PwC Report Highlights Economic Impacts of B.C. Forest Industry
The study undertaken by PwC for the B.C. Council of Forest Industries (COFI) highlights forest industry as the cornerstone of B.C. economy. The report analyzes the economic footprint of the industry’s ongoing operations and capital spending in the province.
According to the report, the B.C. forest industry generates significant economic impact in every region of the province. The industry supports 8%-22% jobs in five out of seven regions in the province. Moreover, it is the major employer in many communities. For instance, it generates 1 in 5 local jobs in three regions- Cariboo, Northeast, North Coast & Nechako. Also, more than 40% of the total forest industry jobs are concentrated in the Mainland/Southwest region, the report says.
The forest industry contributes nearly $13 billion to the province’s GDP through direct, indirect and induced impacts. It generates and supports more than 140,000 direct, indirect and induced jobs in the province, out of which almost 60,000 corresponds to direct jobs. More than 5,300 indigenous people are employed by the forest industry, accounting for almost 9% of the workforce. The industry is found to generate a total labor income of $8.56 billion per annum. The study also finds that forestry is highly interdependent across B.C.
The study report also cites significant challenges faced by the industry including escalating fibre costs, ongoing trade tensions and mounting global competition.
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