Greater Vancouver urges provincial leaders for stronger economic vision

VANCOUVER, B.C — A new survey of residents and businesses in the Greater Vancouver region reveals that a strong majority of businesses and residents believe the province lacks a sufficient economic vision or strategy. The top priorities for businesses ahead of the October 19 provincial election are economic vision, housing and affordability whilst the top priorities for residents are healthcare, housing, affordability and public safety.

The survey, conducted by Mustel Group in September 2024, was presented today at the '2024 British Columbia Votes' event hosted by the Greater Vancouver Board of Trade. During the event, provincial party leaders shared their thoughts on the survey results and presented their vision for the future of British Columbia.

The survey is unique as it polled both the Metro Vancouver residents and the business community represented by members of the Greater Vancouver Board of Trade.

Top Issues for Voters:

Economic Vision

A few weeks ago, the business community urged provincial leaders to present a clear, actionable plan to foster growth, boost prosperity, and encourage innovation. This survey confirms that most Metro Vancouver residents share this sentiment.

Three-quarters of businesses and half of residents believe the provincial government lacks a sufficient economic strategy. Furthermore, 69% of businesses and 45% of residents feel the government isn't doing enough to provide an economic vision, specifically for Greater Vancouver. Worryingly, as we look ahead, 41% of businesses expect their prospects to worsen over the next year.

In addition, the province recently posted the largest provincial deficit in its history, which has heightened concerns over fiscal responsibility. A strong majority of residents (73%) and businesses (77%) believe it is urgent for the government to return to balanced budgets.

The survey highlights several specific areas where the provincial government is falling short in its support for economic growth:

• Attracting and retaining tradespeople: 62% of businesses believe the government is not doing enough to help address the skilled labor shortage.
• Increasing trade-enabling infrastructure: 55% of businesses feel there is insufficient investment in key infrastructure that supports trade.
• Improving regulatory processes for major projects: 57% of businesses think the government's regulatory processes are too slow or cumbersome, hindering progress on major projects.

The survey also reveals concerns about the rising costs of doing business, with 57% of residents and 81% of businesses feeling the government is not addressing these challenges.

Notably, 1 in 3 residents and businesses have considered leaving the province. Our Economic Impact Study on Industrial Lands found that over the past 4.5 years, 5.1 million square feet of industrial space has been absorbed by firms in Calgary rather than Metro Vancouver, resulting in the loss of 6,300 jobs, $477 million in wages, and nearly $500 million in GDP.

Affordability & Housing Concerns

Since 2020, a significant majority of residents (80%) and businesses (92%) believe affordability has worsened. Additionally, 68% of residents and 69% of businesses feel the government is not doing enough to address the availability and affordability of housing.

Opinions on recent government efforts to tackle the housing crisis are divided. While 40% of respondents believe the government is on the right track, 31% disagree, and 30% say it's too soon to tell. When it comes to addressing the infrastructure needs of a rapidly growing population, 45% of the general public and 72% of the business community believe the government is falling short.

According to our Benchmarking Greater Vancouver Report, the region is the third most unaffordable English-speaking housing market in the world. Renters in Greater Vancouver spend a higher percentage of their income on housing than those in any other English-speaking peer city.

Additionally, 85% of businesses report that the housing crisis is negatively impacting their operations and competitiveness.

Transportation & Infrastructure:

There is widespread agreement among residents and businesses that more investments are needed in public transportation. Over the past four years, 86% of businesses and 74% of residents report that congestion has worsened.

With TransLink preparing to cut services unless its funding gap is addressed, 65% of businesses and 48% of residents believe the provincial government is not doing enough to invest in transit. An economic impact study by InterVistas estimates that failing to secure funding could cost the region $1 billion annually, as thousands of people lose access to reliable transportation.

The most desired public transit projects by the business community include:

• Surrey/Langley SkyTrain extension (48.7%)
• Expanded Bus Rapid Transit (47.9%)
• Millennium Line extension to UBC (40.1%)

Additionally, 64% of businesses feel the government is not doing enough to prioritize transportation and infrastructure investments.

Public Safety:

Public safety has become a growing concern in recent years, with 77% of businesses and 58% of residents reporting they feel less safe than five years ago. Additionally, 65% of businesses have faced increased costs related to security, vandalism repairs, and theft.

Both businesses and residents are calling for more investments in addiction treatment and safe housing, as well as changes to drug use policies, increased policing, and reforms to bail and sentencing. A large majority of businesses (77%) and residents (68%) believe the government is not doing enough to improve public safety.

Other Key Findings:

• Support for private sector involvement in healthcare stands at 70% among businesses and 46% among residents, with 33% opposed.
• Climate change priorities include increasing clean energy supply, investing in R&D for clean technology, and offering tax incentives.
• Will B.C. have adequate energy supply in 10 years? Only 28% of businesses and 35% of residents believe so.

Quotes:

"Our survey shows that businesses and residents alike are calling for bold leadership that invests in our future, supports key industries, and allows us to address the many other priorities British Columbians have identified, such as healthcare, affordability, public safety, and infrastructure. BC is experiencing stagnating economic growth and weakening investment.  A strong economy is the key to tackling all of these challenges head-on. British Columbia needs a clear and actionable economic strategy to create the conditions for long-term prosperity." – Bridgitte Anderson, President & CEO, Greater Vancouver Board of Trade

"The survey results show that voters will reward the party that is able to provide the best plan that connects affordability with a credible economic plan. From the affordability and healthcare crisis to transportation and public safety the public is looking for meaningful action and better outcomes in the future" - Evi Mustel, Principal, Mustel Group.

Survey Results:

-30-

About the Greater Vancouver Board of Trade:

Since its inception in 1887, the Greater Vancouver Board of Trade has been recognized as Pacific Canada's leading business association, engaging members to positively impact public policy at all levels of government and to succeed and prosper in the global economy. With a Membership whose employees comprise one third of B.C.'s workforce, we are the largest business association between Victoria and Toronto. We leverage this collective strength, facilitating networking opportunities, and providing professional development through unique programs. In addition, we operate one of the largest events businesses in the country, providing a platform for national and international business and thought leaders to further enlighten B.C.'s business leaders.

About Mustel Group
The Mustel Group is a team of collaborative experts delivering customized market research solutions for clients in both the public and private sectors. We have helped organizations maximize their potential for over 25 years.

About the survey
The Greater Vancouver Board of Trade with assistance by Mustel Group has conducted a survey among its members to measure opinions on various election issues of relevance and the performance of the current provincial government. A total of 500 Members completed the survey. To compare the issues of relevance for businesses to the Metro population, Mustel Group conducted 500 interviews with a random sample of Metro Vancouver residents,18 years of age or over. Mustel Group's Giving Opinions panel, which is 100% randomly recruited, was supplemented by panel partner Sago to ensure the sample is representative of the population. In total, 1,000 interviews were conducted. The business portion of the survey was conducted in late August and early September, while the survey of residents was conducted mid-September.

Media contact:

Federico Cerani
Communications Manager
Greater Vancouver Board of Trade
604-640-5450 | media@boardoftrade.com