[Victoria, B.C.] – Greater Victoria's economy, rich with potential, is at a pivotal moment to redefine our position in the provincial and national economy. While we face clear challenges such as regional fragmentation, reliance on government sector employment, productivity levels below the B.C. average, affordability pressures and an aging population that puts a strain on key services, a path forward is emerging. This assessment is based on the preliminary findings released today by the Rising Economy Taskforce, a 40-member, multi-sector coalition of regional community and business leaders.

The preliminary findings underscore that by addressing these and other foundational challenges, the region can strengthen its quality of life and enhance its ability to attract businesses, essential workers, and investment, even as it navigates an increasingly challenging global economic landscape.

The Rising Economy Taskforce 2.0 was activated on March 5, 2025, by the South Island Prosperity Partnership (SIPP). It's an urgent mandate: to diagnose the state of Greater Victoria’s economy and chart a course forward to prosperity in these turbulent times. The Taskforce was initially formed in 2020 to guide economic recovery from the pandemic.

"Our early findings present a clear picture: Greater Victoria possesses incredible strengths, and we are poised to activate our full capacity," says Aaron Stone, Taskforce Chair and CEO of South Island Prosperity Partnership. "These are not abstract issues; they are identifiable challenges that, once addressed, will unlock our full potential. This includes creating high-value jobs for the next generation, attracting healthcare and essential workers, and maintaining our quality of life through sustainable prosperity and innovation. The current global trade dynamics further highlight the importance of a bold vision for Greater Victoria’s economy and decisive, unified action that aligns with residents’ values and provincial and federal priorities.”

The Taskforce's process has involved extensive engagement, including a multi-month public survey, in-depth surveys with 60 community and business leaders, consultations with key industry groups such as Chambers of Commerce, and an Open House on May 27 where the more than 100 members of the public offered feedback on proposed solutions that are emerging from this process.

Today’s release offers an overview of the early findings and next steps as the Taskforce moves toward developing actionable recommendations:

• Fostering Private Sector Growth: Diversifying the economy by nurturing innovation, supporting local makers and manufacturers, spinning out life sciences ventures, and expanding support for commercializing ocean and marine innovations and clean technologies.
• Strengthening Economic Resilience: Increasing economic sovereignty by reducing economic leakage and enhancing local ownership and equity within the economy and the commercial sector.
• Ensuring Business Continuity: Retaining key services by proactively addressing business succession, helping aging entrepreneurs transition their businesses through employee ownership, co-op models or local buyers.
• Addressing Affordability: Confronting the affordability challenge with bold investments in housing, transportation and essential infrastructure, while reducing barriers for builders across all development types.
• Advancing Economic Reconciliation: Closing the economic opportunity gap for Indigenous communities by advancing new procurement models and supporting Indigenous-led ownership.
• Expanding Global Market Access: Seizing export opportunities for local SMEs, especially those navigating changes in U.S. market access, and expanding into other international markets.
• Empowering Small Businesses: Streamlining the regulatory burden on small businesses to enable greater investment in research and development (R&D), expansion of facilities with new equipment, talent acquisition across Canadian provincial borders without re-credentialing, and accelerated development of small-scale housing projects.

The Taskforce will conduct diligence over the coming weeks, developing key messages and advocacy areas that encourage all orders of government to take further actions, such as regulatory reforms, program funding changes or policy alignments based on shared goals for the future of Greater Victoria in the context of B.C. and Canada’s future. The Taskforce report, due in late August, will form the foundation for a renewed five-year economic plan to be presented by the South Island Prosperity Partnership early this fall.

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Media Contact: Kerry Slavens, Director, Public Relations & Marketing, South Island Prosperity Partnership Cell: 250-516-0152 Email: kslavens@southislandprosperity.ca

About the Rising Economy Taskforce 

The Rising Economy Taskforce 2.0 was reactivated in March 2025 by the South Island Prosperity Partnership in response to threats from the U.S. administration and to ensure Greater Victoria’s economic vulnerabilities are being addressed. The multi-sector Taskforce brings together business and community leaders across the region.

The original Rising Economy Taskforce was launched in April 2020 to develop a plan to accelerate economic recovery in Greater Victoria while building resilience against future economic shocks. The Taskforce’s extensive consultations throughout Greater Victoria led to the publication of Reboot: Greater Victoria’s Economic Action Plan (2020-2023), which prioritized key actions and recommendations by 12 independent sector committees. The committees included representatives from major local employers, First Nations, all orders of government, post-secondary institutions, nonprofits and social enterprises.

About South Island Prosperity Partnership (SIPP)

South Island Prosperity Partnership is Greater Victoria’s economic development alliance. We are a public-private partnership comprising First Nations, municipal governments, post-secondary institutions, major employers, business and industry associations, and nonprofits.

As stewards of Greater Victoria’s economic development strategy, we collaborate across sectors and municipalities to harness opportunity, accelerate innovation, drive the creation of household-supporting jobs, and grow economic and social prosperity for current and future generations. SIPP’s key initiatives include the Centre for Ocean Applied Sustainable Technologies, the Indigenous Prosperity Centre, Rising Economy and Victoria Rising.