BC Budget 2021: Investing in B.C. Now for a Strong Economic Recovery
|By keeping people healthy and investing in communities, B.C. can move toward a strong economic recovery that includes everyone.|
Through targeted training, investments in infrastructure and job creation, Budget 2021 will work to provide long-term opportunities for people, businesses and communities.
Investing in people through new training and employment opportunities
When COVID-19 hit B.C., many people and families experienced the financial and emotional stress of unexpected job loss. In some sectors, employment has returned to or surpassed pre-pandemic levels, but not everyone has been affected in the same way. Investing in post-secondary education and skills training opportunities are an important part of B.C.’s recovery. Budget 2021 invests in training and retraining people to secure good-paying jobs and strengthen B.C.’s labour force, including:
Employment opportunities for B.C.’s youth
Government is working to ensure that the pandemic does not disrupt the future success of B.C.’s youth. Through Budget 2021 and the StrongerBC Economic Recovery Plan, the Province is creating employment and training opportunities for about 5,000 youth through:
Investing in communities for a strong economic recovery
B.C. communities have shown resilience over the past year. Budget 2021 includes historic investments to build on that resilience by helping ensure the right infrastructure is in place to deliver the services people count on, while creating jobs and upgrading hospitals, schools, highway and transit projects.
Budget 2021 provides a record $26.4 billion in taxpayer-supported investments over three years as part of the Province’s capital plan. This record capital spending over three years is $3.5 billion higher than the three-year plan in Budget 2020 with investments in health, education and transportation. Capital investments are expected to create over 85,000 jobs over the fiscal plan.
These investments build on the already historic investments government has made toward critical infrastructure. The focus is on both existing projects, so that people can get back to work right away, and supporting the foundation of long-term recovery through new investments in the transportation, health and education sectors.
Budget 2021 also invests in new opportunities and existing community infrastructure through:
Budget 2021 also includes $11 million over the fiscal plan to support faster permitting for land-based decisions and ensure the Province is better equipped to promote sustainable economic development.
The Province will continue to work with businesses, economists and Indigenous and community leaders to ensure a strong and sustainable recovery for all B.C. communities.
Investing in B.C.’s future through the InBC Strategic Investment Fund
Budget 2021 includes $500 million in financing over the fiscal plan for the InBC Strategic Investment Fund. Investment decisions will be made independent of government, but will be guided by government’s priority of supporting specific economic, social and environmental policies, such as moving toward a greener economy and advancing reconciliation.
Investment through the fund is anticipated to begin later this year, and will help to attract and anchor high-growth businesses, talent and good jobs in B.C.