Vision, mission, raison d’être and operating context
Vision
PacifiCan is the federal agency that supports economic growth in British Columbia. Its programs and services help businesses, not-for-profits and communities grow stronger, overcome challenges and seize opportunities. The Agency works in partnership with businesses and organizations to create a more diversified economy driven by strong, competitive and innovative local businesses and thriving communities.
Mission
PacifiCan administers grants and contributions programs to provide direct support to businesses and not‑for‑profit organizations to foster innovation, create jobs, expand export markets and accelerate growth. PacifiCan invests directly in communities and works with its network partners (i.e., the Pacific Business Service Network) to foster local business growth and community economic growth. PacifiCan also serves British Columbians by delivering targeted and temporary national initiatives on behalf of the federal government.
To understand British Columbians’ needs and perspectives, PacifiCan works with provincial, municipal and Indigenous governments, post‑secondary institutions, business and industry associations, and other stakeholders and partners from across the province.
PacifiCan’s headquarters are in Surrey, and it has offices in Vancouver, Victoria, Kelowna, Prince George, Cranbrook, Fort St. John, Prince Rupert and Campbell River. The Agency also has a liaison office in Ottawa.
Raison d’être
Pacific Economic Development Canada (PacifiCan) was established on August 6th, 2021 by Orders in Council to promote the economic growth and diversification of the economy of British Columbia and to advance the interests of British Columbians in national economic policy, programs and project decision-making.
PacifiCan’s Minister is the Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada.
Operating Context
Economic Context
British Columbia’s economy performed slightly better than expected
Real gross domestic product (GDP) in British Columbia grew by 1.2%Footnote 1 to about $313 billionFootnote 2 in 2024. While this was slightly higher than the forecasted real GDP growth for the province (1.1%),Footnote 3 it was lower than Canada’s national average GDP growth (1.6%).Footnote 4 In the last ten years, this is only the second time that GDP growth in B.C. did not outpace the national average. The unemployment rate reached 6.1% by the end of March 2025,Footnote 5 slightly lower than the national rate of 6.7%.Footnote 6 B.C.’s population was an estimated 5.7 million by the end of the fiscal year—a growth rate of 0.94% from March 2024.Footnote 7
Economic diversity, regional strengths, and global trade access
The province’s diversified and regionally distributed economy created some economic resilience. Outside of B.C.’s Lower Mainland, natural resource extraction and manufacturing drive economic activity. In 2024, B.C. exported ten-year high levels of metals, including copper, aluminum and zinc ($7.3 billion) and near ten-year high levels of food products ($5.8 billion).Footnote 8 Industries like digital technology, life sciences, artificial intelligence, and clean technology are prominent in the Lower Mainland and Vancouver Island,Footnote 9 connecting Canada to a high-tech corridor that runs along the Pacific coast and attracts international investment. In addition, B.C. ports, including Prince Rupert in the North Vancouver in the South, enable $270 billion in Canadian trade with the Indo-Pacific region.Footnote 10 The Port of Vancouver moved a record volume of 158 million tonnes in 2024.Footnote 11
Exports and service sectors remained key to the economy
In 2024, B.C. exported $54.7 billionFootnote 12 in goods, the third-highest value of exports recorded for the province since 1988 and a 3% decrease from 2023. The province exported 36% ($19 billion)Footnote 13 of its goods to Asia, the highest share among all provinces in 2024. Natural resource goods continued to drive provincial exports, including energy (29.8% of goods exports), wood products (13.9%) and machinery and equipment (13.9%). Similarly, B.C.’s service sector remained a major contributor to the economy. In 2024, 77.7% of B.C.’s GDP was generated by service-producing sectors, led by real estate and rental and leasing (19.2%) and professional, scientific and technical services (8%).Footnote 14
Strength in people
Business connections based on immigration to B.C. from Indo-Pacific countries attracts investment and creates opportunities to increase Canada’s exports to the region, which are critical for moderating the impacts of global trade disruptions. In 2024, over 63,000 people immigrated to B.C.Footnote 15 with 8,000 arriving under the B.C. Provincial Nominee Program, and almost 75% of nominees coming from Asia.Footnote 16 B.C. also has a skilled and highly-educated population; in 2024, 64% of British Columbians had a post-secondary education, the highest in Western Canada and consistent with the Canadian share (65%).Footnote 17
Small business is big
There are more than 500,000 small businesses in B.C., which represent 98% of all businesses. This means that one in 10 British Columbians are small business owners or entrepreneurs.Footnote 18 In 2023, small businesses contributed 34% to B.C.’s GDP, which tied B.C. with Prince Edward Island for the highest share of GDP contributed by small businesses in Canada.Footnote 19 In addition, 15% of B.C. businesses are either using artificial intelligence or plan to use it soon, slightly higher than the national average of 14%.Footnote 20 Combined with the skilled workforce, this positions the province for economic transformations from digital technology and artificial intelligence.
Indigenous entrepreneurs boosting economic growth across the province
With the second-largest Indigenous population among provinces,Footnote 21 in B.C. the Indigenous economy is growing rapidly. From 2019 to 2021, Indigenous-led businesses in B.C. grew by 5.7% compared to Canada’s 1.6%,Footnote 22 creating economic opportunities in both urban and rural areas. B.C. is home to the second-largest number of Indigenous entrepreneurs among provinces, with about 22,700 Indigenous businesses, with 4,300 businesses having employees.
Affordability remained challenging
Average hourly wages in B.C. increased 5.5% from 2023 to 2024, outpacing the national wage growth of 4.9%.Footnote 23 However, housing costs in B.C. remained the highest in Canada, with the average house price reaching over $960,000Footnote 24 in March 2025, 42% higher than the national average.Footnote 25 Interest rates remained elevated compared to the historic lows of 2020-21, but eased throughout the year.Footnote 26
Growing trade challenges began to have targeted impacts
In the first quarter of 2025, emerging trade disruptions pushed companies in industries across B.C. to rethink their business strategies. Small businesses in B.C. are especially vulnerable to trade disruptions and weakening economic growth because many operate with small profit margins and cash reserves. The Government of Canada and Government of British Columbia’s efforts announced in the first quarter of 2025 aim to help communities in B.C. and Canada create jobs, grow and diversify exports, be more competitive and become more resilient in a changing global economy.