The City of Prince George believes there's more positivity in the future of its economy.
The news today (Oct. 4) is based on two studies that were conducted, one by the Conference Board of Canada forecasts, while the second study was provided by MDP Insight and released by the City of Prince George.
The Conference Board of Canada's study forecasts the northern capital to continue to see modest growth over the next few years even with the downfall of the B.C. forest industry.
MDB's study also shows an optimistic forecast while providing recommended strategies for attracting and retaining a talented workforce.
“Both studies provide detailed information for businesses and residents about what we are already seeing on the ground here in Prince George. Despite the very real difficulties in the forest industry, Prince George’s diversified economy is resilient and we are even seeing modest gains in important economic indicators,” said Melissa Barcellos, Manager of Economic Development with the City of Prince George in a news release. “As would be expected, there are some signs that the issues in the forest industry are tugging numbers down, but on the whole, these reports provide very positive signs and information for investors, businesses, and residents.”
The report from the Conference Board of Canada found the following conclusions:
- Prince George's economy is expected to pick up and expand by 1.5 per cent in 2019 and increase to 1.7 per cent in 2020
- The unemployment rate went from 5.2 per cent in 2018 down to 4.9 per cent for 2019 and the forecast says a 5.1 per cent unemployment rate will be steady in 2020
- The region also had a near-record number of housing starts in 2018 and the 2019 values will be very robust
The report from MDB shows the economy is poised for more growth as the economy will thrive with new investments, projected population growth and adaption influenced by global economic shifts including growth in the services sector and modern industry.
Other key findings were the following:
- Numerous Prince George businesses have short-term plans to hire more employees (78 per cent in the next year and 84 per cent over the next two years)
- Over 85 per cent of businesses show a skilled workforce is important for current operations as well as future growth
- Most businesses identified barriers to hiring and keeping employees
You can find a full copy of the reports on the City of Prince George website.
