in 2023, marking
a record high. The group predicts the
economy will accelerate in 2025 and 2026
as exports increase and consumer demand
improves due to lower interest rates and
strong population growth.
More broadly, investment and business
expansion are expected to rebound. The
CPABC outlook sees real economic growth
of 1.1 per cent this year before increasing
to 2.8 per cent in 2025 and over three per
cent in 2026.
While goods make up the bulk of trade
activity, tourism services have remained
firm, aided by a low Canadian dollar and
still robust global tourism following the
pandemic.
RESOURCES IN DEMAND
The provincial budget for 2024-25
advances the new made-in-B.C. Critical
Minerals Strategy in collaboration with
First Nations, industry, local governments
and the public, and strengthens resources
for mine permitting. The International
Energy Agency (IEA) has estimated a
sixfold increase in demand for critical
minerals will be needed by 2040, largely
to supply the energy transition. Of the
31 minerals on the federal government's
critical minerals list, 16 are found in the
westernmost province.
There are 17 critical mineral mines
proposed for B.C., and a recent economic
impact study on them found that, if
all were built, their development and
construction alone would generate $36
billion in near-term investment. That
would result in an economic output of $80
billion, labour income of $23 billion, and
$11 billion in tax revenues. The longer-
term impact of these mines, once in
operation, could reach nearly $800 billion
over their lifespans. Five proposed gold
mines in B.C., furthermore, would exceed
$29 billion in economic activity over their
lifespans.
The importance of forestry as a driver of
the provincial economy has unfortunately
declined in recent decades and 2023 was
no exception with the volume of exports
dropping 13.2 per cent. Timber supply
issues in the face of insect infestations,
wildfires, conservation measures and
