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%).
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Yet just three months ago, according the Canadian Conference Board’s Index of Consumer Confidence, Canadians in every region of the country were more pessimistic about buying a big-ticket item, such as a home or a car. In addition, relative to September, more survey respondents indicated that their household finances were worse than they were six months ago. Expectations about future finances also waned. “British Columbia’s index decreased significantly as well, falling 8.7 points.”
www .conferenceboard.ca/press/newsrelease/16-11-02/canadian_consumer_confidence_tumbles_in_october.aspx
The Consumer Confidence Index is a much more accurate indicator of future economic conditions, and has been used by banks, governments, and industry, for decades.
I know, it is because they think there might be an NDP government in their future, I know I am holding a wait and see on my spending.
As for the rest of Canada, that is what happens when you vote in a government bent on big spending and no restraint and cripple industry with more taxes and fees
Or, it could be that intelligent well informed people look at some of the more serious economic indicators that paint a picture that is not so rosy for BC?
“Faltering electricity demand among industrial customers will cost BC Hydro $3.5 billion less in revenue — over the term of its 10-year financial plan — than anticipated when the utility first unveiled in 2013, CEO Jessica McDonald said Thursday.” So… if the 10 year plan came out in 2013 then BC Hydro expects industry demand for electricity to be down through to 2023, right? Not such a rosy indicator on the outlook for BC’s economy, one would think!
vancouversun .com/business/energy/drop-in-industrial-demand-to-cost-bc-hydro-3-5-billion
Then there is the Outlook on Industry and Job Growth in BC Report, recently released by this BC Liberal government, not much industry expansion, or job growth, is expected to happen over the next 10 years, with the exception (ironically) of public education where more teachers will be needed.
ht tps://www.250news.com/2016/10/20/province-releases-industry-outlook-profile/
So with all these real indicators pointing to future industry and job stagnation and decline, we are expected to swallow a poll that tell us how we are supposed to “feel” about our future financial income and job prospects? Yeah, give us a break!
“British Columbians are far more confident about the economy this year”
That’s what I keep hearing. Current government doing very well.
You bet an election is coming up and after May the NDP will have to sort it out. It happens after every NDP is elected.
Cheers
As if the average British Columbian knows anything about the economy. Why dont they give us some examples of why they think the economy is doing well, and why the expect gasoline and grocery prices to rise.??
Does anyone really care?
I want to see lagging indicators. Leading indicators are useless in this case. Perhaps for those creating goods and providing services they can prepare ….. but that is a lot of trust in surveys about intent ….. intent to vote, intent to travel, intent to buy a new car, intent to go to restaurants more often ….
One cannot bank on “intents” …..
What is being bought, not what do people think they would like to buy is what I want to look at.
The Dutch IMHO stand the best chance so far because they already have a really big wall to keep all that Mexican water out . It’s true . It’s really big . Just click on the flag .
We are one vote away from turning our province into what NDP is doing to Alberta and Trudeau is doing to Canada and what Obama did to the USA. Thank goodness we have the best leader there is in all of Canada, that is the only reason why BC is doing good. A snowflake vote and that will all change.
Only southwestern BC is doing good.
We have Brad Wall as BC premier? If only!
Brad Wall???..Was he God’s pal and got all the oil, potash, gas for the province?
What has he done to diversify the economy to prepare for the day which has come?
cbc.ca/news/canada/saskatchewan/5-signs-of-trouble-for-saskatchewan-s-economy-in-oil-slump-1.3174772
Ontario and Quebec have lots of resources but they choose not to mine them. And why would they? They can just sit back and collect billions in equalization payments from the West.
And we don’t even get a ‘thank you’.
Ah, gus, you still see ‘diversifcation’ as the answer. It could be, but ONLY if ‘costs’, and the ‘prices’ they flow into at the point of final retail, could be kept in a proper nexus with the level of ‘incomes’ needed to totally liquidate them. Unless you have that, it won’t matter much how ‘diversified’ the economy is, ’cause you still won’t be able to sell all you produce. So lets not put the cart before the horse (again). Do things in the right order and we might astound ourselves at just how diversified our economy can become. Do it as we’ve been doing, we’re really just digging holes and filling them in again ~ except for the ‘debt’ hole, which gets ever deeper!
So find that voter and buy him/her a ticket for a vacation in Cuba.
How can PEOPLE who make up the economy be “doing well” with the expectation the price of virtually everything we need or want is going to rise? Are they expecting their incomes will rise even more? Or maybe they think they’ll continue to have an income, even if it buys them less than it did the year before? That’s hardly a good definition of “doing well”. More like of one of being “done”, or on the way towards it.
How can people not recall or remember what we have gotten in PG and still getting… unbelievable. One vote away from getting nothing like we were used to in the past.
That’s it X-it, push and sell the “FEAR”. As the election gets closer, we will see this all to familiar BC Liberal election ploy increasingly implemented.
I, for one, FEAR the past economies, under the NDP. It was a chuckle to see Mr. Horgan trying to sidestep his leaked documents. NDP should re-name to TAS : Tax and Spend, LOL
NDP past economies? Oh, you must mean the surplus topping $1.5 billion the NDP left the Liberals in 2001. That is what the figures in the binder recorded for the fiscal year 2000-01, the last full fiscal year of NDP government!
ht tps://thetyee.ca/Views/2005/04/20/CampbellMisledPublic/
Facts, not rhetoric, gets the mileage and attention on here now Griz. Research the facts and find the truth, and you will become more informed before you vote.
BH, what I post, I have experienced. The NDP have done a lot of damage to this province in the past, and a lot of commenters on here remember. You will learn someday that the posters on here are correct in that you cherry pick items that you read and have not yet experienced. A good debater sees both sides of the equation, unfortunately, so far, that does not appear to be your style.
What is that @X-it? 7.7% unemployment rate? high child poverty rate? the now huge number of people using food banks? or maybe long waits at our hospital? seniors’ facilities understaffed by the government’s own standards? rising MSP, Hydro and ICBC so the government can balance their budget? how about the lack of mental health beds? or is it the number of schools closed?
Poor deluded Gus. Saskatchewan has been a perennial “have not” province until Brad Wall took over. His clear headed management is obvious to it’s citizens who approve of his direction. This country could use more of his ilk. It’s easy for progressives to blame the gift of resources for his success. Resources which they have had since confederation but until recently were never maximized. So Gus, stay with your myopic views and deny the obvious. Would expect nothing less.
Brad Wall has done very well for Saskatchewan. And from what I’ve seen of it, people there seem to have a government they actually want to vote ‘for’. Rather than here, where they elect one they don’t much like just because of an Opposition that most feel would be worse.
My unscientific survey of friends and business associates is more positive than negative for our regional area, especially if present provincial government is re-elected..Other posters should report their unscientific surveys.
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