REPORT 03
Economic Impact Report (2024)
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annual economic activity at risk
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GDP impact identified in the report
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full-time jobs potentially lost
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estimated taxpayer cost cited
Executive Summary
The Economic and Financial Impacts of the Draft Transition Plan for BC Salmon Farms analyzes the economic and financial impacts of a ban on marine net-pen salmon farming as proposed in the Government of Canada’s Draft Salmon Aquaculture Transition Plan for British Columbia. The source report states that going directly to a ban by 2029 would result in significant long-term negative socioeconomic impacts in British Columbia and Canada, reverse Indigenous economic development and reconciliation efforts, severely impact employment in underemployed regions, reduce Canadian agri-food production by 400 million healthy meals per year, eliminate BC’s top agri-food export, destroy 4,560 jobs, and cost Canadian taxpayers at least $9 billion.
Anticipated impacts cited in the report
Loss of $1.17 billion in annual economic activity, $435 million in GDP, and 4,560 fewer well-paid full-time jobs with a combined annual payroll of approximately $259 million.
Loss of $437 million in spending with over 1,400 vendors across BC, along with the elimination of a further 50,000 tonnes of farmed salmon production.
Reversal of meaningful Indigenous reconciliation, self-determination, rights, and title for impacted First Nations.
Devastation to several rural coastal communities by removing meaningful career opportunities and making it harder for rural, coastal, and Indigenous communities to attract and retain youth.
Unnecessary costs on Canadian taxpayers of at least $9 billion to compensate for industry closure and subsidize unproven closed-containment technology companies.
Loss of investor confidence and a transition path that ignores existing responsible plans by BC salmon farmers and First Nations to minimize interactions between farmed and wild salmon.
Background
Salmon farming in BC began over 40 years ago and has become deeply embedded in coastal Indigenous and non-Indigenous communities and local economies. By 2019, the sector employed some 7,500 people directly and indirectly, engaged with over 2,400 suppliers, contributed $1.9 billion to the economy annually, and produced about 90,000 tonnes of salmon. Today, 100 percent of BC’s farmed salmon is raised in agreement with Rights Holder First Nations. The sector directly and indirectly employs over 1,000 Indigenous people and provides about $134 million in total annual economic benefits to First Nations peoples. The report also notes that closures and reductions have reduced annual production capacity and created major losses in output, GDP, jobs, and family income.
Case Studies
Alternative Option
BC salmon farming companies, suppliers, and First Nations have communicated that transition cannot be a five-year ban on marine net-pen salmon aquaculture. The source report argues that innovations can deliver the same policy outcome as a ban by further reducing potential interactions between farm-raised and wild salmon over time. It says responsible plans presented by salmon farmers and First Nations could generate over $2.5 billion in output, $930 million in GDP, and 9,800 jobs by 2030, with annual benefits potentially reaching $4.2 billion in output, $1.55 billion in GDP, over 16,260 jobs, and $920 million in wages by 2040.