Rising Economy Plan 2030
A 5-Year Economic Development Plan for Greater Victoria’s prosperity in a changing world.
The Moment We’re In
Greater Victoria is brimming with possibility. We have the talent, creativity and quality of life most regions only dream of. But with an over-reliance on public sector stability and young people leaving at rates not seen in decades, it’s time to reset the story of who we are and who we can become.
How Will We Meet Our Challenges?
Rising Economy 2030, the 5-year regional economic development plan from the South Island Prosperity Partnership, is a major regional response to the need for positive action. This plan seizes on a generational opportunity to unleash an entrepreneurial “can-do” culture, diversify our economy and ride the global waves of clean growth, digital transformation and inclusive prosperity to create a Greater Victoria where young people feel hopeful about building their futures.
Why This Strategy Matters Now
As the Rising Economy Taskforce report recently pointed out, Greater Victoria is navigating a storm with 7 key risk areas that demand a coordinated strategy and decisive action:
Persistent Affordability Pressures
Rising housing and commercial costs erode the region’s ability to attract and retain workers, including healthcare professionals, tradespeople and young families. This impacts entrepreneurship and succession for small businesses and cultural assets.
Stagnating Productivity & Overreliance on the Public Sector
Greater Victoria’s GDP per worker lags behind provincial and national averages. Our economy is overly reliant on public sector jobs (34.7% of regional base income comes from this single source). This lack of diversity makes us vulnerable to government hiring practices and financial policy.
Essential Worker Shortages & Widening Skills Mismatch
As our population ages, the need for healthcare, construction and service workers is skyrocketing. Yet many skilled people are driven away by cost-of-living pressures and lack of clear pathways to career growth.
Commercial Districts Under Pressure
Remote work, the opioid crisis and public safety concerns have taken a toll on mainstreets and downtown areas. Vacancy rates have climbed; business closures threaten economic vibrancy and the urban experience.
Disjointed Efforts in a Shared Regional Economy
Greater Victoria residents live, work and play daily across 13 municipalities, yet economic strategies often remain siloed.
An obstructive entrepreneurial climate
Regulatory delays, fragmented support systems, and barriers to capital or skilled talent hinder the growth of startups and small businesses. Credential recognition and time-to-market remain challenges across sectors.
External Uncertainty Stifling Local Investment.
Trade tensions, climate risks, geopolitical instability and the rapid rise of generative AI create uncertainty that suppresses local investment and slows economic momentum.
How We Arrived at the Plan
Rising Economy 2030 is the result of nearly a year of planning and consultations with business leaders, community members and changemakers.
Where Are We Now?
- What is Greater Victoria’s economic landscape?
- How well is our economy performing?
- What trends are impacting us?
- What are Greater Victoria’s strengths?
- What opportunities can we harness or create?
- Which weaknesses and threats are we grappling with?
Creating a Fresh Vision:
A RISE Economy
We’ve heard the doom and gloom. Now it’s time to flip the script. The Rising Economy 2030 Five-Year Strategy (2026-2031) sets out a roadmap to create a RISE economy for Greater Victoria.
R
Resilient
Diverse, competitive, shock-ready
I
Inclusive
Shared prosperity Indigenous partnership welcoming newcomers
S
Sustainable
Clean industries, climate-resilient, environmental stewardship
E
Entrepreneurial
Culture of innovation, risk-taking
What’s Possible if we RISE to the Challenge?
Our vision is to build a region where innovators and entrepreneurs thrive alongside local shopkeepers, where Indigenous and non-Indigenous people co-create prosperity, where young people and families have access to good jobs that enable them to afford to build their futures here, and where economic uncertainty is met with conviction, capability, collaboration and care.
Current
Future
Affordability pressures
More high-paying jobs, growth opportunities
Public sector over-reliance
Diverse economy, global strengths (ocean, life sciences, tech)
Stagnant productivity
SMEs invest in innovation and driving global exports
Essential worker shortages
Close skills gaps; embrace innovative health care models
Digital divide & AI anxiety
New skills/tech adopted across ages, abilities & sectors
Young people leaving region
Talent sees potential here and makes region home
Commercial districts under pressure
Vibrant mainstreets & emerging entrepreneurs
Disjointed regional efforts
Coordinated, collaborative long-term prosperity strategy
Obstructive business environment
Entrepreneurial “open for business” climate
Current
Affordability pressures
Public sector over-reliance
Stagnant productivity
Essential worker shortages
Digital divide & AI anxiety
Young people leaving region
Commercial districts under pressure
Disjointed regional efforts
Obstructive business environment
Future
More high-paying jobs, growth opportunities
Diverse economy, global strengths (ocean, life sciences, tech)
SMEs invest in innovation and driving global exports
Close skills gaps; embrace innovative health care models
New skills/tech adopted across ages, abilities & sectors
Talent sees potential here and makes region home
Vibrant mainstreets & emerging entrepreneurs
Coordinated, collaborative long-term prosperity strategy
Entrepreneurial “open for business” climate
The Greater Victoria Possibility Charter
Our vision is to build a region where innovators and entrepreneurs thrive alongside local shopkeepers, where Indigenous and non-Indigenous people co-create prosperity, where young people and families have access to good jobs that enable them to afford to build their futures here, and where economic uncertainty is met with conviction, capability, collaboration and care.
Voices of Possibility
Possibility Possibility
Possibility Possibility
Possibility Possibility
Possibility Possibility
Questions?
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Rising Economy 2030 is an initiative of
We are deeply grateful to be doing our work on the territories of the Coast Salish peoples. These are the Lək̓ ʷəŋən speaking peoples (Xwsepsum [Esquimalt] and Songhees Nations), the W̱SÁNEĆ peoples (SȾÁUTW̱ – Tsawout, BOḰEĆEN – Pauquachin, W̱ JOȽEȽP – Tsartlip, W̱SIḴEM – Tseycum and MÁLEXEȽ – Malahat Nations, and the Scia’new Nation (Beecher Bay) and T’Sou-ke Nation.
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