Economy

The recession is still fresh in our minds, though our region has weathered the storm relatively well. The unique characteristics of our economy – that we are more service industry-based and tourism-driven than other cities; and that we have a vibrant small business sector – has helped drive the recovery, and will continue to contribute to our prosperity.

And there was the 2010 Olympic and Paralympic Winter Games, which buoyed our economy, while leaving us with legacies and responsibilities.

Housing still comes at a high price in metro Vancouver; among the highest in Canada. There is a significant impact on our society when people can’t live near their work, or can no longer afford their home. Recently, new home construction has decreased significantly. This has implications not only for the construction industry, and allied trades ―a decrease in housing starts will ripple through other parts of the economy.

It is the question of affordability that looms largest over our region. The high cost of living here increases the number of residents who live close to, or below, the poverty line.

Our economy has done well. However, our recovery, and the slow, steady growth since has not benefitted everyone who lives here. In fact, the widening gap between rich and poor may be one of our greatest challenges for the future.