Pat Bell's Top Ten - June 24th

1. Gross Domestic Product - Updated May 12, 2011

British Columbia’s economy bounced back in 2010, expanding 4.0% after posting a 1.8% decline in real GDP (chained 2002 dollars, measured at basic prices) in the previous year. The recovery was broadly based, with both the goods and service sectors making significant gains. The rebound in goods-producing industries was partly driven by a turnaround in resource-based industries. A long downturn in the forest sector finally came to an end in 2010, while the mining, oil and gas extraction industry posted its first increase in real GDP since 2005. The construction industry also picked up speed after losing ground in 2009. In the service sector, most industries made gains in 2010. The Olympics provided a boost to several tourist-related industries, including accommodation and food services, which expanded 3.5%.
(Prepared by BC Stats, Source: Statistics Canada)

2. Employment and Unemployment - Updated May 6, 2011

British Columbia’s unemployment rate was down to 7.9% in April 2011. This was 0.2 percentage points less than the rate recorded in the previous month. The improvement was largely due to continued employment growth, as the number of British Columbians with jobs increased (+0.4%) for a third straight month. The labour force expanded a marginal 0.1%.
Goods-producing industries, which had experienced significant job losses during the recent recession, continued to rebound (+2.2%) but job growth in the service sector stalled (-0.1%) for a third straight month. There were more private sector jobs (+0.4%) but employment in the public sector shrank 0.7%.
(Prepared by BC Stats, Source: Statistics Canada, Labour Force Survey)

3. Wages in B.C. - Updated May 6, 2011

Workers in the province earned an average wage of $23.06 per hour in April, which was exactly the same as the national wage rate. However, weekly wages in BC ($828.11) were below the Canadian average ($837.75), reflecting a slightly shorter work week in this province.
Young workers in BC typically earn more than those in other parts of the country. Hourly wages for British Columbians aged 15 to 24 averaged $13.57 in April, compared to $13.23 for all young Canadians.
(Prepared by BC Stats, Source: Statistics Canada, Labour Force Survey)

4. Retail Sales - Updated May 20, 2011

Sales at British Columbia’s retailers inched up 0.2% (seasonally adjusted) in March, continuing its recovery of the previous month. Quebec (+0.5%) and Atlantic Canada also saw moderate increases in sales. Nationally retail sales remained flat (0.0%) as gains were offset by weaker sales in the provinces of Ontario (−0.8%), Manitoba (−0.3%) and Alberta (−0.1%).
During the first quarter of 2011, BC’s retail sales fell 1.3% (seasonally adjusted), offsetting gains from the last quarter of 2010 (+1.7%) almost entirely. Quebec (−0.6%) and Ontario (−0.1%) bucked this trend in a similar fashion, while retail sales in Manitoba (+1.8%), Saskatchewan (+2.3%) and Alberta (+0.3%) enjoyed gains in the same quarter. Nationally, retails sales for the first quarter remained flat (0.0%).
(Prepared by BC Stats, Source: Statistics Canada)

5. International Trade (Exports) - Updated May 12, 2011

The value of BC exports rebounded (+3.7%, seasonally adjusted) in March, mirroring the decline
recorded in February (-3.7%). Double-digit increases in shipments of forestry (+10.7%) and industrial & consumer (+11.2%) products were the major contributors to the boost in provincial exports. Agriculture & fishing (+1.5%) exports were also up, but international shipments of energy (–6.4%) and automobile, machinery & equipment (–3.9%) products fell. US-bound goods were off (-1.9%) for the second straight month, while shipments to other destinations advanced (+8.0%). The slump in south-bound goods was mostly the result of declining energy (–19.4%) shipments.
(Prepared by BC Stats, Source: BC Stats)

6. Housing Starts - Updated May 9, 2011

Housing starts in the province increased for the first time since December, rising 23.0% (seasonally adjusted) in April. BC bucked the national trend, which saw the number of new housing starts drop 3.1% as new construction activity slowed in both Ontario (-9.0%) and Quebec (-10.9%), while Alberta posted a modest 1.4% increase.
(Prepared by BC Stats, Source: Canadian Mortgage and Housing Corporation)

7. Tourist visits - Updated June 17, 2011

Visitor entries to Canada through BC were up (+0.7%, seasonally adjusted) in April. Same-day visits from the US (-0.1%) were off for the third consecutive month, while overnight trips also experienced a small decline (-0.3%). Overall, total US entries dipped 0.3%. However, there were more travelers from overseas countries (+3.8%), driven primarily by a double-digit increase (+11.5%) in the number of visitors from Asia. Meanwhile, European entries (-2.1%) were down.
There were nearly 1.2 million Canadians returning home via BC in April, up 3.3% from the previous month. Total trips from the US increased 2.8%, while the number of Canadians returning from overseas jumped (+8.1%).
(Prepared by BC Stats, Source: Statistics Canada)

8. Population – Updated March 24, 2011

The population in British Columbia reached 4,554,085 as of January 1st, 2011. In the fourth quarter of 2010, population growth was at its lowest since 2006, up 1.2% compared to the same quarter in 2009. Saskatchewan continued to lead growth (+1.5%). BC shared fifth place with Ontario above the average growth across Canada (+1.1%).
(Prepared by BC Stats, Source: Statistics Canada)

9. Independent Economic Forecast Council on economic growth

B.C.’s economy is expected grow moderately over the next year according to B.C.’s independent Economic Forecast Council. On average, the council forecasts B.C.’s GDP growth at 2.7 per cent for this year. This is down from Budget 2010, when economic growth was projected at 3.1 per cent. For 2012, the council’s forecast is unchanged at 3.0 per cent. The council’s average annual forecast for 2013-2015 is 2.8 per cent.

10. B.C.’s top credit rating reconfirmed

The Dominion Bond Rating Service, Standard & Poor, and Moody's Investment Service have all reconfirmed B.C.'s strong credit rating. The most recent report from Moody's notes the Province's debt reduction efforts of the past few years have put British Columbia in a stronger position to face the economic downturn. DBRS rates B.C. AA (High); Standard & Poor, AAA; and Moody's, AAA.