INVEST in BC 2 0 2 4 11 Official Publication of the BC Economic Development Association in special partnership with BCBusiness.
B.C.'S ECONOMIC DEVELOPMENT REGIONS
CARIBOO
KOOTENAY
LOWER MAINLAND/
SOUTHWEST
NORTH COAST/NECHAKO
NORTHEAST
THOMPSON- OKANAGAN
VANCOUVER ISLAND/
COAST
provides a record $43 billion in capital
funding for schools, post-secondary
facilities, housing, health-care facilities,
roads and other infrastructure over the
next three years. The province continues
its work through its CleanBC plan to
transition to a low-carbon economy,
providing more rebates on heat pumps to
households with low and middle incomes
and increasing funding for electric-vehicle
public charging stations.
Building on the momentum of its
economic strategy, StrongerBC, the
government continues to focus on the
development of priority innovative sectors
such as mass timber, clean tech, life
sciences, biotech and biomanufacturing,
quantum computing, manufacturing,
agritech and maritime industries.
Other new initiatives focus on
alleviating the cost of living. To help people
through the impacts of global inflation, a
BC Family Benefit Bonus means that more
than 340,000 families will receive a 25
percent bonus with their monthly family
benefit in 2024. This includes an estimated
66,000 families that haven't received the
BC Family Benefit previously.
A one-time BC Electricity Affordability
Credit will help reduce electricity bills for
people and businesses in the coming year.
Small and growing businesses will also
receive help with the impacts of inflation
and labour shortages, through a higher
Employer Health Tax exemption thresh-
old, doubled from $500,000 to $1 million.
Expanding the First Time Home Buyers
program will help more people save more
money when buying their first home, while
other tax changes will lower the cost of new
home and rental construction. New invest-
ments in BC Builds will speed up the de-
velopment of housing by bringing together
underused land, low-cost financing, and
grants to deliver more homes for people
and families with middle incomes. •
NICHE INDUSTRIES:
(clockwise from top)
Mass timber mill on
Vancouver Island;
maritime industries in
Steveston; agricultural
technology development
at Simon Fraser
University
