By Canadian Press

B.C. businesses seek concrete economic ‘vision’ from parties ahead of fall election

Sep 10, 2024 | 1:16 PM

VANCOUVER — Leaders from a wide array of businesses in British Columbia are urging the province’s political parties to “deliver a clear and actionable plan” for revitalizing an economy that they say has pushed many residents into a “personal recession.”

Groups representing the forestry and mining industries, independent businesses and contractors say they have sent a survey of 10 questions to leaders of political parties ahead of the fall election, asking for a clear response on their economic visions for B.C. and concrete steps to get there.

Business Council of British Columbia president Laura Jones says her group is seeing more residents expressing a loss of hope in their “prospect of building a good life” in the province due to economic concerns, even if B.C. isn’t technically in a recession.

Other business leaders say they want the next B.C. government to answer concerns about the high cost of doing business, government budget deficits, bureaucracy in delaying permitting of projects, public safety and acute labour shortages.

The call for action comes the same day provincial finance minister Katrine Conroy is unveiling B.C.’s first quarterly report, and Greater Vancouver Board of Trade president Bridgitte Anderson says businesses remain in the dark about the economic platforms of the major parties.

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Anderson says a recent parliamentary budget report painted a “dire” picture for B.C.’s finances that requires “billions of dollars that need to be cut or increased in taxes” for stability, and businesses are asking those who could form the next government “to show us a vision.”

“I think there’s a lot of voters who are undecided right now, within the business community and public at large,” Anderson says. “And I think this is an opportunity for all of the parties to look at their platforms and to appeal to the voters.

“This is a unique opportunity, and elections matter, campaigns matter. And this campaign will matter more than anything.”

In late August, the province said B.C. ended the fiscal year with a deficit of around $5 billion due to items such as wildfire expenses and essential spending on “priority services.”

The fiscal update also said natural resources revenues are down while vehicle insurance revenue from ICBC rose.

Earlier this month, Canfor Corp. announced it is shuttering two northern B.C. sawmills, citing a recently imposed U.S. tariff as a key factor on top of ongoing financial losses, a weak lumber market and difficulty accessing economically viable timber in the province.

This report by The Canadian Press was first published Sept. 10, 2024.

The Canadian Press