Central 1 Credit Union has foretasted the total amount of goods and services produced in B.C. will increase by 2.3% this year. That is a drop from 2016’s 3.8% expansion which set a provincial record.
Even though the provincial economy is still seeing growth, the reason for the year-to-year decrease is expected to be related to the ongoing softwood lumber dispute.
Local economist Al Idiens said “It’s important to handle the situation right because 1 of 16 jobs in B.C. belong to the forest industry.”
The housing market is also expected to fall by 13 per cent this year, but Central 1 predicts the drop will be cushioned by other economic factors.
Central 1 also said despite the drop in percentage in 2017, the next two years are expected to see improvement.