A Social Purpose Economy is Key to Building Inclusive, Sustainable Prosperity

By RAVI KAHLON – Minister of Jobs, Economic Recovery and Innovation

Dec 03, 2021

As I speak with people from across B.C. to help develop our province’s new long-term economic plan, I’m constantly reminded of the importance of a social purpose economy.

Our government has said from the outset that we will work toward a British Columbia where everyone benefits, not just the few at the top.

COVID-19 has reinforced this commitment. In addition to being the most significant public health crisis in more than a century, the pandemic has caused enormous economic uncertainty and it continues to be a very difficult time for many workers, families and communities across the province.

Throughout the pandemic, people have looked to each other for support, and they have looked to government for leadership. From the very beginning, that’s what we have done.

We’re not there yet, but I am pleased to say that our economic recovery is well underway.

B.C. leads Canada in growth and pandemic job recovery. We have one of the lowest unemployment rates in Canada, and one of the highest average hourly wages.

Looking ahead, we are developing a long-term economic plan that will steer the province through the post-pandemic era. As we build our economic recovery agenda, we have the opportunity to shape a different kind of economy – one that is sustainable, inclusive, and resilient.

This is where social purpose business comes in.

The Province recognizes that social purpose businesses:

• Build a stronger, and more resilient economy.
• Stimulate innovation and growth.
• Generate meaningful work.
• Attract and retain talent and capital.

Social purpose businesses also help governments achieve their objectives, such as advancing equity, reconciliation and sustainability in business, and unlocking company resources and assets for the public good.
B.C. is a hotbed of social purpose innovation. And it will take all of us to bring the purpose economy to life. We hope to help start and grow many more social purpose companies in the coming years to create the economy we want for ourselves and our children.

The Province of British Columbia wants to join with all of you on this grand pivot to purpose-first business.

Not only do we want an economy that is sustainable, inclusive and innovative, we believe that an economy where large and small social purpose businesses thrive is the route to achieving these goals.