PacifiCan’s 2023 to 2024 Departmental results report: At a glance

A departmental results report provides an account of actual accomplishments against plans, priorities and expected results set out in the associated Departmental Plan.

• Vision, mission, raison d’être
• Operating context
• Minister’s mandate letter

Key priorities

PacifiCan’s top priorities for 2023-24 were as follows:

• Creating Quality Jobs

  Well-paying and reliable jobs are a critical part of addressing affordability challenges. PacifiCan is helping businesses and communities create the quality jobs that British Columbians need.

• Supporting Competitive Industry Clusters

  In British Columbia’s small and medium-sized enterprise (SME)-driven economy, industry clusters are helping to reduce costs, inspire innovation, and improve productivity.

• Facilitating Globally Successful Businesses

  PacifiCan is supporting businesses to accelerate their growth and expand to new markets, which increases wealth in our communities and improves our standard of living in the long-term.

• Fostering Inclusive Growth

  Economic participation of British Columbia’s diverse people and regions improves outcomes for all. Leveraging the Agency’s on-the-ground presence across British Columbia, PacifiCan works to unlock economic opportunities in communities and for under-represented people across the province.

Highlights

In 2023-24, total actual spending (including internal services) for PacifiCan was $190,709,980 and total full-time equivalent (FTE) staff (including internal services) was 191 FTE. For complete information on PacifiCan’s total spending and human resources, read the Spending and human resources section of the full report.

The following provides a summary of the department’s achievements in 2023-24 according to its approved Departmental Results Framework (DRF). A DRF consists of a department’s core responsibilities, the results it plans to achieve, and the performance indicators that measure progress toward these results. This is the last year for PacifiCan reporting on the legacy Western Economic Diversification Canada results framework. PacifiCan implemented a new result framework effective April 1, 2024.

Core responsibility 1: Economic Development in British Columbia

Actual spending: $180,430,991

Actual human resources: 140 FTE

Departmental results achieved

PacifiCan promotes growth and diversification in British Columbia’s economy by enhancing innovation, improving business competitiveness and promoting the adoption of clean technologies and inclusive growth. With staff located across the province, the Agency worked to understand local economic conditions and supported regionally tailored economic development. Strategic investments in projects and initiatives helped create quality jobs across British Columbia, supported businesses to scale-up, and sparked innovation.

To support this, PacifiCan continued to deliver the following core programs:

• Regional Economic Growth through Innovation (REGI)
• Community Economic Development and Diversification (CEDD)
• Economic Development Initiative (EDI)
• Pacific Business Service Network (PBSN)

In addition, the Agency delivered temporary programs to support economic development, such as the Lytton Homeowner Resilient Rebuild Program, the Lytton Business Restart Program, the Regional Quantum Initiative, and the Tourism Growth Program. The Agency also launched the Business Acceleration Pilot to help small- and medium-sized businesses scale-up. While time limited programs announced in Budget 2021 were closed to new applications, PacifiCan continued to work with 285 small- and medium-sized businesses that received time limited funding to offset the negative impacts of COVID-19. Repayment continued for over 1800 projects repaying their Pacifican Regional Relief and Recovery Fund contributions. PacifiCan resources continued to be deployed to help recipients successfully conclude projects.

In 2023-24, PacifiCan invested over $141 million in 257 projects^{Footnote 1} to help communities and businesses innovate, grow and export. In the same period, the Agency supported more than 2,800 SMEs and helped to create more than 5,500 jobs and generate $1.74 billion in revenue growth across British Columbia.^{Footnote 2}

• Communities are economically diversified in British Columbia

  In 2023-24, PacifiCan’s strategic investments in this area have led to the creation of over 3,000 jobs, driving inclusive economic growth and enhancing community resilience across British Columbia. The Agency met its target for the percentage of SMEs majority owned by persons with disabilities (1.2%), and came close to meeting its targets for other underrepresented groups, including women (target 18.1%; result 17.6%), Indigenous people (target 1.8% result: 1.6%), youth (target 12.8%; result: 12.4%) and visible minorities (target 12.1%; result 11.5%). PacifiCan’s analysis shows that persistent labour shortages experienced in 2022 and 2023 could have disincentivized equity-seeking groups from starting businesses as there were other employment opportunities available.

• Businesses invest in the development and commercialization of innovative technologies in British Columbia

  PacifiCan’s investments have increased the commercialization of new technologies, allowed businesses to scale-up, improved productivity and ultimately, supported innovation and economic growth across British Columbia. PacifiCan exceeded its targets for companies engaged in collaboration with higher education institutions in British Columbia and for business expenditures in research and development. The investments have created over 1,200 jobs and more than $219 million in export sales growth in 2023-24.

• Businesses are innovative and growing in British Columbia

  PacifiCan’s investments helped businesses in British Columbia drive innovation and grow, positioning the province as a leader in key sectors such as clean technology, quantum computing, and life sciences. In 2023-24, the Agency exceeded by 278 its targets of 2,072 for the number of high-growth firms; and the target of $2.5 billion in the value of exports of clean technologies from British Columbia was exceeded by $75 million.

More information about Economic Development in British Columbia can be found in the “Results – what we achieved” section of the full departmental results report.