- Business Advantage
April 12, 2018
Victoria’s economy is entering its fourth consecutive year of economic growth above 2 per cent. The capital can continue to expect solid growth through 2020. A rebound in the all-important public sector has been a key factor driving the turnaround, since ongoing budget surpluses have provided the resources to increase public spending. Other areas of the economy are also adding to the optimism, including the relatively small but fast-growing high-tech sector.
The economic rebound has also improved fortunes in the local labour market. Victoria has more than recouped the 5,500 local jobs lost from 2008 to 2014, adding 16,000 workers between 2015 and 2017. Job growth will slow this year, but the labour market will be very tight–leading to further declines in the unemployment rate.
Province-wide, British Columbia’s economy will slow in 2018 compared to last year, but the forecast growth rate of 2.7 per cent is expected to outpace all other provinces. The slowdown is due to a weaker outlook for housing, which will affect growth in employment, income and consumer spending. The forestry sector faces uncertainty and new liquefied natural gas projects are in some doubt.
For more of this detailed and up-to-date economic analysis, join us at The Conference Board of Canada’s first Western Business Outlook 2018: Victoria. This affordable and stimulating half-day conference provides business leaders and policymakers with the information needed to make better decisions.
In addition to the Conference Board’s unparalleled global, national, provincial and metropolitan economic analysis, the Business Outlook also offers a keynote presenter and a lively panel discussion with regional leaders.
Learn more online here.
Ready to register? Use the priority code WBOADVBC and register for $249.