(Alpha Stock Images)

British Columbia’s economy is forecast to remain strong through 2020

Central 1 Credit Union says 2017 was a year of ‘stellar growth,’ and momentum will continue

B.C. is predicted to have solid economic growth through 2020 by a trade association of credit unions.

Central 1 Credit Union says 2017 was a year of “stellar growth” and the positive momentum will continue in B.C. for the next 24 months, despite a slower housing market.

The new forecast calls for a three per cent growth in the province’s real gross domestic product, which is the inflation-adjusted value of all goods and services produced in B.C.

Growth is expected to slow to just over two per cent next year, but Central 1 economists are calling for a rebound to 3.3 per cent by 2020, marking what they say has been “more than a decade of uninterrupted annual growth.”

Federal lending restrictions, provincial government policies and stepped up home construction will combine to keep a lid on B.C.’s housing market, but Central 1 does not foresee a price correction.

Bryan Yu, deputy chief economist at Central 1, says warning flags include trade disruptions due to trade wars or disputes over renewal of the North American Free Trade Agreement, but he says B.C.’s exports are spread across the province, limiting some of the risk.

Yu also forecasts faster wage growth for B.C. workers, as average unemployment moves toward four per cent over the next two years.

“Employers will face increasing challenges in finding workers to support operations as employment is constrained by growth in the labour force due to an aging population,” he says in a news release.

Overall, Yu predicts a surge in investment by the end of the decade as major private and public works projects get underway.

“B.C.’s economy remains in a strong position with consumer demand underpinned by high employment and income growth, rising exports and government spending,” he says.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Kimberley’s Ron Rossi wins a million dollars

B.C.’s newest millionaire is none other than Ron ‘Midnight’ Rossi. Rossi, an… Continue reading

Plan unveiled for Cranbrook winter festival

X-Games style event with snowmobilers, snowboarders and bands planned downtown on Feb. 16, 2019

Kimberley RCMP conduct road checks

Arrests and charges the result of separate road checks

Snow expected in East Kootenay over next 72 hours

Mainroad, the contractor for East Kootenay highways has issued a weather statement… Continue reading

Another two win weekend for the Kimberley Dynamiters

JOSH LOCKHART The Kimberley Dynamiters hosted top teams from the Neil Murdoch… Continue reading

Lawyer for Chinese exec detained by Canada says it’s ‘inconceivable’ she would flee

Meng Wanzhou was detained at the request of the U.S. during a layover at the Vancouver airport

Pipeline protesters arrested at B.C. university

Three protesters were arrested after TRU property allegedly vandalized with red paint

Goodale to ‘examine’ transfer of Rafferty to medium-security prison

Michael Rafferty was sentenced to life in prison in 2012 in the kidnapping, sexual assault and first-degree murder of Tori Stafford

‘Abhorrent’ condition of autistic B.C. boy shows flaws in care system: report

‘Charlie’ was underweight and ‘covered in feces’ when he was removed from his mom’s care

Minister appoints former CIRB chair to resolve Canada Post labour dispute

Postal workers engaged in weeks of rotating walkouts

B.C. man linked to human remains probe to stand trial on unrelated assault case

Curtis Wayne Sagmoen will appear on all three Vernon matters this week

B.C. lumber industry trade mission still has high hopes for China

Forests Minister Doug Donaldson cut short trip after Japan, Korea stops

Omar Khadr to ask for Canadian passport to travel, permission to speak to sister

He spent years in U.S. detention at Guantanamo Bay after he was caught when he was 15

One of Tori Stafford’s killers transferred to medium-security prison

Michael Rafferty was sentenced to life in prison in 2012 in the kidnapping, sexual assault and first-degree murder of Tori Stafford

Most Read