{"id":83129,"date":"2014-08-18T14:12:00","date_gmt":"2014-08-18T14:12:00","guid":{"rendered":"https:\/\/resourcework2.devstudio.work\/?p=83129"},"modified":"2024-11-28T09:38:18","modified_gmt":"2024-11-28T09:38:18","slug":"dependency_on_natural_resources","status":"publish","type":"post","link":"https:\/\/resourcework2.devstudio.work\/?p=83129","title":{"rendered":"Six charts showing how BC depends on natural resources"},"content":{"rendered":"\n<p>The stats, which are published each year, show that the BC resource sector accounts for about one out of every 13 dollars of BC\u2019s GDP and is rapidly becoming bigger, growing two-and-a-half times faster in 2013 than the BC economy overall.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Natural resources are one of BC\u2019s biggest economic sectors<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"558\" height=\"421\" src=\"https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/08\/pasted_image_558x421_1.jpg\" alt=\"\" class=\"wp-image-87579\" srcset=\"https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/08\/pasted_image_558x421_1.jpg 558w, https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/08\/pasted_image_558x421_1-300x226.jpg 300w\" sizes=\"(max-width: 558px) 100vw, 558px\" \/><\/figure>\n\n\n\n<p>The natural resource sector (which includes mining, energy, forestry and agriculture) is one of BC\u2019s most important sectors, sitting at about the same size as the construction and manufacturing sectors.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Resources are BC\u2019s fastest-growing sector<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"550\" height=\"416\" src=\"https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/08\/pasted_image_550x416_2.jpg\" alt=\"\" class=\"wp-image-87581\" srcset=\"https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/08\/pasted_image_550x416_2.jpg 550w, https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/08\/pasted_image_550x416_2-300x227.jpg 300w\" sizes=\"(max-width: 550px) 100vw, 550px\" \/><\/figure>\n\n\n\n<p>And of these big sectors, the resource sector is the fastest growing. It expanded by 4.6 percent in 2013, compared to BC\u2019s overall economic growth of 1.8 percent.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Resources are one of BC\u2019s most important revenue generators<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"555\" height=\"465\" src=\"https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/08\/pasted_image_555x465_3.jpg\" alt=\"\" class=\"wp-image-87582\" srcset=\"https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/08\/pasted_image_555x465_3.jpg 555w, https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/08\/pasted_image_555x465_3-300x251.jpg 300w\" sizes=\"(max-width: 555px) 100vw, 555px\" \/><\/figure>\n\n\n\n<p>The resource sector brings in substantial sums of money to pay for public services. And this only accounts for resource-specific revenues, such as royalties and licences, not other forms of revenues such as corporate and personal income taxes generated through resources.<\/p>\n\n\n\n<p>For every dollar the government collects from personal income taxes, it collects 43 cents in resource royalties. The BC government depends more on resource revenue than on Crown corporations, corporate taxes, MSP premiums, or the carbon tax.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>The resource sector is one of BC\u2019s top investors<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"554\" height=\"466\" src=\"https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/08\/pasted_image_554x466_4.jpg\" alt=\"\" class=\"wp-image-87583\" srcset=\"https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/08\/pasted_image_554x466_4.jpg 554w, https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/08\/pasted_image_554x466_4-300x252.jpg 300w\" sizes=\"(max-width: 554px) 100vw, 554px\" \/><\/figure>\n\n\n\n<p>The mining and oil and gas industries were among the biggest spenders in terms of capital investment in BC in 2013, surpassed only by the housing sector. Mining and oil and gas investments accounted for almost one in every six dollars spent in BC in 2013.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Resource industries are helping drive employment<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"551\" height=\"738\" src=\"https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/08\/pasted_image_551x738_5.jpg\" alt=\"\" class=\"wp-image-87584\" srcset=\"https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/08\/pasted_image_551x738_5.jpg 551w, https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/08\/pasted_image_551x738_5-224x300.jpg 224w\" sizes=\"(max-width: 551px) 100vw, 551px\" \/><\/figure>\n\n\n\n<p>BC actually suffered negative employment growth in 2013, according to these figures, losing about 5,000 jobs. That\u2019s a contraction of 0.2 percent. In contrast, employment in the mining and oil and gas industries grew a robust 15.4 percent, faster than any other major category except for local administration and insurance.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Natural resources dominate BC\u2019s merchandise exports<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"552\" height=\"590\" src=\"https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/08\/pasted_image_552x590_6.jpg\" alt=\"\" class=\"wp-image-87585\" srcset=\"https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/08\/pasted_image_552x590_6.jpg 552w, https:\/\/resourcework2.devstudio.work\/wp-content\/uploads\/2014\/08\/pasted_image_552x590_6-281x300.jpg 281w\" sizes=\"(max-width: 552px) 100vw, 552px\" \/><\/figure>\n\n\n\n<p>Almost four out of every five dollars in BC exports come from the resource sector, with a diversified split between energy products, wood products, pulp and paper and metals. BC exported nearly as much to Asia as it did to the US in 2013.<br><br><em><\/em><\/p>\n\n\n\n<p><em>Peter Severinson is the research director for Resource Works. Follow on Twitter<\/em>:&nbsp;<a href=\"https:\/\/twitter.com\/pseverinson\">@pseverinson<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The sector remains a critical part of the\u00a0British Columbian\u00a0economy, as confirmed in the latest review published by the\u00a0provincial government<\/p>\n","protected":false},"author":27,"featured_media":87578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[140,18,102,205,47,73,124],"class_list":["post-83129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-bc","tag-economy","tag-exports","tag-jobs","tag-natural-resources","tag-tax-revenue","tag-trade"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Six charts showing how BC depends on natural resources 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