A bright economic outlook for the city is being expressed in two recently-published studies.
Both the Conference Board of Canada and Vancouver-based consultant MDB Insight see optimism for Prince George over the next few years, despite the turmoil in the forest sector.
After growing by a modest 1.3 per cent in 2018, Prince George's economy is expected to pick up the pace and expand by 1.5 per cent this year and a further 1.7 per cent in 2020 according to the Conference Board study, which provides outlooks for seven mid-sized Canadian cities.
The report notes other positive developments including:
- The region's unemployment rate edged down from 5.2 per cent last year to 4.9 per cent this year and is forecast to hold steady at 5.1 per cent in 2020.
- The region had near record housing starts in 2018 and building permit values continue to be very robust in 2019.
The study also notes the struggling forestry sector will weigh on local industry, but indicates that a resolution to the U.S-Canada softwood lumber dispute would provide welcome relief to the region's forestry sector.
MDB Insight, in turn, says Prince George's economy is poised for continued growth as the economy thrives with new investments, projected population growth, and adaptation influenced by global economic shifts including growth in the services sector, and modern industry.
The study, which included a comprehensive survey of local businesses, in order to inform and support local businesses and the City to grow and strengthen the local workforce.
Key findings from the study include:
- Most Prince George businesses have short-term plans to hire new employees (78 percent in the next year, 84 percent in the next two years).
- Over 85 percent of businesses indicate a skilled workforce is important for current operations and future growth.
- Most businesses identified barriers to hiring and retaining employees.
Recommendations of the report are designed to inform local businesses of best and promising practices for talent attraction and retention, inform on strategies to retain post-secondary graduates in order to grow the labour pool and local population, and strengthen business competitiveness.
Both reports are posted with this story at www.princegeorgecitizen.com.
