B.C. Residents Upbeat on Economy
Prince George, B.C. – A new survey by InsightsWest, indicates British Columbians are far more confident about the economy this year, than they were at this time in 2016.
According to the survey, three-in-five British Columbians believe the provincial economy is doing well, but four-in-five are expecting higher costs for groceries and gasoline in the next six months.
61% of residents describe the economic conditions in British Columbia as “very good” or “good”, up 15 points since a similar Insights West poll conducted in January 2016.
But the bad news is, four-in-five of those surveyed expect to pay more for a week’s worth of groceries (83%) and gasoline (81%, +42). More than half (52%) are also envisioning higher prices for real estate, and 44% expect to pay more for a new car.
“Last year, gas prices were not a big worry for British Columbians,” says Mario Canseco, Vice President, Public Affairs, at Insights West. “The proportion of British Columbians who expect to pay more for fuel has doubled in a year.”
Two thirds of British Columbians (67%, +2) describe their own household’s finances as “very good” or “good”, while three-in-ten (30%, -3) claim they are “poor” or “very poor.” Three-in-five residents (63%, +2) do not foresee any change in their financial status over the next six months.
In spite of the noticeable change on the rating of the provincial economy, some pockets of thriftiness persist in the province. At least a third of British Columbians say they will spend less on dining out (39%), entertainment (35%) and holidays (33%) in the next six months, while 41% will be buying new clothes less often than before.
Only one-in-four British Columbians (25%) believe they will get a raise at their current employer over the next six months, and smaller proportions expect to move to another house (18%), change careers (21%) or get a promotion (12%).