Economic Impact

Economic Snapshot

The VEC publishes a monthly roundup of COVID-19-related impacts, mitigations, and recovery planning for the Vancouver economy. The report is accurate as of June 15th, other content throughout these pages is updated frequently.

-3.0%GDP Growth Rate2020 ForecastMetro Vancouver, Conference Board of Canada
13.0%Unemployment RateThree-month moving average, Unadjusted, May 2020
Vancouver CMA, Statistics Canada
0.1%Consumer Price IndexY-O-Y April 2020Vancouver CMA, Conference Board of Canada

View the Economic Dashboard Access the July 16 Report

 

Key Findings from COVID-19 Impact Pulse Survey #3

The Impact Pulse surveys are an initiative led by the BC Chamber of Commerce, Greater Vancouver Board of Trade and Business Council of British Columbia, with assistance of the Mustel Group. We and other industry partners have joined in promoting these short surveys, and the results will assist us in keeping pace with the business community’s rapidly evolving needs.

The latest survey findings (Pulse Survey 3) are from 1,343 business leaders between May 11–15, 2020, and the survey results may be viewed in their entirety here. Survey results for Pulse Survey 1 and Pulse Survey 2 are linked for comparability.

Key Challenges around Reopening identified by Businesses in Pulse Survey 3

  • 75 percent of respondents indicated challenges attracting customers or revenues
  • 49 percent of respondents identified having enough operating cash for expenses as a challenge
  • 31 percent of respondents identified challenges around having enough operating cash to meet and
    implement safety standards
  • 39 percent of respondents identified challenges around recruitment and re-recruitment of staff
  • 31 percent of respondents identified government not allowing business to open yet as a challenge

Refer to our page on government measures for employers.

Thank you to all who participated in the survey on initial impacts. The intelligence you shared is helping shape how our governments react to this pandemic crisis in real time.

As the situation changes on an hour-by-hour basis, we encourage you to continue to take part in all industry surveys. We invite you to share your updates with us so we may relay your needs.

How to Contribute

Help us understand how COVID-19 is impacting your job, business or sector by filling out these surveys (list updated weekly):

BC Business Impact Survey

This survey intends to the government understand the most pressing impacts businesses are experiencing and what can be done to ensure government is enacting measures to provide the greatest relief.
 
Take the Survey View Previous Survey Results

Creative BC Business Impact Survey

Creative BC is collecting data in order to better understand the impact COVID-19 has had on creative industry business activity, events and projects across the province.
 
Take the Survey

COVID-19 Cleantech Survey

This short survey by Foresight collects important data on how the cleantech industry is being impacted by the COVID-19 Pandemic. Analysis will be used to help government frame ongoing support and stimulus measures and planning in response to the COVID-19 crisis.
 
Take the Survey

GVPTA COVID-19 Impact Survey

This ongoing survey by the GVPTA is for all arts disciplines, artists, arts workers, cultural organizations, and museums across B.C. Analysis will be used to help governments frame ongoing support and stimulus measures and planning for the sector. It is updated monthly with new questions.
 
Take the Survey