Victoria 3.0 - Recovery Reinvention Resilience - 2020-2041
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.
We are making this plan now in order to:
- Respond to the threats and opportunities created by climate change
- Recover from COVID-19 and create resilience so our local businesses and economy can withstand emergencies
- Stimulate and support innovation
- Substantially leverage our existing skills and assets
- Build on the economic stability offered by our large public sector employment base
- Diversify our economy
- Prepare our workforce for the future
- 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.
Due to COVID-19, the draft economic action plan was delayed in going to Council for consideration in March. It was repurposed to address the impacts of the pandemic on the local economy and adopted by Council on May 14, 2020.
Thank you to everyone who provided feedback on our draft economic action plan Victoria 3.0 -- Pivoting to a Higher-Value Economy 2020 - 2041. Your input has informed the draft plan for Council's consideration.
The draft economic action plan has been shaped by a six-part series of economic roundtable discussions and by the latest research and thinking in 21st century city building and economics.
Background - A Plan in the Making
In the fall of 2019, the City of Victoria hosted a series of roundtable discussions with people who do business in the community to inform its next economic action plan.
Each roundtable contained two topics to allow for the cross-pollination of ideas. Most roundtables were open to the public to attract a diversity of people, input and ideas. The roundtables were free to attend and were facilitated by Mayor Lisa Helps at Victoria City Hall.
Thank you to everyone who participated. Your time and input were greatly appreciated!
The six roundtable discussions included:
- Tech, Advanced Education Research and Development Roundtable
This roundtable was for movers and shakers working in tech and research & development in industry or in post-secondary institutions. Learn more.
- Indigenous and Newcomer Businesses Roundtable
This roundtable was for Indigenous-run businesses and organizations that support Indigenous entrepreneurs. It was also for newcomer-run businesses and organizations that support newcomer entrepreneurs. Learn more.
- Ocean Futures Cluster Development Roundtable
This roundtable was for anyone working in the ocean and marine sector, and was by invite only to have a focused conversation on cluster development. Learn more.
- Neighbourhood Business and Social Enterprise Roundtable
This roundtable was for people who run businesses in the City’s neighbourhoods and includes people who work from home in these neighbourhoods. It was also for everyone working in the social enterprise sector. Learn more.
- Small Business and Finance Roundtable
This roundtable was for anyone who runs a small business in Victoria, with a focus on downtown businesses. It was also for everyone working in the financial sector. Learn more.
- Youth Economic Roundtable
This roundtable provided an opportunity to discuss what the City can do to better support local youth. Learn more.
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