In advance of the 2021 federal election, the Greater Vancouver Board of Trade partnered with Mustel Group to collect the opinions of our region’s business community. The most important election issue for businesses is the economy and economic recovery from COVID-19 (44%) followed by the business environment (34%) and the environment and climate change (30%). This election dashboard provides further insight into the business community’s priorities, challenges and ballot box issues heading into the election.
Top five election issues for the business community
Most Important Issues - Business
Businesses identified the economy and economic recovery from COVID-19 as the most important election issue in the 2021 federal election.
The main challenge currently facing businesses because of COVID-19 is recruitment and retention of employees and other issues related to labour, reported by half of all businesses. Other key challenges include increase in cost of material and human capital, impact of closed borders on people and goods movement, decrease in sales, and slowdown in international supply chains.
Key Business Challenges from COVID
One-in-three of businesses (34%) are concerned about federal government assistance programs coming to an end.
There is widespread support for a vaccine passport with 86% of businesses in support. Businesses see the primary benefits of a system of certifying COVID safety to be the avoidance of further lockdowns, ensuring the safety and health of workers, and providing consumer confidence in participating in activities.
Primary benefits of a system certifying COVID-19 safety
| Avoiding widespread lockdowns/stay at home orders | 68% |
| Ensure the safety and health of workers in the workplace | 65% |
| Giving consumers confidence to participate in economic activities (e.g. dine indoors, attend concerts, etc.) | 64% |
| Resuming international travel | 46% |
The economy and business environment (regulatory, tax burden, ease of doing business, access to capital, etc.) are the top two election issues businesses identified as influencing their vote in the 2021 federal election.
Most Important Issues - Business
Views are divided among businesses whether the Canadian economic recovery is on the right or wrong track.
Canadian Economic Recovery Right/Wrong Track
A sizeable proportion of businesses (46%) is concerned about the additional debt they took on in response to the pandemic.
But they are most concerned about the rising cost of goods and an increase in tax burden considering the increased federal debt. In fact, 94% of businesses are concerned about the rising cost of goods while 88% are concerned about an increasing tax burden.
Concern Regarding Rising Cost of Goods
Concern Regarding Increased Tax Burden
Four-in-ten businesses (41%) believe changes to Canada’s regulatory environment over the past two years has negatively impacted their ability to attract investment or do business. Only 4% report an improvement in the regulatory environment.
Canada's Regulatory Environment
While most feel their standard of living will be the same over the next five years (and for some improve), 32% of businesses believe their standard of living will worsen.
Standard of Living over next 5 years
In terms of supporting the economy moving forward, the majority of business respondents would like to see the next federal government support the tourism industry (72%) and increase support for small and medium businesses in exploring new trade opportunities (71%).
The main challenge currently facing businesses because of COVID-19 is recruitment and retention of employees and other issues related to labour, reported by half of all businesses.
Key Business Challenges from COVID
57% of businesses report that their business’s ability to recruit and retain employees has been affected by affordability issues in Greater Vancouver, similar to the level reported before the last federal election (60%).
A similar proportion have experienced difficulties recruiting/hiring since the onset of the pandemic.
Affect on Ability to Recruit/ Retain Employees
And in fact, a survey of the general population found that 22% of Metro Vancouver adults have recently moved or are considering leaving/moving due to the cost of housing. This level is highest among those under 45 years of age (33%) and renters (50%).
With respect to the workforce, 76% of businesses would like to see the next federal government increase efforts to improve credential recognition for highly skilled immigrants and more than 6 in 10 would like to see the next federal government support businesses and workers adopt and adapt to automation, artificial intelligence and the future of work (62%).
There is some support for increasing immigration levels, but the largest segment would like to see the current level maintained (44%), with a small group wanting to see decreased levels.
However, with respect to highly skilled immigrants, the majority of businesses, 72% would like to see increased efforts to attract.
The environment and climate change were identified by the business community as the third most important federal election issue influencing their vote in the 2021 federal election.
Most Important Issues - Business
More than half of businesses (54%) would like to see more focus on climate change. There is also considerable support for more focus on local low carbon innovation (47%), and local clean technologies to address climate change (55%).
More/Less Focus on Climate Change
Housing affordability was identified as a key election issue influencing how Greater Vancouver businesses will vote in the 2021 federal election.
Most Important Issues - Business
In fact, businesses identified housing affordability as the top infrastructure pain point in the region as we emerge from the pandemic.
Key Infrastructure Pain Points
60% of businesses wish to see more focus on housing affordability.
More/Less Focus on Housing Affordability
57% of businesses report that their business’s ability to recruit and retain employees has been affected by affordability issues, similar to the level reported before the last federal election (60%).
A similar proportion have experienced difficulties recruiting/hiring since the onset of the pandemic.
Does Affordabiltiy Affect your Businesses' Ability to Recruit/ Retain Employees
And in fact, a survey of the general population found that 22% of Metro Vancouver adults have recently moved or are considering leaving/moving due to the cost of housing. This level is highest among those under 45 years of age (33%) and renters (50%).
Businesses identified affordable housing, public transit, highways, education facilities, ports, broadband and freight rail transportation as key infrastructure pain points in Greater Vancouver as we emerge from the pandemic.
Businesses would like to see the next federal government invest in public transit expansion (80%), such as the Surrey-Langley skytrain and skytrain to UBC, prioritize new transit projects that will stimulate economic activity (74%), increase capacity for trade enabling infrastructure (76%), commit to funding the new George Massey Crossing project , and do more to address the rapid technological transformation – such as the deployment of 5G (60%).
There is strong agreement among the business community (81%) that the next federal government should support the sustainable development of B.C.’s natural resources.
There is also broad support for more focus and action on Indigenous reconciliation by the next federal government.
About two thirds of businesses would like to see the next federal government do more to address aging demographics (65%) and about half would like to see more done on the changing geopolitical challenges (49%).
