Economic Development

The strength of our economy is the foundation for supporting our entire community.

Victoria 3.0 Economic Action Plan

Victoria 3.0 - Recovery Reinvention Resilience - 2020-2041 is an economic action plan that accompanies the City’s Official Community Plan to 2041. It’s a long-term plan and vision for a sustainable, influential city that will build a strong innovation ecosystem and create a strong and resilient economy now and for the future.

The actions laid out in the plan will build an economy that enables everyone to flourish and that will set Victoria on a path to low-carbon prosperity.

The plan was presented and adopted by City Council on May 14, 2020. The 2021 actions in the plan have been forwarded to staff for consideration as part of the 2021 budget process.

Read Victoria 3.0 - Recovery Reinvention Resilience - 2020-2041

Why Now?

We are making this plan now in order to:

  1. Respond to the threats and opportunities created by climate change
  2. Recover from COVID-19 and create resilience so our local businesses and economy can withstand emergencies
  3. Stimulate and support innovation
  4. Substantially leverage our existing skills and assets
  5. Build on the economic stability offered by our large public sector employment base
  6. Diversify our economy
  7. Prepare our workforce for the future
  8. Build on BC and Canada’s strong international reputations for innovation and access to the world’s best markets 

Victoria 3.0 has three main goals. The first and immediate focus is on supporting businesses to adapt to a new normal and become more resilient in light of experiences and lessons learned during the COVID-19 pandemic. COVID-19 has shown us how precarious our small businesses and our local economy are.

The South Island Prosperity Partnership has created a Rising Economy Taskforce with 13 subcommittees that cover all aspects of our regional economy. Victoria 3.0 is meant to be complementary to and nestle within this important regional work.

Learn more on how the economic action plan was developed.

Locating Here

Located on the southern tip of Vancouver Island, Victoria is the capital of British Columbia and a community of choice for many, due to our temperate climate, natural beauty, and diverse economic opportunities. Learn more.