Sun
For the second year running, more people have moved to British Columbia from other parts of Canada than have gone the other way, an important statistic that reflects growing economic opportunity in the province.
During the lost decade of New Democratic Party rule in the 1990s, B.C. witnessed an alarming exodus, with net outflow surging to a record of more than 17,000 in 1998. The trend continued through 2000 as B.C.’s poor economic performance, stifled by the high-tax, anti-business policies of the NDP, turned a once wealthy and prosperous land into a “have-not” province within Canada, qualifying for federal handouts to make ends meet.
The Business Council of British Columbia points out that there have only been nine years since 1961 when net migration was negative and five of these reflect the legacy of poor economic performance in the 1990s.
The election of the Liberals in 2001 began to reverse the negative trend and, by 2003, the net inflow of population returned to normal levels. Using figures compiled by Statistics Canada, the Association of Canadian Studies has calculated that B.C.’s net gain from interprovincial migration in 2003 was 3,747. With the economy firing on all cylinders, that number soared to 7,080 in 2004 and the Credit Union Central of B.C. has forecast that it will rise to 7,300 this year.
In 2003 and 2004, B.C. and Alberta were the only provinces to record net migration gains, and B.C. alone saw a dramatic turnaround. The net gain from other provinces confirms what other indicators suggest — B.C. is outperforming the Canadian economy.
B.C.’s unemployment rate fell to 6.5 per cent in March, a rate not seen since 1981. And the province is leading the country in job creation.
While external factors, such as global economic growth, high commodity prices and lower interest rates, are partly responsible for this performance, they don’t fully explain B.C.’s dramatic return to economic health. Provincial government policies — lower personal and business taxes and less counterproductive and costly regulations — have created an investment friendly climate. B.C. was top of the heap for new business investment in 2004. As a result, B.C. has become a magnet for thousands of entrepreneurs and workers looking for business opportunities and work.
There’s little downside to this inflow, other than putting upward pressure on real estate prices. People moving from other provinces are coming to take advantage of the bounty that B.C. has to offer. As such, they make a positive contribution to the economy. They tend to be younger, keen to work and happy to make B.C. their home.
We’re happy to have them.
©The Vancouver Sun
