GVBOT ANNOUNCES MAY RELEASE OF SCORECARD 2018 BENCHMARKING GREATER VANCOUVER AGAINST 19 COMPETITOR CITIES 3 THE OFFICIAL PUBLICATION OF THE GREATER VANCOUVER BOARD OF TRADE AND ITS MEMBERS | FEBRUARY 2018 | VOLUME 58 / ISSUE 2 | BOARDOFTRADE.COM GVBOT Hosts Former U.S. First Lady Michelle Obama SPECIAL SPEAKER | Two Special Engagements with Board of Trade Members and Guests ormer U.S. First Lady Mi- school students from across Vancity to moderate the evening chelle Obama will be in British Columbia attended WE conversation with Mrs. Obama. FVancouver on February FOR SHE last November, and this A lawyer by profession, Mrs. 15, 2018 for two special engage- event with Mrs. Obama will en- Obama has worked in commun- ments hosted by the Greater sure that her words are heard by ity and social settings. She is Vancouver Board of Trade, pre- some of the people who will be involved with many causes, in- sented in partnership with WE most inspired by them: young cluding a number of educational FOR SHE 2018. women and the next generation issues. In 2015, she launched the The Board of Trade will host of leaders.” international program Let Girls Mrs. Obama at the Queen Eliza- The evening engagement sold Learn. beth Theatre in Vancouver for out very rapidly to Members of Mrs. Obama’s accomplish- an afternoon and an evening the Greater Vancouver Board ments include degrees from Moderated Conversation with of Trade. Commenting on the Princeton University and Har- Michelle Obama, Former First evening event, Anne Giardini, vard Law School, a career in Lady of the United States. Chair of the Greater Vancouver law and in administration, and Commenting on the afternoon Board of Trade and Chancellor raising two remarkable young engagement, Iain Black, Presi- of Simon Fraser University said, women. dent and CEO of the Greater Van- “Michelle Obama is a luminary. Along the way she has be- couver Board of Trade said, “Our She is a role model for millions of come a role model for women focus will be engaging the par- women and an inspiring speak- — including women of colour ticipants and organizers of our er. We at the Board of Trade are — as well as spokesperson on a sold out WE FOR SHE forums, honoured to welcome her to Van- range of issues including health, and those of our unique Greater couver, and we look forward to poverty and minority rights. SB Vancouver Board of Trade Sig- hosting a thought-provoking nature Programs: Leaders of and compelling dialogue with If you are interested in attending Tomorrow, Company of Young Michelle Obama as our guest.” what is sure to be an inspiring Professionals and our Women’s The Board of Trade is very event, imited tickets are still available Leadership Circle.” pleased to welcome Tamara for the afternoon engagement at He continued, “Over 800 high Vrooman, President and CEO, boardoftrade.com/obama. Economic Outlook 2018 Message from the Chair Director spotlight Accepting nominations for the 2018 Wendy McDonald National Bank Chief Chair Anne Giardini on Q&A with Sarah McCullough, Diversity Awards 6 Director, Government and Economist, Stéfane Marion hosting Former U.S. First Photo highlights from recaps his keynote address. Lady Michelle Obama. Community Relations, recent events and 2 4 Whistler Blackcomb. 5 activities 7 Non-stop. Just like you. Arrive at your important business meetings relaxed and ready to perform, with fast, flexible and convenient business charters flying anywhere in North America and beyond. Featuring impressive in-flight productivity amenities, including Wi-Fi, plus customs clearance, ground transportation and more. 604-272-8123 TOLL FREE: 1-877-399-8123 FAX: 604-233-0202 · LONDONAIR.COM GREATER VANCOUVER BOARD OF TRADe | SOUNDING BOARd | fEBRUARY 2018 2 events and speaKers ECONOMY | GVBOT 29th Annual Economic Outlook Forum Recap British Columbia and Canada in good shape, of Canada keep interest rates below inflation? Expect rate in- Board of Trade audience hears from National creases by the Bank of Canada Bank Chief Economist, Stéfane Marion as well, with the rate heading towards 2.0%. n We can expect oil in the $55- he Greater Vancouver Board double-digit growth from pre- $62 range in 2018, based on of Trade’s 29th Annual vious years. China is in a tran- West Texas Intermediate. TEconomic Outlook Forum sitional period as it shifts to a n Geopolitical instability will re- presented by National Bank greater emphasis on the service main a major source of concern took place on January 19, 2018. industry. for Canada, chiefly U.S. trade A packed room of business lead- n The U.S. economy had a very policy. We need to be careful ers heard from experts on a range strong year. The S&P 500 Index about relying too much on of Canadian and B.C. economic is seeing its longest rally with- geopolitics to drive economic topics. Sought-after speaker, Sté- out a correction – nearing 400 forecasting. fane Marion, Chief Economist days – buoyed by the longest In summary: After a stellar 2017, and Strategist, Executive Vice- business cycle in U.S. history. Canada is looking at repeating President, Financial Markets, Na- These factors should underpin the feat in 2018, thanks in part tional Bank of Canada launched growth in output over the com- to a dose of government spend- the day with a keynote address ing months. in the short term. n The Canadian housing mar- ing. In addition, consumers will covering many macroeconomic n Similarly, economic indica- n Canada has the fastest popula- ket continues to be robust, es- continue to enjoy the benefits of topics of critical importance to tors were positive and upward tion growth of all OECD coun- pecially in Vancouver, but is low interest rates and wealth ef- B.C. and Canada over the com- trending for Canada and Brit- tries. Canadian immigration below large global cities like fects associated with rising home ing year. ish Columbia in 2017. The un- policies have allowed for up Paris, New York and Hong prices, despite some monetary Below are highlights and reflec- employment rate was low, with to 300,000 new immigrants Kong on a price-per-square- policy tightening by the Bank of tions of his economic and finan- B.C. leading all provinces at annually, of which 62% are in foot basis. A large correction in Canada. This outlook, however, cial outlook. 5.2%. Full-time job creation the economic category. 60% of the housing market is unlikely assumes that downside risks, n The global and U.S. economies in Canada was twice that of Canada’s foreign born popu- unless labour markets deterior- including a potential demise of saw another year of above-po- the United States in the 25-54 lation have a post-secondary ate markedly or mortgage rates NAFTA or the relapse of lower tential growth, and trade vol- age demographic. B.C. real education, meaning highly- surge upwards. commodity prices, do not ma- umes at all-time highs. Overall GDP growth at 3.7% was also educated immigrants repre- n Interest rates are expected to terialize. SB global growth was near 3.7% in the strongest in the country sent a tremendous opportunity rise in 2018. The U.S. Federal 2017. The Eurozone was strong in 2017. The Canadian dollar to drive the future growth of Reserve may hike rates up to See photos from the event and at 1.9% and China continued is projected to remain in the the Canadian economy – a three times in 2018 as 10-year download Stéfane Marion’s its strong growth at around $1.20- $1.30 range compared significant global competitive Treasury Bill yields approach presentation at boardoftrade.com/ 6.5%, though down from its to the greenback, but stronger advantage. 3.0%. How long can the Bank economicoutlook. upcoming events Is there a speaker you’d like to hear from or topic you’d like See our full events calendar at boardoftrade.com/events explored? Make a suggestion at boardoftrade.com/suggest Thursday, February 8, 2018 Thursday, February 15, 2018 Tuesday, February 20, 2018 Wednesday, February 21, 2018 Wait-list A conversation with Thrive Series Leaders of Tomorrow shaping the next century: Former u.s. First Lady michelle obama 3 major employment risks your Discovery series: The Business of Beer Building a strategic plan for the Queen Elizabeth Theatre business doesn’t know about with Granville Island Brewing university of British Columbia and how to manage them 630 Hamilton Street, Vancouver 5:30 – 7:30 p.m. 11:30 a.m. – 2 p.m. 7 – 9 a.m. AFternoon engAgement Dave nicholls Dr. santa ono Doors: 12 p.m. J. geoffrey Howard General Manager President and Vice-Chancellor Program: 1:00 – 2:30 p.m. Partner, Roper Greyell LLP Granville Island Brewing university of British Columbia presented by: Greater Vancouver Board of Trade Pinnacle Hotel Harbourfront Granville Island Brewing Four Seasons Hotel Vancouver —Tuscany Ballroom event partners: Tourism Vancouver, Fairmont Hotel Vancouver 1441 Cartwright Street — Park Ballroom 1133 West Hastings Street event partner: Granville Island Brewing 791 West Georgia Street evening engAgement — SoLD ouT platinum program partner: Scotiabank platinum program partner: BCIT Business presenting sponsor: uBC Sauder School of Business gold program partner: British Columbia Securities Commission gold program partners: London Drugs, SFU Beedie School Doors: 5 p.m. community sponsor: Boyden of Business, Langara School of Management Program: 6:00 – 7:45 p.m. preferred media partner: Daily Hive Vancouver MoDERaToR tamara vrooman President and CEo, Vancity presenting sponsor: Vancity Beyond nAFtA? supporting sponsors: Bennett Jones, KPMG, Safeguarding our Chartered Professional accountants British Columbia event partners: Tourism Vancouver, Fairmont Hotel Vancouver governors’ Banquet Trading Relationship and rix Awards Thursday, February 22, 2018 Tuesday, February 27, 2018 Monday, april 23, 2018 boardoftrade.com/BeyondnAFtA 999 Canada Place | 7:30 a.m.