PROVINCIAL ECONOMIC PROFILE
British Columbia Economic Overview
$321.4b
GROSS PROVINCE PRODUCT
Growth Rate 2019-24
Province
Growth Rank
3.0%
4
5,609,870
POPULATION
Growth Rate 2019-24
Province
Growth Rank
1.9%
4
453,598
BUSINESSES
Growth Rate 2019-24
Province
Growth Rank
2.6%
1
Overview of the British Columbia Economy
In 2024, the province of British Columbia has a population of 5,609,870, having grown an annualized 1.9% over the five years to 2024, which ranks it 4th out of 13 provinces and territories by growth rate. British Columbia's gross domestic product (GDP) in 2024 reached $321.4b, with growth of 3.0% over the 5 years to 2024. Businesses in British Columbia employed a total of 2,029,801 people in 2024, with average annual employment growth over the past five years of 1.3%. The top three sectors by total employment are Real Estate and Rental and Leasing, Construction, Professional, Scientific and Technical Services, while the unemployment rate across the province in 2024 was 5.2%.
What is British Columbia's Gross Domestic Product (GDP)?
In 2024, British Columbia's GDP reached $321.4b, representing an increase of 3.0% from 2023. British Columbia's GDP has grown at an annualized rate of 3.6% over the five years to 2024. Moreover, British Columbia's trailing five-year GDP growth ranks it 4th out of 13 provinces and territories.
Provincial GDP is a measurement of a province's output, or the sum of value added from all industries in the province. It is a common indicator used to track the health of a provincial economy.
PROVINCIAL ECONOMIC PROFILE
British Columbia Industry Trends
What are British Columbia's Largest Industries by Revenue?
The largest industries by revenue in British Columbia are Commercial Banking, Gasoline & Petroleum Wholesaling and New Car Dealers, which generated $37.2b, $26.0b and $24.5b in 2024.
PROVINCIAL ECONOMIC PROFILE
Top Companies in British Columbia
Top 10 Companies in British Columbia by Employment
The largest companies by employment in British Columbia are The Jim Pattison Group, Fraser Health Authority and Government of British Columbia, which employed 45,000, 43,000 and 35,000 people in 2024.
PROVINCIAL ECONOMIC PROFILE
British Columbia Sector Statistics
In British Columbia, certain sectors drive a higher share of provincial GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is British Columbia's GDP by Sector?
The Real Estate and Rental and Leasing, Construction and Professional, Scientific and Technical Services sectors contributed the most to British Columbia's GDP in 2024, representing a combined 36.2% of provincial GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the provincial economy, in addition to how the provincial economy is evolving over time.
What is British Columbia's Employment by Sector?
The Retail Trade, Accommodation and Food Services and Professional, Scientific and Technical Services sectors contributed the most to employment in British Columbia in 2024, representing a combined 36.8% of provincial employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the provincial economy as a whole.
PROVINCIAL ECONOMIC PROFILE
British Columbia Employment Trends
2.0m
EMPLOYMENT
Growth Rate 2019-24
Province
Growth Rank
0.4%
7
5.2%
UNEMPLOYMENT
Growth Rate 2019-24
Province
Growth Rank
1.8%
2
What Employment Trends are Impacting British Columbia's Economy?
The province of British Columbia employs 2,029,801 people in 2024, which ranks it 3rd out of 13 provinces and territories. Employment in British Columbia has grown at an annualized rate of 0.4% over the five years to 2024, underperforming the national average of 1.5%. Major sectors by employment in British Columbia include Retail Trade, Accommodation and Food Services and Professional, Scientific and Technical Services, which employed 323,406, 223,937 and 198,950 people in 2024, respectively. British Columbia's unemployment rate is 5.2% in 2024, which ranks it 7th out of 13 provinces and territories. British Columbia's unemployment rate has trended upwards at a rate of 1.8% over the five years to 2024, overperforming the Canada economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets. You can track unemployment trends in British Columbia, and compare them to the Canadian economy.
$105.0k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
Province
Growth Rank
3.9
5
What is British Columbia's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. British Columbia's DPI in 2024 was $105.0k, compared to the Canadian average of $101.1k, which places it 5th out of 13 provinces and territories.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
PROVINCIAL ECONOMIC PROFILE
British Columbia Construction & Building Trends
$915.0m
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
Province
Growth Rank
4.3%
9
$2.1b
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
Province
Growth Rank
2.1%
6
44,301
BUILDING PERMITS
Growth Rate 2019-24
Province
Growth Rank
-0.7%
5
What can construction trends tell you about a state’s economy?
In British Columbia, non-residential construction was $915.0m in 2024, which ranks it 9th out of 13 provinces and territories. Residential construction was $2.1b in 2024, which places British Columbia 6th out of 13 provinces and territories. The number of building permits issued in British Columbia in 2024 was 44,301, representing a -0.7% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services.Therefore, construction trends are important indicators of the health of an economy.
PROVINCIAL ECONOMIC PROFILE
British Columbia Population Statistics
Which Counties in British Columbia have the Largest Populations?
The counties with the highest populations in British Columbia are Vancouver, Victoria and Kelowna, which had populations of 2,496,233, 369,433 and 196,233 people in 2024.
PROVINCIAL ECONOMIC PROFILE
British Columbia Demographics
Education Level British Columbia
British Columbia Province Industry Reports
IBISWorld Province Industry Reports help you quickly understand how an industry performs at the province level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 428 British Columbia Industry Reports.
