Greater Victoria’s economy earned a C+ in this year’s Vital Signs report released by the Victoria Foundation.
Respondents gave positive marks to the strong local economy, the benefits of tourism, and vocational and technical training opportunities. But they said the region needs to diversify the economy and provide more support for entrepreneurs and small business, and they also want more job training.
Greater Victoria’s unemployment rate is stable, the report said, noting that June’s rate of 5.5 per cent was close to June 2012 at 5.3 per cent. The rate in August was 5.7 per cent, versus the national level of 7.1 per cent.
Businessman Matt McNeil heads the Victoria Pub Company, which includes the Irish Times and Bard and Banker. He said he is bullish about the city’s downtown, pointing to the many condominium projects that have been and are continuing to be built in the core.
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MORE ON THE VITAL SIGNS SURVEY:
- Cost of living is top concern of region’s residents: Vital Signs survey
- Vital Signs: Economic impact of arts and culture on the rise; number of artists declines
- Vital Signs: Region lags averages in police contingents
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This year’s tourist season brought in plenty of visitors with money to spend, further boosting the economy as the downtown evolves at a steady pace, McNeil said.
Dan Gunn, chief executive officer of the Victoria Advanced Technology Council, echoed McNeil’s optimism, saying, “I think we are in a period of hyper-entrepreneurialism in the city.”
He gives the tech sector an A grade, pointing to 18 per cent growth year-over-year in revenues among the top 25 locally founded tech companies or those with headquarters here.
The economy section of Vital Signs listed sectors with the highest employment in the region, such as government, defence, schools, grocery stores, full-service restaurants, hospitals, and universities.
Within the local workforce, 23,775 workers are self-employed and 154,705 are employees, the report said.
Dallas Gislason, economic development officer for the Greater Victoria Development Agency, said he would give the capital region a C- or a D because of a low growth rate. He anticipates that this year will conclude with a gross domestic product increase of close to 0.9 per cent, similar to last year.
Gislason said the region deserves a B+ or an A for its stability, citing a fairly steady unemployment rate and the fact that housing prices were not greatly affected by the recession.
