(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

Grade 9s on Gwaii Haanas trip visit “the best spot on Haida Gwaii”

Now in its fourth year, Grade 9 trip gives Haida Gwaii youth a chance to visit Tanu and Windy Bay

Live-streaming ancient undersea volcanoes in HD

16-day expedition maps SG̱aan Ḵinghlas-Bowie, Dellwood, and Explorer seamounts

A pirate party for skateboarding scallywags

With a skateboard ramp and all-islands music line-up, Saturday fundraiser gets Skate Society rolling

Tlellagraph: Connecting threads of history on Beitush Road

From Tlell to North Dakota to the Great War, history strengthens the connection to home

France doubles up Croatia 4-2 to win World Cup

Played in Moscow Russia, latest Fifa World Cup marks the highest scoring final since 1966

REPLAY: B.C.’s best video this week

In case you missed it, here’s a look at replay-worthy highlights from across the province this week

Intertidal Music Festival back for round two

More than 20 performances throughout the day at the North Pacific Cannery on July 21

Former NHL goalie Ray Emery drowns in Lake Ontario

Police say the 35-year-old’s death appears to be a ‘case of misadventure’

Air quality statement warns of smoky air for Kamloops area

Environment ministry says area on north side of Thompson River may be affected by wildfire smoke

Pussy Riot claims on-field protest at World Cup final

Russian protest group claimed responsibility after four people ran onto field in police uniforms

Fans party on Montreal streets after French World Cup win

To city is home to nearly 57,000 French nationals

B.C. VIEWS: Making private health care illegal again

Adrian Dix battles to maintain Cuba-style medical monopoly

Almost every part of Canada’s largest national park deteriorating: federal study

Drawing on decades of research — the report lists 50 pages of citations

Activists protest outside Kinder Morgan terminal in kayaks, canoes

Tsleil-Waututh elder Ta’ah Amy George led the water ceremony from a traditional Coast Salish canoe

Most Read