Central 1 predicts strong growth for B.C.'s economy through to 2020 | iNFOnews | Thompson-Okanagan's News Source

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Central 1 predicts strong growth for B.C.'s economy through to 2020

Flag of British Columbia off the back of a boat in Vancouver.
Image Credit: SUBMITTED/Benjamin Melville
September 09, 2017 - 9:00 PM

VANCOUVER - The Central 1 Credit Union is forecasting economic growth will remain healthy in British Columbia through 2020.

The financial institution says the B.C. economy has "fired on nearly all cylinders" this year, with growth for 2017 forecast at 3.5 per cent.

Deputy chief economist Bryan Yu says robust consumer demand is fuelling the growth thanks to surging employment, strong exports and government support.

Central 1 predicts provincial growth in its economic outlook for 2018 will slip to 2.5 per cent, then rebound to three per cent in 2019, before it falls back to 2.6 per cent in 2020.

Yu warns B.C.'s key forestry sector continues to face potential headwinds due to the softwood lumber trade dispute and this summer’s record wildfire season.

He says housing activity will remain high but won't be a significant driver of growth over the next few years while tourism, the film industry, technology and business investments will remain steady because of "favourable currency."

News from © The Canadian Press, 2017
The Canadian Press

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