Northern B.C. to Enjoy Strong Economic Growth in 2012-3, Central 1's Regional Outlooks Says
Commodity-Led Recovery Will Contribute to Provincial Expansion
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/14/12 -- Since the 2008 recession the Lower Mainland has accounted for most of the economic growth in B.C., but that is about to change, says a new forecast by Central 1 Credit Union.
Growth in northern B.C. driven by sales of coal, natural gas and copper will spur development in those areas and spread to the Lower Mainland as well, says the report that looks at regional economic prospects in 2012 and 2013.
Province-wide employment growth at 1.6% this year and 1.8% in 2013 is expected to become more robust thereafter.
"Demand for the commodities produced in the north will be strong in coming years," said Helmut Pastrick, Chief Economist for Central 1. "The Lower Mainland will benefit indirectly from the northern recovery through the provision of a variety of services ranging from transportation, professional services, goods, and administration services."
Signs of the northern turnaround are already evident and prospects for new investment are good, Pastrick said.
Lumber prices are expected to rise as the U.S. housing industry starts to recover. Natural gas prices will face pressure, due to the growing supply in the U.S., while copper and coal prices will be strong and support further expansion of output to meet the growing demand from the Asia-Pacific region.
Provincial resale housing prices and sales are expected to moderate in 2012 and regain momentum in 2013 along with the improving economy.
Highlights:
The full report B.C. Regional Outlooks 2012-13 is available here:
About Central 1
Central 1 is the central financial facility and trade association for the B.C. and Ontario credit union systems. Central 1 represents a consumer-oriented, full-service retail financial system that serves three million members and holds $79 billion in assets and is owned primarily by its member credit unions, 45 in B.C. and 112 in Ontario.
With offices in Vancouver, Mississauga, and Toronto, Central 1 provides a wide range of services such as liquidity management, direct banking, and flexible payment service solutions. For more information, visit .
Contacts:
Central 1 Credit Union
Art Chamberlain
Media Relations Manager
905-282-8534 or 1-800-661-6813, ext. 8534
Central 1 Credit Union
Helmut Pastrick
Chief Economist
604-737-5026 or 1-800-661-6813, ext. 5026
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Datum: 14.03.2012 - 12:00 Uhr
Sprache: Deutsch
News-ID 124659
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Commercial & Investment Banking
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