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Rising Economy Taskforce Report calls for urgent action
South Island Prosperity Partnership (SIPP) says its Rising Economy Taskforce report shows Greater Victoria is at a tipping point.
The Rising Economy Taskforce — a coalition of 35 business and nonprofit leaders from across Greater Victoria — launched in March 2025 in response to escalating geopolitical tensions with the U.S. and the potential impact of tariffs on the local economy.
Built on the success of the first Rising Economy Taskforce in 2020, which was established to address the economic challenges posed by the pandemic, this new coalition engaged hundreds of people across Greater Victoria through surveys, working sessions, and public forums.
After several years of workforce expansion — driven mainly by the public sector — and post-pandemic population growth as Canadians were drawn to the region’s quality of life, the Report finds Greater Victoria has now entered a period of stagnation.
The report, convened by SIPP, says that without urgent and coordinated action, the region’s economy risks falling further into stagnation — threatening jobs, local businesses and the very fabric of community life.
Titled Igniting Momentum: Recommendations for Greater Victoria to Overcome Economic Stagnation and Achieve Our Potential, the report identifies seven key risks — from affordability pressures and commercial districts under strain, to a widening skills mismatch and overreliance on public sector employment.
However, Igniting Momentum stresses that these challenges are not insurmountable. With extraordinary assets, including a thriving tech sector, world-class tourism, a burgeoning ocean-tech economy and a globally recognized quality of life, Greater Victoria has the tools to turn volatility into opportunity.
“Breaking free from stagnation requires bold leadership and a willingness to move beyond the status quo,” said SIPP CEO Aaron Stone. “This report is not a government challenge alone. With more than 100 specific recommendations, it creates a path forward for our entire region to work together, across all sectors and all orders of government.”
20th Vital Signs Report also reflects challenges facing Victoria now
SIPP’s Taskforce Report comes a few days after the Victoria Foundation released its 2025 Vital Signs Report last week, marking 20 years as the region’s annual “check-up” spotlighting the community’s pressing issues.
Since its launch in 2026 the report has evolved into an essential resource for civic leaders and the public, distilling complex statistics into practical insights and catalyzing wide-scale changes, including food security networks and physical literacy initiatives.
Greater Victoria’s top three graded issue areas for 2025 are overall quality of life (B), diversity, equity, and inclusion (B), and arts and culture (B). Compared with 2024, the report shows steady or improved results: diversity, equity, and inclusion improved from a B- last year, while quality of life and arts and culture maintained their B grades. The only other issue area to show noticeable improvement was housing, which rose from a D- to a D, though it remains the lowest-rated category in the region.
The latest report highlights persistent challenges in housing, mental health, and cost of living, which continue to rank as areas of greatest dissatisfaction and concern for Victoria residents.
Despite the modest improvements in some categories, many issues—like healthcare, homelessness, and addiction—are perceived as stagnant or declining, with large shares of survey respondents disagreeing that the region is progressing in the right direction on these fronts.
At the same time, residents remain optimistic about the community’s strengths, with 70% planning to stay and the vast majority expressing satisfaction with work-life balance.
This year’s survey also reflects a growing commitment to inclusion and cultural vibrancy, with high marks for diversity and the arts alongside concern for affordability and well-being.
Sepura’s next-gen Root has launched on Kickstarter
Douglas magazine 10 to Watch alum Sepura has launched its next-generation composting model “Root” on Kickstarter.
Founded by Victor Nicolov and Connor Pickard, the Victoria-based company designed the world’s first sustainable food-waste disposal system that pushes food scraps out of landfills with the simple push of a button.
Sepura’s original system was named one of Time magazine’s Top 100 inventions of 2020, and the company secured $3.7 million in seed funding to scale its market presence.
The new Sepura model is a next-generation sustainable food-waste disposal system designed to be smarter, more compact, and easier to install and maintain than its predecessor.
Seafood Business Accelerator supports Indigenous entrepreneurship
Vancouver Island University has announced it is accepting applications for the Seafood Business Accelerator (SBA), a free, four-month hybrid program supporting Indigenous seafood harvesters, farmers, and processors in British Columbia.
Delivered by Indigenous Economic Pathways (IEP) in partnership with Coastal Nations Fisheries, the T. Buck Suzuki Foundation, and Vancouver Island University — with funding from the New Relationship Trust and Island Coastal Economic Trust — the SBA helps participants strengthen and grow their businesses through coaching, training, and industry connections.
The program culminates in a Spring 2026 Showcase where entrepreneurs pitch to community and industry leaders. The program begins next month and runs to February, with a deadline to apply of September 30.
Snuneymuxw First Nation signs historic agreement with Nanaimo Airport
The Snuneymuxw First Nation has signed a formal Memorandum of Understanding with the Nanaimo Airport.
In it, the airport says it will share a percentage of its gross revenues to recognize its operations on Snuneymuxw’s traditional territory, alongside promising opportunities in employment and participation in long-term airport planning.
Nanaimo Airport President Dave Devana said, “This is a tremendous opportunity to build a genuine partnership with Snuneymuxw First Nation and ensure economic benefits flow back to the community.”
Snuneymuxw Chief Mike Wyse described the day as “tremendous,” adding, “This agreement lays the foundation for a stronger, shared future for Snuneymuxw and the airport. It’s about respect, recognition, and economic opportunity.”
BC says First Quarterly Report cause for optimism
The Province has released its First Quarterly Report and says findings show B.C.’s economy is well positioned to weather turbulent global outlooks, despite a higher than expected deficit.
The updated forecast shows a deficit of $11.6 billion, $665 million higher than at budget, followed by $12.6 billion next year and $12.3 billion in 2027-28.
This reflects the impact of government’s decision to eliminate the carbon tax, as well as decreases in revenue sources like property transfer tax, sales tax, natural resources, federal government contributions and higher fire management costs.
The 2025-26 deficit is partially mitigated by an increase in corporate income tax revenues and from B.C.’s share of the historic $32.5-billion lawsuit against tobacco companies in recognition of the harms caused by the companies’ actions.
The Province says it is on track to meet its three-year, $1.5-billion expenditure-management target first announced in Budget 2025, including more than $300 million in savings this fiscal year.
However, lower economic growth is projected for 2025 and 2026 due to tariff impacts, a slowing global economy, and a slowdown in the housing market. B.C.’s economy is expected to recover in the medium term, supported by a stable labour market, exports of liquefied natural gas and increased residential construction.
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MARK YOUR CALENDAR:
OCTOBER
October 2 – 3: 2025 4VI Vancouver Island Stewardship Summit
October 9: Victoria Chamber Business Leader Series (ICBC)
October 26 – 29: Ocean Floor Explore Conference
October 28 – 30: VIEA ‘State of the Island’ Economic Summit
NOVEMBER
November 15: Colourful Business Expo
November 18: Chamber Marketplace Mixer
Douglas Weekly brings local business news, insights and community spotlights to keep Victoria and Vancouver Island In the Know. Got a story tip? Email us.
