Strong Economy

Greater Victoria's estimated GDP has increased consistently throughout the 2000s and growth in the most recent year available (2009) exceeded the B.C. rate for the third consecutive year. Overall, from 2002 to 2009, the region's economy expanded by an average of 2.6 per cent per year, roughly matching the provincial growth rate. In dollar terms, the production of the regional economy increased by an average of about $250 million per year (measured in constant 2002 dollars).

Since the beginning of 2010, Greater Victoria has seen a decrease in unemployment, which currently stands at 5.4 per cent. The longer-term trend since the late 1990s has been for declining unemployment, due largely to strong economic conditions for much of the past decade. Greater Victoria's unemployment rate has been consistently lower than the provincial rate since 1995.

Regarding population growth, Victoria continues to be a very desirable destination for new residents. Greater Victoria accounted for 7.3 per cent of all migrants to B.C. in 2006-07. Migration to the region consisted of 2.6 per cent of international migrants and 21.8 per cent of inter-provincial migrants to B.C. for an increase of 2.2 per cent from 2005 to 2006.

See more information in our latest newsletter.