page_title: British Columbia
section_title: Economy
hierarchical_section_title: British Columbia / Economy
caption_attribution_description: English: Photo of Canada Place with Downtown Vancouver, British Columbia, Canada on 22 August 2016
context_page_description: British Columbia is the westernmost province in Canada, located between the Pacific Ocean and the Rocky Mountains. With an estimated population of 5.1 million as of 2020, it is Canada's third-most populous province. The capital of British Columbia is Victoria, the fifteenth-largest metropolitan region in Canada, named for Queen Victoria, who ruled during the creation of the original colonies. The largest city is Vancouver, the third-largest metropolitan area in Canada, the largest in Western Canada, and the second-largest in the Pacific Northwest. In October 2013, British Columbia had an estimated population of 4,606,371. The province is currently governed by the British Columbia New Democratic Party, led by John Horgan, in a minority government with the confidence and supply of the Green Party of British Columbia. Horgan became premier as a result of a no-confidence motion on June 29, 2017.
  The first British settlement in the area was Fort Victoria, established in 1843, which gave rise to the City of Victoria, at first the capital of the separate Colony of Vancouver Island.
context_section_description: BC's economy is diverse, with service-producing industries accounting for the largest portion of the province's GDP. It is the terminus of two transcontinental railways, and the site of 27 major marine cargo and passenger terminals. Though less than 5% of its vast 944,735 square kilometres (364,764 sq mi) land is arable, the province is agriculturally rich (particularly in the Fraser and Okanagan valleys), because of milder weather near the coast and in certain sheltered southern valleys. Its climate encourages outdoor recreation and tourism, though its economic mainstay has long been resource extraction, principally logging, farming, and mining. Vancouver, the province's largest city, serves as the headquarters of many western-based natural resource companies. It also benefits from a strong housing market and a per capita income well above the national average. While the coast of British Columbia and some valleys in the south-central part of the province have mild weather, the majority of its land mass experiences a cold-winter-temperate climate similar to the rest of Canada. The Northern Interior region has a subarctic climate with very cold winters. The climate of Vancouver is by far the mildest winter climate of the major Canadian cities, with nighttime January temperatures averaging above the freezing point.
  British Columbia has a history of being a resource dominated economy, centred on the forestry industry but also with fluctuating importance in mining. Employment in the resource sector has fallen steadily as a percentage of employment, and new jobs are mostly in the construction and retail/service sectors. It now has the highest percentage of service industry jobs in the west, comprising 72% of industry (compared to 60% Western Canadian average). The largest section of this employment is in finance, insurance, real estate and corporate management; however, many areas outside of metropolitan areas are still heavily reliant on resource extraction. With its film industry known as Hollywood North, the Vancouver region is the third-largest feature film production location in North America, after Los Angeles and New York City.
  The economic history of British Columbia is replete with tales of dramatic upswings and downswings, and this boom and bust pattern has influenced the politics, culture and business climate of the province. Economic activity related to mining in particular has widely fluctuated with changes in commodity prices over time, with documented costs to community health.
  In 2017, British Columbia had the fourth-largest GDP in Canada, with a GDP of CA$282 billion and a GDP per capita of $57,335. British Columbia's debt-to-GDP ratio is edging up to 15.0% in fiscal year 2019–20, and it is expected to reach 16.1% by 2021–22. British Columbia's economy experienced strong growth in 2017, with its annual performance outpacing the Canadian average for a fourth consecutive year. In 2017, British Columbia's real GDP growth of 3.9% ranked second among Canadian provinces.
caption: Canada Place in Downtown Vancouver
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