The economic climate in British Columbia appears to be stable. Houses in Prince George are not staying on the market long and unemployment is low throughout the province. It should come as no surprise that the forestry and energy are leading the way in exports for BC. A recent study by Northern Development Initiative Trust confirms this.
“For example, in 2016 alone, forest and energy product exports account for 56 (per cent) of the total value of B.C.’s exports, or about $21.5 billion,” the report says. “Yet this data doesn’t account for service exports and their contribution to our total trade balance. Still, it’s clear that without rural B.C., and northern B.C. as the largest part of it, B.C. would suffer from an incredible trade deficit.”
The report goes on to say how well Prince George is doing “In Prince George, the unemployment rate is lower in line with unemployment rates in other urban areas in B.C.,” the report says.
“The north central region has the most diverse economy in northern B.C. In addition, to having a significant forestry sector, the region also has the University of Northern British Columbia, the University Hospital of Northern British Columbia, and a range of suppliers of equipment and professional services. This suggests that the region’s employment is more diverse than in other regions of northern B.C. and less dependent on cyclical factors such as commodity prices.”
The north central area around Prince George has also bucked the regional trend in new housing starts, with a steady increase from 2014 to 2016. New home construction across the north as a whole has declined.
Economically Prince George is in great shape. The time is now to set up home! Call Denise 250.981.4208
