The survey of over 2,700 BC CPAs found that they were more optimistic about the current state of BC's economy compared to Canada's economy. However, they felt BC's economy would improve less than Canada's economy in the next two years. Attracting and retaining skilled labor was seen as the top challenge for businesses. Housing prices and government red tape were also identified as major challenges. The CPAs recommended the top three priorities for the BC government were investing in infrastructure, increasing skills training, and improving regional economic development.
2. • CPAs were more optimistic about the current state of BC’s
economy relative to Canada’s economy (71% positive vs. 50%
positive).
• During the next two years, 27% of CPAs think Canada’s
economy will improve compared to 19% who think BC’s
economy will improve.
• Looking at global economies, the majority of CPAs see stability
or modest growth over the next two years.
Economic Outlook
Base: All Respondents, n=2,701
3. • For the fourth year in a row, attracting and retaining skilled
labour was the top challenge for business success, with
81% of respondents rating this as a major/moderate
challenge.
• 63% of respondents indicated that their business is
experiencing recruitment challenges when finding
employees with the right skills.
• Political uncertainty and Government red tape (both at
67% for major/moderate challenge) were the next two leading
issues for business success in BC today.
BC’s Business Challenges
Base: All Respondents, n=2,701
4. • Housing prices remained the top economic issue with
84% of all respondents saying this is a major/moderate
challenge. Those in the Lower Mainland and on Vancouver
Island were most concerned (both 85%), however
respondents in other parts of BC also considered this a
significant issue (79%).
• The current value of CAD vs. USD (69%), global economic
climate (66%), and BC economic climate (62%) rounded
out the top economic challenges to business success in BC.
Base: All Respondents, n=2,701
BC’s Economic Issues
5. Government Performance
Base: All Respondents, n=2,701
• Overall, BC’s CPAs felt all levels of government could do a
better job creating a good climate for business and
investment in BC.
• The federal government had the highest rating (35%
positive), followed by the provincial government (32%
positive), and the municipal government (27% positive).
• Not surprisingly, those with a positive view of BC’s current
economic performance were more likely to have a positive
impression of government performance.
6. The top three government priorities identified by BC
CPAs were:
• Investing in infrastructure;
• Increasing skills training opportunities; and
• Improving regional economic development.
Base: All Respondents, n=2,701
Recommendations to BC Government
7. • NRG Research Group was commissioned to conduct a
web-based survey of CPABC members regarding their
impressions of the current and future economic
conditions in the areas in which they work, current
challenges for business success, and the business
climate in British Columbia.
• The survey was conducted between July 31 and August
23, 2017.
About the Survey
8. • 2,701 BC CPAs responded, a 14% response rate.
• 67% of respondents lived in Southwest BC, while
18% lived in the Vancouver Island/Coast and 8% in the
Thompson-Okanagan development regions.
• 44% of all respondents worked in “Industry”; 28%
worked in “Public Practice,”; 16% worked in
“Government”; 6% worked for “Not-for-Profit” while
another 5% worked in “Other” sectors.
Characteristics & Demographics
