Report suggests BC prosperity scores mean province is "surviving, not thriving"
Considering its average ranking, a new report suggests BC is “surviving, not thriving.”
According to the 2024 BC Prosperity Index, released by the Business Council of British Columbia (BCBC), the province ranked in 11th place out of 21 jurisdictions.
“There’s no medal for 11th place, and for good reason,” report co-author and BCBC Vice President of Policy David Williams said.
The Index compares BC’s performance in terms of economic, business, social, and environmental indicators.
The 21 jurisdictions compared included countries like Australia, Canada, France, Germany, Japan, New Zealand, the United Kingdom, and the United States. Subnational jurisdictions included the ten Canadian provinces and the three Pacific U.S. states of Washington, Oregon, and California.
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According to the report, BC and other Canadian provinces performed well regarding social and environmental indicators. However, the Prosperity Benmark report suggested that BC and most Canadian provinces underperformed regarding business and economic well-being indicators.
BC’s best rankings are:
- 4th lowest for poverty,
- 5th best air quality,
- 7th longest life expectancy
- 7th highest for household income
- and 8th highest for educational attainment
BC’s lowest rankings are for :
- 13th highest for innovation
- 13th lowest for inequality
- 12th highest for labour productivity
- 12th highest for greenhouse gas emissions per capita
- and the least affordable for housing affordability
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“For young families and people aspiring to build a future in this province, prosperity is critical,” Williams said. “BC has areas of strength, but also areas of weakness, which it needs to address to ensure we do not lose our best and brightest people to other jurisdictions with better prospects.”
“BC needs to aim higher,” says Williams. “There’s room for improvement in innovation, labour productivity, unemployment, and housing affordability, for example. This is especially true when compared to our international peers, who score significantly higher in such areas.”
Williams added BC is facing a challenge and an opportunity as it can learn from the successes of other jurisdictions and adopt similar strategies.
“He emphasizes that BC needs to aim higher, focusing on income generation and private sector job growth, especially as several mega capital projects that have been boosting the provincial economy in recent years wind down,” a statement from BCBC reads.
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