City's Economy Strong Says Report
By 250 News
Wednesday, September 24, 2008 03:06 PM
Prince George, B.C. – The sixth annual Benchmarking Report that tracks the economic performance shows the City of Prince George's economy remained strong in 2007, and has kept pace with the growth seen around the province.
Some of the highlights of the report include: a net increase of 1,300 jobs in 2007, the second highest rate of annual growth in building permits, a higher rate of growth than the province for new businesses, and number one rankings for average income and employment.
“The resilience of the Prince George economy in the face of transformation in the forest industry points to reduced dependence on this industry and diversification into other areas,” says Tim McEwan, President and CEO of Initiatives Prince George.
Prince George had the highest annual employment rate among benchmark cities, indicating
high productivity. The City also had the largest decline in unemployment.
These findings indicate increased economic stability overall, despite the impacts of a downturn in the US housing market, a strong Canadian dollar and the pine beetle infestation. This lessening of historically devastating impacts suggests that diversification efforts are having some positive effects.
Previous Story - Next Story
Return to Home