Provincial Economy Showing Signs of Growth

By 250 News

Victoria, B.C.- The Province’s economy is showing signs of recovery.   Provincial Minister of Finance, Colin Hansen has highlighted ten indicators which show the B.C. economy is strengthening:

1. The Conference Board of Canada forecasts this year B.C. will be one of the provincial leaders in economic growth at 3.8 per cent.
2. The Canada Housing and Mortgage Corporation forecasts B.C. will lead the country in the growth of new housing starts, which are expected to increase by 37 per cent in 2010.
3. B.C.'s total value of building permits have increased 47.5 per cent over last year - from $597.2 million in March 2009 to $881.1 million in March 2010.
4. Last month, B.C. created 12,700 new jobs. Since December 2001, B.C. has added over 400,000 jobs to the economy.
5. KMPG ranks Vancouver first out of 41 major international cities for business tax competitiveness. KPMG cites corporate tax rate cuts and B.C.'s move to adopt the HST as the reasons for Vancouver's improved ranking.
6. Pixar, Sony Pictures Imageworks, and Digital Domain are all opening offices in Vancouver. Pixar plans to employ as many as 100 staff at its new Vancouver studio.
7. The Canadian Federation of Independent Business reports the confidence of B.C.'s small and medium businesses rose in April - it is ahead of the national average and 47 per cent higher than one year ago.
8. After extended shutdowns, nine sawmills are reopening around B.C., including the Canfor mill in Quesnel, which will be the first sawmill Canfor is dedicating to a single country: China. The Quesnel reopening means 155 employees will be called back to work.
9. B.C.'s mining industry is vibrant. Two major metal mines - Copper Mountain outside Princeton and New Afton near Kamloops - are under construction. Together, they are expected to employ 750 workers during construction and another 500 when the mines are fully operational. A third mine at Mount Milligan northwest of Prince George is set to begin construction this year.
10. Tourism is on the rise, thanks in part to the success of the 2010 Winter Olympics. Stats Can reports over 68,000 international visitors entered B.C. in February 2010, an increase of 30 per cent from the previous February.

B.C.’s economic growth is projected to lead Canada this year and has been boosted by international investors and buyers who have identified this province as having competitive advantages in the changing global economy.

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