Transformative periods in history are often recognized as such only with the benefit of hindsight, but their impacts are felt for years or even decades afterwards. Given the trends we anticipate in the coming year, 2023 appears to be one of those pivotal turning points.
Global unrest continues to impact the flow of goods and services to countries around the world, and the climate crisis poses a looming existential threat. How we address and prepare for these, and a series of other challenges competing for our attention in the coming year, will have a profound impact on our future.
Preparing for an influx of newcomers to the region will be our greatest challenge and our greatest opportunity. B.C. welcomed more than 100,000 new residents in 2021, and record levels of newcomers will continue to arrive in 2023. More people arriving is great news for businesses desperate to fill job vacancies, but it also means considerable stress on our already strained supply of housing.
It is difficult to overstate the importance of growing our population. A Statistics Canada survey of Metro Vancouver businesses in 2022’s fourth quarter found that over a third expected difficulty attracting and retaining talent in the coming year. In 2022’s second quarter, there was fewer than one unemployed person for each job vacancy in B.C., and the Labour Market Outlook is forecasting a million new jobs will be created in our province over the next decade.
The housing shortage continues to be one of the most significant barriers for people considering a move to the region. Census data from 2021 showed that B.C. continues to be the most unaffordable province for housing in Canada. The lack of available housing is a crisis that will become more acute as we find housing projects caught in red tape and not being able to keep pace with new arrivals.
It has been heartening to see municipal leaders seized with this issue, backed by support from the provincial government, but the task is Herculean in scope. We need strong leadership to bring a comprehensive approach that brings more supply, improves affordability, while taking care of those most in need. We must act with purpose and ambition, with strong co-ordination at all levels of government.
Amidst a complex recovery from the impacts of the COVID-19 pandemic, tourism has been a shining light. Demand came roaring back after pandemic restrictions decimated the sector, and 2022 marked a record year with over 300 cruise ship calls at Canada Place. There is every reason to expect this trend to continue into 2023 as pent-up demand for travel continues to inspire travellers to make up for lost time.
In order to maximize the benefits of international tourism, it is critical that we foster a safe, clean, welcoming environment that will bolster our reputation as a destination city with something for everyone. Between our natural beauty, world-class dining and unique experiences, our tourism sector is well positioned to thrive in the coming year.
A common thread in many of the exciting developments we are looking forward to is the prominent role Indigenous partners are playing. From the Heather Lands and Senákw Development projects to the Cedar LNG export facility, it is inspiring to see steps towards economic reconciliation that would have been unimaginable just decades ago.
I have no doubt that the Greater Vancouver region will continue to attract new residents and tourists in the coming year, but protracted affordability woes and the impact of the pandemic and adverse climate events have taken a toll. Employers need to be on the lookout for burnout, dissatisfaction and overall employee well-being.
According to the World Health Organization, global prevalence of anxiety and depression increased by a massive 25 per cent in the first year of the pandemic alone. This is a global and societal issue that is affecting so many of those around us. While much work has been done to counter stigmas and normalize conversations about mental health, organizations need to push further and see the challenge as our collective priority. We must embrace cultural changes that bring about more sustainable forms of work and work intently on fostering deep and meaningful connections. The greatest asset any organization has is its people, and ensuring that mental health supports are readily available will create better outcomes at work, home and in society at large.
Heraclitus’ 2,500-year-old doctrine that “change is the only constant in life” feels truer now than ever. Although COVID-19 is now endemic, it has done little to alleviate the volatility that businesses are facing. Record-high inflation and labour challenges, coupled with rising costs, have hobbled economic growth and necessitated ongoing adjustments to our economic strategy at both the micro and macro level.
We have a unique opportunity in 2023, with newly elected municipal governments and a premier all eager to make their mark. The stage is set, but how it will all unfold depends on our ability to work collaboratively across partisan lines and geographical boundaries to secure a sustainable and prosperous future in which no one is left behind. •
Bridgitte Anderson is the president and CEO of the Greater Vancouver Board of Trade.
