The BCREA Economics team has created the COVID-19 Reopening Dashboard to help REALTORS® monitor the evolution of the economy as BC navigates the recovery. This dashboard focuses on the sectors and activities that have been most significantly impacted by the pandemic and the province’s subsequent state of emergency.To monitor the province’s progress toward a “new normal,” we benchmark each indicator to February 2020, the month before the pandemic was declared. This dashboard is updated each month
1. The Housing Market
As BC households and the real estate sector adhered to physical distancing measures, home sales and new listings dropped dramatically.
2. Retail, Restaurant Reservations and Movement
The shutdown of physical stores and restaurants in BC negatively impacted retail sales and restaurant reservations. This, combined with many people working from home, dramatically decreased movement in retail and restaurant spaces, public transit, and workplaces.
3. Jobs and Hours Worked
The three sectors highlighted here are the sectors that have been most significantly impacted by the province’s state of emergency: wholesale and retail, recreation and culture, and accommodation and food services.
4. Manufacturing and International Trade
Manufacturing plants in BC either shut down or operated at limited capacity due to the state of emergency. Moreover, falling energy prices and weaker global demand for goods resulted in drastic decreases in BC’s exports and imports.
5. Business and Consumer Confidences
Business confidence is measured through a survey of small businesses in BC on their expectations and operating conditions, which have been negatively impacted by physical distancing measures. Consumer confidence is measured through a survey of BC households on their optimism around current economic conditions (e.g., employment, financial, and major purchases), which has been clouded with uncertainty during the pandemic.
6. Tourism
The closing of the border to international travel, physical distancing measures that reduced domestic travel, and the shutdown of attractions has resulted in a dramatic decline in the tourism sector in BC.
Source - BCREA
