After an unsteady 2015, the Conference Board of Canada is projecting Prince George’s economy and job markets will blossom this year and next.
The overall economy is expected to grow 2.4% this year and 2.8% in 2017, outpacing Canada (+1.7%, 2.3%) but falling short of British Columbia (+2.7%, 3.4%). The largest gains are coming in the construction(+4.4%, 4.7%) and finance/ real estate sectors(+5.6%, 4.3%).
The Riverbend Seniors Community has pushed multi family housing starts in the City to a 20 year high. On the non-residential side, work is underway on an 88,000 sq ft building in the PG Logistics Park near YXS that will be ready for occupancy this fall.
After crashing 8.2% in 2015, the job market is also rebounding and is foretasted to grow 4.5% this year and 2% in 2017.
Mayor Lyn Hall says big projects like Riverbend and the Marriott Hotel help, but small business is also taking off.
“When you take a look at what’s happening in our downtown; new restaurants and new craft breweries popping up, that’s all part of the opportunity for us to create employment.”
The largest employment growth comes in the education and health care sector (+12.5%, 5.1%), which now makes up more than ten percent of Prince George’s economy.
“We are a community of opportunity, I have said for a very long time that the northern part of this province is not just driving the economy of BC, but it’s driving a great part of the economy nationally.” Hall said
One dark spot on the report is the looming drop in the annual allowable cut, which is projected to impact the forest industry and shrink resource jobs 2.5% in 2017. Hall says economic diversification continues to be the answer to dips in the resource economy.
Economic Development Officer Bahar Afshar says a positive outlook like this is great for attracting business, but more importantly encourages internal investment.
“80% of new investment and employment created in a community like ours comes from existing business, so this type of positive outlook really helps to further investment and employment.”
Prince George performed best among 7 similar mid sized cities across Canada.