Major City Insights: Victoria—May 2022

The Conference Board of Canada, May 18, 2022
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Despite the rise in case counts from both the Omicron and BA.2 variants early in 2022, most Canadian cities have already seen restrictions loosened or dropped. We expect this to aid in the continued recovery of CMA economies across the country this year. It’s especially good news for the travel and tourism markets in each region, which so far have lagged most other industries in returning to their pre-pandemic levels. Still, higher prices and instability in other parts of the world serve as a downside risk to this year’s outlook.

This edition of our Major City Insights provides new forecasts for growth in 13 major cities across Canada as of March 23, 2022.

This forecast focuses on the Victoria metropolitan economy.

Document Highlights

  • British Columbia’s capital had a robust economic recovery in 2021, as real GDP grew 5.7 per cent. We expect Victoria’s economy to keep growing this year as well, albeit at a slower rate of 3.5 per cent.
  • Next year, Victoria will see an additional forecast increase of 2.4 per cent.
  • Public health restrictions throughout British Columbia have been repealed: mask mandates were dropped on March 11, along with the easing of restrictions on long-term care visitors, faith gatherings, and overnight camps for children and youth; the proof of vaccination requirement to access businesses, events, and services was scrapped on April 8.
  • As the economic impact of the pandemic eased, services-producing industries experienced a solid recovery in 2021. Services sector output rose 6.6 per cent last year, after declining by 4.0 per cent in 2020.
  • We expect the services-producing industries to keep growing this year and next, with output increasing 3.5 per cent in 2022 and 2.6 per cent in 2023 as people inch closer to their pre-pandemic lifestyles.

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