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Similar to BC Economy Grew 2.7% in 2014 With Job Gains and Surplus
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BC Economy Grew 2.7% in 2014 With Job Gains and Surplus
- 2. BC in 2014… Real GDP growth rose by 2.7% • Positive job creation for 5th consecutive year • Value of exports. reached almost $36 billion. • Population increased by 48,677 persons. • Government surplus for second consecutive year.
- 3. WORK BC in 2014… • BC gained 12,800 jobs to reach 2.28 million. • Unemployment rate in BC declined to 6.1%. • At 68.1%, BC had the highest level of labour force educational attainment in Western Canada. • Real compensation per worker grew by 2.1% to $52,321. • To catch Alberta, B.C.’s compensation/worker would have to increase by 44.1%.
- 4. INVEST BC in 2014… • Private sector non-residential building investment fell to $3.92 billion, due to slowdown in industrial building. • Share of employment in the sciences declined to 6.8%, after steady annual increases since 2009. • Government debt-to-GDP ratio increased to 17.0% in FY 2014/2015. • Value of exports per worker increased to $14,756, but still lags behind national average.
- 5. LIVE BC in 2014… • Consumer debt per capita reached $58,621, the highest level in Canada. • Provincial government per capita expenditure on health care was $3,774. • Long-term unemployment rate was 0.7%, below the national average. • Share of labour force between ages 19 and 24 with less than high school education fell to 5.2%.
- 6. Provincial Outlook • BC to be national leader in 2015. • Projected GDP growth rate ranges between 2.2% and 3.0%. • Depreciation of CAD will increase export activity. BC in 2015…