Wednesday, October 20, 2010

Small Business Driving B.C.'s Economy



Small businesses have shouldered the heavy lifting in B.C.’s economic recovery through job creation, wage increases, exports and contributions to the province’s gross domestic product, Minister Iain Black said today as he released Small Business Profile 2010.

“This annual report shows that small business helped British Columbia pull out of a downturn that brought entire countries to their economic knees,” said Black, who is Minister of Small Business, Technology and Economic Development. “B.C.’s nimble, resilient small businesses are leaders in creating jobs and increasing wages, while boosting our province’s GDP and export numbers.”

The Small Business Profile has been produced for over a decade by the Province, BC Stats and Western Economic Diversification Canada.

“Our government recognizes that small businesses are economic drivers for communities throughout British Columbia,” said Lynne Yelich, Minister of State for Western Economic Diversification. “The Small Business Profile 2010 provides insight into the role of small businesses in B.C. by examining trends in growth over the last five years.”

This year’s edition shows more British Columbians received wages last year from small business than anywhere else in Canada. Annual earnings for B.C.’s small business workers increased 19 per cent over the past five years, compared with an increase of 11 per cent for employees of larger businesses. Small businesses also provided nearly 57 per cent of all private-sector jobs in British Columbia, the highest rate in the country.

Small businesses – defined in B.C. as companies with 50 or fewer employees – accounted for 32 per cent of the province’s GDP, above the Canadian average of 28 per cent. And although only 1.4 per cent of small businesses were involved in exporting, they accounted for just over 41 per cent of the total value of goods shipped out of B.C., according to the most recent statistics.

The report also profiles small businesses around the province that are exporting their goods and services.

“From ziplines to education for beekeepers, B.C.’s small businesses are making names for themselves around the world – and boosting our province’s economy, as well as its international reputation,” Black said.

For a copy of Small Business Profile 2010, click here. For more stories about people in the small business sector, visit Jobs, the Economy and You by clicking here.

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