Construction Expected to Lead Growth in British Columbia

By Richard Gilbert, Journal of Commerce
February 25, 2013

The construction industry will expand faster than all other domestic-oriented industries in British Columbia over the next five years, while the overall economy will improve slowly and then shift to stronger growth. “The U.S. is expected to gain speed during 2014 to 2017, which will help lift B.C.’s economy to higher growth rates after 2013,” said Helmut Pastrick, chief economist for Central 1 credit union.  “The (B.C.) housing slowdown this year will reduce residential investment. The mild correction in the housing market will pull down economic growth in 2013 and 2014. Fewer housing starts in 2013 are a near certainty in an environment of declining housing sales and prices.” Pastrick recently produced the B.C. Economic Forecast 2013-2017 which predicts real provincial Gross Domestic Product (GDP) will increase by 2.2 per cent in 2013, before accelerating to 2.7 per cent during 2014. More …

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