Major City Insights: Victoria—June 2021

The Conference Board of Canada, June 8, 2021
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In cities across Canada, economic recovery from the devastating impact of the COVID-19 pandemic depends largely on the vaccine rollout and containing the spread of the virus. The hardest-hit sectors of the economy—particularly those that depend on people gathering in public—will take longer to recover.

Document Highlights

  • After declining by 2.4 per cent in 2020, real GDP in Victoria is forecast to grow by 4.9 per cent in 2021.
  • With ongoing restrictions to limit the spread of COVID-19, sectors such as the transportation and warehousing industry and accommodation and food services will continue to struggle, while output will reach pre-pandemic levels fairly quickly in sectors such as public administration, health care services, and construction.
  • Victoria had one of the strongest labour markets in the country before the pandemic hit and resulted in a 3.8 per cent drop in employment. As the impacts of the pandemic lessen and more of the population receives a vaccination, total employment will rebound by 4.6 per cent in 2021.

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