64 Percent of Business Owners Say They May Leave BC: Chamber of Commerce

The business groups have sent a survey of 10 questions to leaders of B.C.’s political parties ahead of the fall election, asking for definitive answers on their economic visions for B.C., along with the specific steps they will take to achieve these goals.
BC Chamber of Commerce CEO Fiona Famulak said 64 percent of business owners are considering leaving the province, citing “investment uncertainty.”
According to Chamber of Commerce statistics, 76 percent of British Columbians say the provincial government should do more to lower the cost of doing business, while 70 percent of employers say the cost of doing business in B.C. is higher than in neighbouring provinces, Famulak said.
Business Council of British Columbia president Laura Jones said while the province is not technically in a recession, many residents are living and doing business as though that were the case.
“I think we all know at least one person who feels like the prospect of building a good life in British Columbia is slipping away,” Jones said at the press conference.
“We hear this in conversations with neighbours, with colleagues and loved ones, and it’s confirmed in the record number of people now moving to other provinces, taking with them their experience and their potential.”
Famulak said employers have also identified crime, vandalism, and public safety as key issues to be addressed. She said they are all pressing issues that are closely tied to the strength of the province’s economy.
“These aren’t just social issues, they have a direct line back to business,” she said. “It’s important that we urge government to give us solutions so we can set up our businesses to succeed.”
The other topics include spending and deficits, climate and energy policy, resource development, regulatory improvement, crime and safety, cost of living, health care, and indigenous rights.
B.C. Finance Minister Katrine Conroy unveiled the government’s first quarterly financial report earlier this week, forecasting consecutive budget deficits for the next three fiscal years, including an almost $9 billion deficit for 2024-2025.
Conroy identified lower corporate income tax revenue and the cost of fighting wildfires as the two factors having the largest impacts on the provincial budget.
The budget report said retail sales are down 0.5 per cent as “a continuation of last year’s weakness” due to inflation and high-interest rates, while the value of merchandise exports grew only 1.6 percent as commodity prices remain low.