B.C.'s CPAs expect steady economic growth over the next two years

VANCOUVER, BC--(Marketwired - November 08, 2017) - According to the latest Business Outlook Survey conducted by the Chartered Professional Accountants of British Columbia (CPABC), CPAs in B.C. are positive about the province's current economic performance and are cautiously optimistic about its economic prospects.

"Our members predict steady economic growth for B.C.," said Lori Mathison, FCPA, FCGA, LLB, president and CEO of CPABC. "And almost three-quarters of CPA members who participated in the survey think the current overall state of B.C.'s economy is either good or excellent, which was better than their ranking for Canada as a whole."

Looking ahead, over the next two years, half of B.C. CPA respondents think B.C.'s economy will stay the same, 19 per cent think it will improve, and 28 per cent expect it to worsen. In terms of the Canadian economy, respondents have a slightly more optimistic outlook with 27 per cent of respondents expecting the Canadian economy to improve, 55 per cent expecting it to maintain the status quo, and 12 per cent expecting it to worsen over the next two years.

B.C.'s CPAs are also relatively optimistic about their businesses, with 42 per cent of respondents expecting their business to expand over the next two years, while 51 per cent expect their business to stay the same. When asked to rate the provincial government's performance in creating a good climate for business and investment in B.C., 32 per cent of respondents gave a positive rating for the provincial government. Members ranked 'invest in infrastructure', 'increase skills training opportunities', and 'improve regional economic development' as the top three government priorities to improve B.C.'s economy.

"Our members ranked the ability to attract and retain skilled labour as the most substantial challenge to business success in B.C. today," said Mathison. "Almost two-thirds of CPA respondents said their business is experiencing recruitment challenges in finding employees with the right skills. If this issue persists, it will impact business productivity. We ask the government to keep this issue top of mind, and to increase skills training opportunities and encourage active partnerships between key stakeholders to ensure our current and future labour force meets the needs of employers."

About the CPABC Business Outlook Survey

CPABC commissioned NRG Research Group to conduct a web-based survey of CPA members regarding their impressions of the current and future of the economy in areas that they work, current challenges for business success, and the business climate in British Columbia. A total of 2,701 online surveys were completed between July 31 and August 23, 2017, which represents an overall response rate of 14 per cent.

About CPA British Columbia

The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 35,000 CPA members and almost 6,000 CPA students and candidates. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy. CPAs are recognized internationally for bringing superior financial expertise, strategic thinking, business insight, and leadership to organizations.