Economic Indicators for Prince George Balanced
By 250 News
Wednesday, September 01, 2010 04:00 AM
Prince George, B.C.- The monthly economic update for Prince George shows continued positive signs even though the unemployment rate increased by 2% to 9.3% in July. “Typically we see a slight increase in July as more people enter the workforce” says Kathy Scouten, Vice President of Economic Development for Initiatives Prince George
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The monthly report from Initiatives Prince George notes that while sales of homes were down from July of 2009, (56 sales last month compared to 93 in July of ’09) the year-to date average price of a single family home in the city was up 6.0% compared to the same period last year, and up 1.0% over the period in 2008.
Scouten says there was also some positive news in airport passenger volumes with nearly 63 thousand passengers passing through the Prince George Airport in June and July, a 6.6% increase over the same period in 2009. Year to date traffic was up 5.6% at the end of July compared to the first seven months of last year.
“Our housing prices remain strong, up 6% year over year” says Scouten who adds the number and value of building permits are also much higher than last year at this time. “It looks good, all sectors seem fairly balanced.”
Scouten says the information is another tool that will be used when an Initiatives Prince George delegation heads to China next week to try and attract more foreign investment in the region.
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