P.G. Economy Expected to Slow
Prince George, B.C.- The Conference Board of Canada is predicting housing will be the economic driver in Prince George for the next year.The Conference Board of Canada’s Mid Sized Cities Outlook, says Prince George’s economic growth will slow to about 1.5% in the coming year largely because of challenges in the forest industry.
Prince George had averaged economic growth of 2.2% annually between 2012 and 2016, while a 1.5% growth is still healthy, the Board says “the ongoing negative impact of the mountain pine beetle on wood supply, the imposition of tariffs on softwood lumber entering the U.S., and a struggling mining sector will keep the industry’s growth in check.”
The Conference Board concludes ” the insurance and real estate industry will continue to benefit from a strong housing market, making it Prince George’s fastest-growing industry in 2017. ” The Board also predicts job growth to show a 5% increase this year.
In its economic update, the City of Prince George reflects positive notes , showing more people were working in Prince George in June compared to the same month a year ago. June 2017 saw an employment rate of 66.2% . That employment rate is higher than the provincial mark of 62.5% and the National rate which was 61.6%
Total employment in the Cariboo Economic Development region was 81,300 for June. This represented a net increase of 300 jobs when compared to the previous month. Manufacturing saw the highest increase with the addition of 800 jobs in each category. Truck Transportation had the highest decrease with a decrease of 600 jobs.