This quarterly economic forecast for the province of British Columbia examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
Document Highlights
The B.C. economy will grow by 2.6 per cent this year and 2.3 per cent in 2019—a faster pace than most other provincial economies.
The lack of progress on the Trans Mountain pipeline will hurt investment spending and overall economic growth in 2018
The investment outlook is dampened by the lack of progress on the construction of LNG terminals, although a large project could still go ahead.
Housing starts will decline over the near term due to the steps taken by provincial and federal governments to cool down the market in Greater Vancouver.
While prices for detached homes in Greater Vancouver have declined, prices for condos and townhouses continue to move higher.
B.C. will continue to run budget surpluses over the near term.
Strong U.S. lumber demand and rising prices have helped to offset the negative impact of U.S. duties on softwood lumber implemented last year.
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