PODCAST: ICBA’s Jock Finlayson on the Economic Challenges Facing Small Businesses (and everyone else)

ICBA Chief Economist Jock Finlayson joined Today in BC to discuss the difficulties faced by renters and small businesses in British Columbia. Renters in Metro Vancouver, making up 36% of the population, are struggling with rising rental prices, impacting frontline workers and young British Columbians. Small businesses have been hit hard by the pandemic, supply chain issues, and staffing shortages, leading to closures and financial struggles. Inflation rates have increased, affecting small businesses’ profitability, but are expected to decline next year. The province has experienced significant demographic growth, contributing to the housing crunch. Government regulations on vacation rentals and internal migration were also discussed, along with economic issues such as the brain drain and income tax structure. The challenges of an aging population and the sustainability of pension and healthcare programs were addressed as well.