Central 1 Credit Union Forecasts B.C. Will Lead Canadian Growth Over the Next Three Years
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/02/15 -- British Columbia will lead Canadian economic growth over the next three years as steady but restrained expansion continues, says the latest forecast by Central 1 Credit Union (Central 1).
"B.C.'s economy is showing few ill effects from the recent tumble in oil prices," said Bryan Yu, Senior Economist at Central 1. "Consumers and businesses are benefitting from lower energy prices and interest rate cuts. Meanwhile, the weaker Canadian dollar is boosting tourism, TV and film production, and export demand."
Central 1 has reduced the number of liquefied natural gas (LNG) projects that are expected to proceed during the forecast period due to weaker market conditions, but still expects Pacific NorthWest LNG, led by Malaysia's state-owned Petronas, to move forward. However, investment in the Site C Dam, public transportation and replacements of the Patullo Bridge and George Massey tunnel will spur non-residential investment.
"A rise in U.S. housing activity will lift demand for B.C. forestry products through 2017, but medium-to-long term growth will be constrained by declining timber supplies," Yu says. "B.C.'s mining sector will remain under pressure from low commodity prices."
Interest rates have remained lower than Central 1 forecast in November, which has boosted the new outlook for consumer spending and housing.
Key findings in the forecast include:
The full report BC Economic Outlook 2015-2017 is available .
About Central 1
With offices in Vancouver, Mississauga and Toronto, Central 1 holds on balance sheet approximately $13 billion in assets. We provide wholesale financial products, trust services, investment banking services, payment processing solutions and direct banking services to more than 300 credit unions and institutional clients from coast to coast.
In addition, Central 1 is the primary liquidity manager, payments provider and trade association for our 43 member credit unions in B.C. and 84 Ontario member credit unions. Our members represent a consumer-oriented, full-service retail financial system that collectively serves 3.2 million members and holds more than $97 billion in assets. For more information, visit .
Contacts:
Central 1 Credit Union
Bryan Yu
Senior Economist
604.742.5346 or 1.800.661.6813 ext. 5346
Central 1 Credit Union
Art Chamberlain
Media Relations Manager
905.282.8534 or 1.800.661.6813 ext. 8534
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Datum: 02.06.2015 - 13:00 Uhr
Sprache: Deutsch
News-ID 397556
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contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Commercial & Investment Banking
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