Vice President of Policy, Business Council of British Columbia | Immediate Past President, Association of Professional Economists of British Columbia
Great to be part of a panel at the ICBA Innovation conference to discuss the state of B.C.'s economy. Here's some coverage: "Several economic experts see the construction industry facing a challenging financial landscape in the near future. Desjardins chief economist Jimmy Jean, Business Council of BC vice-president of policy David Williams, former Province of British Columbia Finance Minister Carole Taylor and Independent Contractors and Businesses Association (ICBA) chief economist Jock Finlayson all predicted stormy weather for the industry and greater economy at the Economic Outlook – Strategies for Building in Uncertain Times panel at the ICBA’s recent Construction Innovation Summit in Vancouver. Williams pointed out while the common narrative is that U.S. President Donald Trump is “the source of all our maladies,” Canada’s economic woes gestated long before Trump’s second term began in January. “The economy in both Canada and B.C. was propped up by supercharged population growth and spending, neither of which is sustainable,” he said. Williams said U.S. tariffs were a concern but as current exports are covered under the USMCA agreement the situation could be worse. “The competitive advantage in Canada has been our Westminster system of governance, natural resources, an educated population and great access to U.S. markets, which is no longer guaranteed,” he said. “The type of investment we need to attract has to be bolted down, so it can’t just pick up and walk across the border,” Williams added." #prosperity #bcpoli #bceconomy https://lnkd.in/gwrNgve8
Consulting Economist
3dThe GDP earned by British Columbia resources sector including fossil fuels, agriculture and mining has two components (a return to labour and a return to capital). The capital portion of GDP accounts for about 60% and given the opportunity will take the first bus out of the province. The only solution to stop bleeding GDP out of BC is for its economy to become more horizontally and virtically integrated and for investors confidence to build up. Fiscal prudence or lack thereof both with the province and the federal government impacts seriously on this investors confidence. Fights between the premiers of BC and Alberta over pipelines does not help this investors confidence. Neither does the feds trading off mega subsidies for failing EV projects in Central Canada at the expense of continuing canola Chinese tariffs help improve this investment confidence. I could not have even remotely imagined the upcoming budget to be defeated in the House a few weeks ago. Canada needs a wake up call and a defeated Budget may be the best way for this wake up call.