IFC BC: Economy in BC

British Columbia

Strong Economy

British Columbia's economy continues to show strength. Since 2001, the average rate of real GDP growth in BC has been 3.4 per cent.
More recently, according to the BC Progress Board, "BC placed fifth in the Progress Board's target for economic growth in 2007, up from sixth in 2006. The province's growth rate of real GDP per capita has been ahead of the national average every year since 2002." (BC Progress Board, July 2008)
British Columbia is now less dependent on commodity exports to the American market than the rest of country, while our exports to Asia (at 24 per cent) are nearly five times greater than the 5 per cent rate in the rest of Canada. (Province BC, 2008)

Responsible Fiscal Management

In 2007, Standard & Poor’s upgraded British Columbia’s credit rating to AAA, the agency’s highest rating. S&P cited strong budgetary performances, strong management culture and improved transparency for planning and reporting practices as reasons for the upgrade. (BC Ministry of Finance, May 18, 2008)
In October 2006, Moody's Investors Service upgraded British Columbia's credit rating to Aaa, the highest possible rating, in October 2006. This represents the second time Moody's has increased BC's rating in less than two years. Besides British Columbia, only Alberta and the Government of Canada have a triple-A rating. (Vancouver Sun, 2006)
Total government revenue is forecast at $39.4 billion in 2007/08, $38.5 billion in 2008/09, $39.9 billion in 2009/10, and $41.5 billion in 2010/11 — an average annual increase of 1.8 per cent over the next three years. (Government of BC, 2008)

A Commitment To The Future

Projects are underway to improve transportation including highways, ports, border crossings, and rapid transit, including the Richmond- Airport-Vancouver “Canada” Line, twinning the Port Mann Bridge, the South Fraser Perimeter Road, major improvements to the Trans-Canada through the Kicking Horse Canyon, a new Vancouver Convention Centre, and upgrading the Sea-to-Sky Highway. (Government of BC, 2008)
British Columbia's largest two universities (University of British Columbia, and Simon Fraser University) consistently rank in the top five in national surveys. British Columbia's 28 public post-secondary education institutions offer more than 1,900 programs covering a broad spectrum of subjects. (Government of BC, 2008).