The unemployment rate dropped during the month of November in Prince George.
In the Monthly Economic Report it showed the rate was at 5.3%, a decrease of 1.2% compared to 2016 when it was at 6.5%.
“I think the reason we’re seeing that is because of the development that is taking place” said Mayor Lyn Hall. “If you take a look at Highway 16, the Best Western, The Pomeroy Hotel, Montana’s, we’re seeing UNBC research wood laboratory. That’s providing opportunity and jobs for people in Prince George.”
Have a look at the state of the #CityofPG #economy during November in our most recent Economic Update. Subscribe to updates here: https://t.co/k5agzsD9gx #InvestCityofPG pic.twitter.com/HdwVyhnqwr
— Invest City of PG (@InvestCityofPG) December 21, 2017
Hall also mentioned the new condo project that was approved by council, which is expected to bring in somewhere around 600 jobs over 3 or 4 years.
The Economic Report also say a rise in building permits through the city.
PG issued 34 permits valued at $8.1 million last month, up by nearly 50% compared to last year.
“In 2016 we had about $128 million worth of building permits. This year in 2017 I think we’ll peak 110. Those are staggering numbers, over the last three years an excess of a quarter of a billion dollars, well in excess of building in our city.”
The city is apparently retaining younger people because there’s a lot of opportunity here, compared to other places like Vancouver.