The Hon. Brenda Bailey, Minister of Finance, presented her first budget on March 4. She highlighted a record-breaking deficit of nearly $11 billion and forecasted a slowing economy exacerbated by U.S. tariffs on Canadian goods.
Budget BC anticipates a $1.7 billion annual revenue loss due to the tariffs, alongside economic projections of a $43 billion GDP decline by 2029, 45,000 fewer jobs, and up to $5 billion in lost corporate profits. To mitigate these impacts, the Province is accelerating major construction projects and implementing counter-tariffs, with revenues directed to support affected B.C. businesses.
On a positive note, Budget BC includes $15.9 billion in capital funding for transportation and transit, with key investments such as:
- $5 billion for two phases of the Fraser Valley Highway 1 corridor improvement program
- $4.2 billion for an eight-lane immersed tube tunnel to replace the George Massey Tunnel on Highway 99
- $1.2 billion for upgrades to Highway 1 between Kamloops and Golden
- $538 million for two projects restoring landslide-damaged infrastructure in the Cariboo region
Additionally, $142 million over three years is allocated for highway maintenance, with $95 million dedicated to critical highway and bridge repairs.
For details on specific highway improvements included in Budget BC, please get in touch with the Policy Team.
