Every month, the Economic Development division at the City of Prince George tracks economic indicators to better understand the business climate in Prince George. Data included in the monthly analysis covers several areas, including employment rates and numbers, real estate developments and transactions, building permit values, business license applications, and airport passenger statistics.
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One year ago, the partners behind LNG Canada formally sanctioned the $40-billion project.
Today, roughly 1,000 workers are on site in Kitimat — about half of them from the Kitimat-Terrace area — and that’s just to set the stage for the main construction phase, which isn’t expected to start for another couple of years.
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Prince George has been ranked one of the top two cities in the west to place Canadian property investments over the next year by Western Investor magazine.
While Kelowna topped the list, B.C.’s northern capital earned second place out of five on the Western Investor’s list of 2020 best western Canadian investment towns.
Western Investor stated Prince George is forecast to see GDP growth of 1.5 per cent this year and 1.7 per cent in 2020, according to the Conference Board of Canada, which featured the city as among selected mid-size cities for best economic growth this year.
“Thanks to a healthy real estate market, finance, insurance, and real estate will be Prince George’s fastest-growing industry over this year and next, the board contends. This sector is forecast to expand by 2.6 per cent this year and 2.7 per cent in 2020,” writes Frank O’Brien in Western Investor.
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