As part of Small Business Week we wanted to share the data on just how important small business is in BC. This information was compiled from the Small Business Profile 2022 produced by the BC Ministry of Jobs, Economic Recovery and Innovation and prepared by BC Stats in partnership with the Small Business Branch of the Ministry.
510,700. The number of small businesses in BC. Small business comprises 98% of all businesses in BC. In a province of 5.2 million people that means 1 in 10 British Columbians are entrepreneurs of some kind.
$86.65 billion. Small business in BC accounts for 33% of overall gross domestic product (GDP), higher than the Canadian average of 30%.
1,134,800. The number of people employed by small businesses. Small businesses in BC employ 43% of all workers or 54% of private sector employment.
5.8%. The growth rate of small business in BC from 2016-2021. This is a net increase of 28,120 businesses.
45% of self employed people in the Kootenay region are women.
Small businesses operate across all of the major sectors but the majority (81%) are in the service sector industries.
A copy of the full report is available at https://www2.gov.bc.ca/assets/gov/employment-business-and-economic-development/business-management/small-business/sb_profile.pdf.