Best Industrial bays and buildings for rent in British Columbia? We got them. Look at the listings above and see all the excellent places we have for you.British Columbia is home to a diverse range of industries, with a large focus on the service sector. The total gross domestic product (GDP) of British Columbia in 2021 was estimated to be $350.6 billion, making it the 4th-largest economy in Canada. (https://www.wikiwand.com/en/List_of_Canadian_provinces_and_territories_by_gross_domestic_product#GDP_and_per_capita_GDP,_2021)
It is also the most export-dependent province in Canada, with exports accounting for more than 50% of its GDP.
The service sector is the largest contributor to the provincial economy, accounting for close to 60% of British Columbia's GDP. The largest component of the service sector is professional, scientific, and technical services, which accounted for 23% of the provincial GDP in 2019. This sector is followed by finance, insurance, real estate, rental, and leasing (17% of GDP), and public administration (10% of GDP).
The goods-producing sector is the second-largest contributor to the provincial economy, accounting for just under 40% of British Columbia's GDP. The largest component of this sector is construction, which accounted for 18% of the provincial GDP in 2019. This sector is followed by manufacturing (13% of GDP), and natural resources (9% of GDP).
In terms of employment, the service sector is the largest employer in British Columbia, accounting for close to 68% of all jobs in the province. This sector is followed by the goods-producing sector, which accounted for just under 32% of all jobs in the province.
The economic trends in British Columbia are quite positive. The unemployment rate in British Columbia was 4.2% in December 2022, which is lower than the national average of 5%. (https://www.workbc.ca/research-labour-market/bcs-economy/labour-market-monthly-update)
The province also recorded the highest GDP growth rate in Canada in 2021, with a 2.3% increase. (https://economics.td.com/provincial-economic-forecast)
British Columbia is ranked 51st in North America in terms of economic freedom, according to the Fraser Institute. (https://www.globenewswire.com/en/news-release/2022/11/15/2555799/0/en/Fraser-Institute-News-Release-All-Canadian-provinces-now-languish-in-bottom-half-of-North-American-economic-freedom-rankings.html)
It is also ranked 3rd in Canada in terms of business competitiveness, according to the World Economic Forum.
Overall, British Columbia is home to a diverse range of industries, with a large focus on the service sector. The province has a strong economy with positive economic trends, and it is highly competitive in terms of economic freedom and business competitiveness.