City of Surrey 2020-2024 Financial Plan

ECONOMIC OVERVIEW

BRITISH COLUMBIA BC’s unemployment rate dropped to 13% in June, down slightly from May’s reading of 13.4%. The retail, food services, accommodation, and hospitality sectors accounted for the majority of jobs lost. BC’s economy added 118,000 jobs as the province slowly reopened after two months of shut down. In June, there were 235,100 fewer jobs in BC compared to February. Lower wage earners and youths are most impacted by the economic fallout. Youth unemployment remains high at 29%. The provincial government has set aside $1.5 billion for BC’s economic recovery. Consultations are underway to gather data on what British Columbians see as priorities for government spending. The results of the survey and presentation of the economic recovery plan is expected in September of this year. The province is providing income support through the BC Emergency Benefit for Workers which provides a $1,000 tax-free payment to the unemployed. To date, more than 600,000 applications have been approved. The government has extended their Temporary Rental Supplement (“TRS”) of up to $500 per month until August of this year. So far, 82,500 TRS applications have been approved. The province is also extending the temporary ban on rent increases and evictions for non-payment of rent. Finance Minister Carole James provided a fiscal update in July. The government is expecting a revenue short fall of $6.3 billion stemming from losses in tax revenue, natural resource revenue and crown corporation revenue. The revenue shortfall, coupled with billions of dollars being spent to support British Columbians, could push the provincial deficit to $12.5 billion dollars in the current year.

Circa 1960, Terry’s Market, Surrey BC

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