Rising Economy Taskforce calls for urgent action to tackle affordability, skills gaps and economic stagnation
Victoria, B.C. — Greater Victoria is at a tipping point. A new report released today by the Rising Economy Taskforce, convened by the South Island Prosperity Partnership (SIPP), warns that without urgent and coordinated action, the region’s economy risks falling further into stagnation — threatening jobs, local businesses and the very fabric of community life.
The Igniting Momentum final report identifies seven key risks — from affordability pressures and commercial districts under strain, to a widening skills mismatch and overreliance on public sector employment. The report issues a stark warning: without urgent action, Greater Victoria will continue to lose young talent to more affordable regions, weaken its competitiveness, see fewer opportunities for local businesses and jeopardize essential services.
“The time for business as usual is over,” says Aaron Stone, Taskforce Chair and CEO of SIPP. “This report is more than a list of recommendations. It’s a collaborative call to action for a resilient, inclusive economy where people and businesses can thrive. The choices we make now will determine whether today’s challenges hold us back — or propel us into a future of shared prosperity.”
After several years of workforce expansion — driven mainly by the public sector — and post-pandemic population growth as Canadians were drawn to the region’s quality of life, Greater Victoria has now entered a period of stagnation.
However, Igniting Momentum stresses that these challenges are not insurmountable. With extraordinary assets, including a thriving tech sector, world-class tourism, a burgeoning ocean-tech economy and a globally recognized quality of life, Greater Victoria has the tools to turn volatility into opportunity.
“Breaking free from stagnation requires bold leadership and a willingness to move beyond the status quo,” adds Stone. “This report is not a government challenge alone. With more than 100 specific recommendations, it creates a path forward for our entire region to work together, across all sectors and all orders of government.”
The Rising Economy Taskforce — a coalition of 35 business and nonprofit leaders from across Greater Victoria — launched in March 2025 in response to escalating geopolitical tensions with the U.S. and the potential impact of tariffs on the local economy. But the Taskforce quickly recognized that deeper, systemic issues were at play. Unless addressed directly, these systemic issues will exacerbate the effects of tariffs and other forces causing uncertainty.
Built on the success of the first Rising Economy Taskforce in 2020, which was created to address the economic challenges of the pandemic, this new coalition engaged hundreds of people across Greater Victoria through surveys, working sessions and public forums.
The Taskforce’s final report, Igniting Momentum: Recommendations for Greater Victoria to Overcome Economic Stagnation and Achieve Our Potential, is available here.
