(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

SOWINS receives $1,000 from Wednesday Night Ladies Club

The money will go to support the society’s Transition House and other programs

Okanagan hosts Mexico for soccer

The Okanagan Masters League won both matches against their Mexican counterparts

Ogopogo and Shuswaggi aren’t the only lake monsters to have legendary status

While both have legend status in the Okanagan-Shuswap regions there are said to be more

Penticton students take aim at bullying with Be Kind initiative

The initiative aims to replace Anti-Bullying Day with year-round activities.

Security footage shows grab and go of cash in Penticton business break-in

Marla Black is asking for the public’s help in identifying the man who broke into Winemaster

VIDEO: Grizzly bears fight along northern B.C. highway in rare footage

Cari McGillivray posted the head-turning video, shot near Stewart, B.C., to social media

Caught on Camera: Boat catches fire at Okanagan marina

The cause of the fire is unknown at this time, no injuries were reported as a result of the blaze

Handgun crackdown, health spending and transit plans latest campaign promises

Friday was the end of a busy week on the campaign trail

B.C. woman photographs massive ant swarm on Abbotsford driveway

She asked what the ants were doing? The answer: war

Athlete of the Week: Finn Tolley

Finn Tolley is the Penticton Western News/Canadian Tire athlete of the week

Police arrest B.C. phone scammer linked to illegal call centres in India

Person arrested in Burnaby here on a work visa, says police

Air Canada forced girl, 12, to remove hijab: civil rights group

The San Francisco Bay Area office of the Council on American-Islamic Relations calling for change

Man from Winnipeg who was hiking alone found dead in Banff National Park

RCMP say the man was hiking alone on Mount Temple Thursday

Epic overtime battle, big turnout for memorial night to late owner of Okanagan hockey team

The KIJHL’s Kelowna Chiefs hounoured Grant Sheridan with a win in the team’s home-opener

Most Read