Economic growth expected to slow on Vancouver Island

Economic Summit set for Oct. 25 and 26 at the Vancouver Island Conference Centre in Nanaimo

With the recent fluctuation in the Canadian dollar, increasing interest rates, the ongoing softwood lumber dispute, gains and decreases in the oil industry, and the steady rise of tourism on Vancouver Island, change is inevitable for local business and the economy.

According to the Conference Board of Canada, economic growth on the Island has been ranging from 2.5 to 3.5 per cent over the past few years, however, it is likely to slow down to two per cent through the rest of 2017 and into 2018. Analysts predict that the drop in economic growth is driven by fewer people moving to the Island, and the prolonged softwood lumber dispute.

In 2015, the provincial economy underwent a period of adjustment that was driven by declines in oil and other commodity prices, which paired with declines of the value of the Canadian dollar, had a negative impact on oil-producing provinces. B.C. benefited somewhat from the oil decline through increased exports to the U.S., population growth and continued strength in the housing market, which has continued through to this year. Economic conditions in B.C. ended up relatively strong in the first half of 2016, and continued relatively strong until trailing down in the beginning of 2017, when gains in oil prices led to a recovery in the Canadian dollar’s value in the second quarter.

This analysis comes from the unique State Of The Island Economic Report, made possible by the initiative and sponsorship of MNP and by additional sponsorship from the Nanaimo Airport, Coastal Community Credit Union, BC Ferries, BC Hydro and the B.C. Ministry of Jobs, Tourism and Skills Training.

Susan Mowbray, senior manager of economics and research at MNP, will present the third annual State of the Island Economic Report at this year’s Economic Summit at the Vancouver Island Conference Centre Oct. 25 and 26 in Nanaimo.

“The Economic Report uses statistical information to show us what has happened and what it might mean for the foreseeable future, while the Economic Summit uses presentation and dialogue to expose what is happening and to explore what could be happening,” said VIEA president George Hanson.

“We think this is a powerful combination — equipping us all with solid information as well as progressive perspective.”

You can join over 500 business and community at this year’s summit by registering at www.viea.ca.

Just Posted

Annual Victoria Hospitals Foundation gala brings in nearly $700,000

Event raises a significant portion of $3.2 million goal for cardiac care campaign

Sooke Philharmonic Orchestra celebrates 20th anniversary

Norman Nelson founded the orchestra in 1997

High winds cancel slew of BC Ferries sailings

Travel to and from Victoria and Vancouver as well as Northern Gulf Islands affected

Three Sooke students awarded scholarships

Ike Barber Transfer Scholarship program awarded annually to undergraduate students

Sooke talk focuses on risk of nuclear war

Discussion and talk held on Nov. 30

Sailors set to deck the hulls for annual Sea of Lights

Lighted sail past set for Dec. 1 with community events at vantage points Willows Beach and Gyro Park

Report sets exercise guidelines for young kids, including ‘tummy time’ for babies

Kids aged one to four should get at least three hours of physical activity throughout the day

Stampeders return to Grey Cup with 32-28 win over Edmonton Eskimos

The Stampeders will face the Toronto Argonauts next Sunday in Ottawa for the title

Nebraska approves TransCanada’s Keystone XL pipeline

Nebraska’s Public Service Commission approved TransCanada’s Keystone XL route in a close vote

Forecast calls for a snowy Canadian winter

Canadians told to brace for a ‘classic’ Canadian winter with lots of snow

Queen Elizabeth II, Prince Philip celebrate 70th anniversary

The Queen and The Duke of Edinburgh are celebrating their platinum wedding anniversary

Charles Manson, leader of murderous ’60s cult, dead at 83

Charles Manson, whose cult slayings horrified world, dies

Naked man arrested in Nanaimo, provided with pants

Suspect arrested for causing disturbance Nov. 13 near Bowen and Northfield roads

‘An officer and a gentleman’: Const. John Davidson is laid to rest

Thousands attend memorial service for slain Abbotsford Police officer

Most Read