The following op-ed, written by Jordan Bateman, ICBA’s VP-Communications, first appeared in Business in Vancouver on Friday, Dec. 13, 2024.
David Eby made his annual visit to the B.C. business community this week, but if you were looking for specifics and good news, you were left grasping at straws.
Paper straws, which fall apart pretty much right away.
As evidence that he’s turned a page with the business community, Eby cited fast-tracking nine wind energy projects. There will be more examples, he promised vaguely, with no hint of what industries or projects he may be favouring. Or why. Or how. Or when.
So it’s fair to say Eby is not exactly throwing caution to the wind to attract more investment into B.C. – which is seeing the conclusion of a $100 billion burst in energy infrastructure construction, and virtually nothing in line to replace it.
BC Chamber of Commerce President Fiona Famulak tried her best to coax a commitment to natural resources out of Eby, asking a question that cited the Mining Association of B.C.’s analysis that it takes 12 to 15 years to permit a mine in this province.
Pushing back, Eby claimed his government had reduced the timeline for mining permits “by 40 per cent,” but offered no corroborating evidence.
Even if we take the Premier at his word (and the industry experts in the room certainly didn’t), that means the 12 to 15 year review period has been cut to 7 to 9 years.
That’s some thin gruel.
And even thinner when one consider it came just minutes after incoming US President Donald Trump put this out on his Truth Social:
“Any person or company investing ONE BILLION DOLLARS, OR MORE, in the United States of America, will receive fully expedited approvals and permits, including, but in no way limited to, all Environmental approvals. GET READY TO ROCK!!!”
Or, put another way: “Drill, baby, drill!”
How does that affect Canada? It’s better understood that Trump’s proposed 25% tariffs would be incredibly harmful; for example, the softwood lumber tariff has resulted in $9 billion paid by Canadian producers since 2017. That’s by one industry on one product, at a rate less than half of what Trump is threatening. And yet this policy of “fully expedited approvals” could be even more damaging to the B.C. economy.
If you’re an investor in oil, natural gas, tech, automobile manufacturing, mining, battery plants, pipelines, large development projects, or other big ticket items – why would you ever come to B.C., when you could get to work in any state far faster and more cheaply? Where your jobs and investment would be welcomed with open arms and the removal of regulatory barriers?
By contrast, since 2017 B.C.’s NDP government has slathered cost and red tape on to business: multiple tax hikes, anti-employer rhetoric, WorkSafe regulations skewed completely to labour. And their soft-on-crime and drug-friendly policies have ramped up petty crime, again harming business.
As one ICBA member told us, after more than 30 years of building in British Columbia: “It’s never been harder to run a business than it is today. If I was starting out now, I would never start a business here.”
Judging by the loud chorus of agreement in that room, he’s not alone.
“When you have a near-death experience as a politician, it focuses the mind,” Eby said at the end of his speech, turning the focus back to himself.
That’s all well and good. But it’s our provincial economy and our businesses that are having a near-death experience right now, as the provincial deficit and debt rush out of control, government hiring and costs far outpace the corporate sector that has to pay for them, and both private sector payroll and hiring are falling.
America’s arms are wide open. But despite his political near-death experience, B.C.’s Premier seems as unfocused and as unhelpful as ever.
