CPABC: Incentivizing growth in B.C. a top priority as trade war kicks off
VANCOUVER, British Columbia, May 01, 2025 (GLOBE NEWSWIRE) — The Chartered Professional Accountants of British Columbia (CPABC) released
BC Check-Up: Invest
, an annual report on investment trends across the province. The report highlights some of the challenges facing B.C.'s economy amidst an on-going trade war with the United States.
''The B.C. economy experienced slower growth in 2024,' said Lori Mathison, FCPA, FCGA, LLB, president and CEO of CPABC. 'We are entering this trade war without the advantage of a strong underlying economy.'
According to the 2025 B.C. Budget, real GDP growth is expected to come in around 1.2 per cent for 2024, well below population growth during the year. Improving economic conditions were expected to lead to a bump in economic growth to 1.8 per cent for 2025, although a trade war with the United States could put that forecast in jeopardy. The B.C. Ministry of Finance estimated that a trade war could cause real economic growth to slow to 0.3 per cent in 2025, although specific trade policies could vary significantly from the assumed model.
'The announcement by the United States to impose or threaten tariffs on most of the world creates an extremely challenging environment for global trade and the global economy more generally,' continued Mathison. 'There is still a lot of uncertainty for B.C. as trading relationships get redefined and specific trade actions evolve.'
B.C.'s inflation rate was 2.6 per cent in March 2025. Aside from the recent spike at 3.0 per cent in February 2025, price growth has fluctuated between 2.0 per cent and 2.6 per cent since August 2024. Shelter costs continue to rise faster than headline inflation, up 3.7 per cent year-over-year. Moderating inflation and weak economic growth have allowed the Bank of Canada to gradually cut the policy interest to 2.75 per cent, which was maintained at their latest rate decision on April 16th, 2025.
'The economy would certainly benefit from even lower interest rates,' continued Mathison. 'However, inflationary pressures are anticipated to resurface due to the ongoing trade dispute, which could be a barrier to further rate cuts.'
In 2024, there were 45,828 housing starts across the province, marking a 9.2 per cent decrease from the all-time high recorded in 2023. Of these, 78.0 per cent were apartment or condo units, a significant increase from 52.0 per cent in 2015. In the non-residential sector, building investment reached $8.3 billion, up 4.3 per cent compared to 2023. Spending on industrial and commercial buildings remained below 2019 levels, while investment in institutional and government buildings was 56.7 per cent higher, driven by increased spending on healthcare infrastructure.
Meanwhile, B.C.'s major project inventory was valued at $361.7 billion in Q3 2024, reflecting a 3.0 per cent decrease compared to Q3 2023. The LNG Canada Facility in Kitimat and BC Hydro's Site C Dam are the two largest projects currently under construction, with completion expected by the end of 2025.
'These major projects, in addition to Coastal GasLink and Trans Mountain completed last year, are set to benefit the province once fully operational. That said, this period of supercharged investment has come to an end,' concluded Mathison. 'Our economic relationship with the United States is undergoing a dramatic shift, and it has never been more critical to create an investment-friendly business climate to incentivize growth in British Columbia.'
To learn more, see
www.bccheckup.com
.
For more information:
Jack Blackwell, Economist
604.259.1143
news@bccpa.ca
________________________________________
About CPA British Columbia
The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 40,000 CPA members and 6,000 CPA students. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy. CPAs are recognized internationally for bringing superior financial expertise, strategic thinking, business insight, and leadership to organizations.
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