Nearly eight in 10 Greater Vancouver businesses believe provincial economy on the wrong track

VANCOUVER, B.C — Ahead of the provincial election on October 24, a new survey of GVBOT members found widespread concern about the economic trajectory of the province as Greater Vancouver businesses identify economic growth, affordability, and major project investment as top election priorities.

The survey found that nearly eight in 10 businesses (77%) believe B.C.'s economy is on the wrong track, more than half (57%) say they feel negative about their business prospects/personal finances over the next 12 months, and almost every respondent (95%) is concerned with the province’s fiscal outlook. Four in five respondents (80%) also said they are not confident the provincial government's economic strategy will support business investments, productivity, and job creation in B.C. Businesses are unanimous (95%) in their concerns about the state of the province’s finances. 

"Our members are sending a clear message that British Columbia needs a stronger plan for economic growth," said Bridgitte Anderson, President and CEO, of the Greater Vancouver Board of Trade. "Just as people need confidence that they can build a life and future in British Columbia, businesses need confidence that they can grow, invest, and create jobs here. Businesses want to see leadership that creates the conditions for investment, enables trade diversification, delivers critical infrastructure, addresses affordability challenges, and puts British Columbia on a stronger economic footing for the future"

The full survey results are available below.

Housing Affordability and Local Infrastructure  

Affordability and transportation are closely linked to a region's economic health. Businesses need communities where workers can afford to live, reliable transportation networks that connect people to jobs, and infrastructure that keeps pace with growth. Survey respondents signalled growing concern that housing costs, congestion, and infrastructure challenges are making it more difficult to attract talent, support growth, and maintain Greater Vancouver's competitiveness. 

Key findings: 

• Affordability ranked among the top election priorities, selected by 27% of respondents. 

• More than three-quarters of respondents (76%) said B.C.'s housing situation is having either a significant or some impact on their business.

• A large majority (85%) of respondents believe that traffic and congestion patterns in the lower mainland have worsened in the past 4 years.

• 71% believe the province is not doing enough to prioritize transportation and infrastructure investments and is not investing in or planning sufficiently for these services to keep pace with population growth.

• The top local priority infrastructure projects for the business community:

Safer Communities

Safe and vibrant communities are essential to a strong economy. Businesses rely on employees feeling safe at work, customers feeling comfortable visiting commercial areas, and communities that can attract talent to support growth. Survey respondents identified public safety as an increasing concern, citing impacts on business operations, costs, and the overall attractiveness of the region as a place to live, work, and invest.

Key findings:

• Two-thirds of respondents (66%) said they feel less safe in Greater Vancouver today than they did five years ago. 

• 42% reported employees or customers feeling unsafe in the past year. 

• 35% reported increased security costs. 

• 29% reported increased costs associated with vandalism and cleanup. 

• 25% reported increased incidents of theft. 

• The most-supported responses combine changes to drug-use policies (67%) with greater investment in addictions treatment and housing (66%).

Investment Climate & Major Projects 

Businesses are looking for a more predictable and competitive investment environment in British Columbia. Respondents expressed concerns about regulatory uncertainty, permitting delays, energy availability, and the broader policy environment affecting investment decisions. At the same time, there is strong support for advancing major projects, expanding energy infrastructure, and providing greater clarity around the implementation of reconciliation policies to help strengthen business confidence and support long-term economic growth.

Key findings:

• Nearly one-third of respondents said their organization has considered reducing investment in B.C. or has already done so because of the current economic climate.   

• 72% say the province is not doing enough to improve regulatory processes for major projects.

• 87% support expanding LNG exports to global markets, and 83% support a new oil pipeline to B.C.’s southern coast along or parallel to the Trans Mountain corridor.

• 49% say their organization is affected by DRIPA or its application across B.C. laws, while 75% are somewhat or very concerned about implementation.

• Fewer than 1 in 4 businesses (23%) agree that the provincial government has clearly articulated its vision for reconciliation.

• 48% do not believe B.C. will have adequate electricity and energy supply to meet demand over the next decade; a further 28% are unsure.

• Businesses list investments in research and development, increasing clean energy supply, and tax incentives as the top initiatives to address climate change. 

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About the Greater Vancouver Board of Trade:

Since its inception in 1887, the Greater Vancouver Board of Trade has been recognized as Pacific Canada's leading business association, engaging members to positively impact public policy at all levels of government and to succeed and prosper in the global economy. With a Membership whose employees comprise one third of B.C.'s workforce, we are the largest business association between Victoria and Toronto. We leverage this collective strength, facilitating networking opportunities, and providing professional development through unique programs. In addition, we operate one of the largest events businesses in the country, providing a platform for national and international business and thought leaders to further enlighten B.C.'s business leaders.

Media contact:

Federico Cerani
Communications Manager
Greater Vancouver Board of Trade
604-640-5450 | media@boardoftrade.com