10 INVEST in BC 2 0 2 4 Official Publication of the BC Economic Development Association in special partnership with BCBusiness.
fluctuations in demand are largely
responsible. That said, mass timber is
an emerging sector in B.C. with strong
innovation potential in the areas of
building design, product manufacturing,
and construction technology.
Roughly $90 billion worth of energy
mega-projects are nearing completion in
B.C. – the Trans Mountain pipeline expan-
sion, the LNG Canada and Coastal GasLink
pipeline, and Site C dam – with tens of
billions of dollars of further investments
still to come in other energy projects,
including two LNG terminals led by First
Nations (Cedar and Ksi Lisims LNG),
green hydrogen and ammonia production
proposals, and new renewable energy and
transmission projects. B.C. will also enjoy
the fruits of capital investment in liquefied
natural gas and electricity generation with
the completion of the LNG Canada plant
and Site C, which will lift export activity
and create positive spillover effects in local
areas and government finances.
High technology continues to grow, with
B.C. ranked third nationally in venture
capital investment in 2023 at $1.2 billion,
following Ontario ($3.3 billion) and
Quebec ($1.4 billion). Blockchain developer
LayerZero Labs alone secured $120 million
in a Series B financing. In a 2023 survey by
office leasing company CBRE, Vancouver
tied Austin for the highest job growth since
2021 among the 30 largest technology hubs
in North America.
In terms of exports over a 12-month
period from May 2024, there was a jump
in farm, fishing, and intermediate food
products, which were up 50.9 per cent to
$298 million.
KEEPING THE MOMENTUM
The provincial government aims to build
on these strengths. B.C.'s Budget 2024
B . C . O U T L O O K
TOP
LEFT:
BC
HYDRO
ENERGY BOOST: Refuelling with
hydrogen at Vancouver International
Airport (above); Site C powerhouse
under construction (top)
