The sun is expected to continue to shine on the economy of Vancouver Island according to a report released today by the Vancouver Island Economic Alliance, but perhaps not as brightly as last year. John McKinley/VI Free Daily

Economic summit says Vancouver Island economy remains rosy

But there are warning signs, according to a report by the Vancouver Island Economic Alliance

The economic prospects of Vancouver Island are looking pretty good at the moment.

Just not quite as good as they looked in the fall of 2016.

That’s the verdict of the the third-annual State of the Island economic report unveiled this afternoon as the Vancouver Island Economic Summit wrapped up in Nanaimo.

RELATED: John Horgan addresses Vancouver Island Economic Summit

Susan Mowbray, an economist with MNP and the report’s author said many of the Island’s key economic indicators remain strong, however their rate of growth has slowed. And a few extenuating factors — locally and abroad — bear watching.

Foremost among the big picture items are the increases in Bank of Canada’s prime lending rate and the uncertainty surrounding the North American Free Trade Agreement.

Closer to home, while the demand for wood products remains strong, access to wood fibre means there has not been corresponding increases in wood production. Meanwhile, retail and service businesses are struggling to fill low-wage jobs in part because of a lack of affordable housing.

The growth in the number of international students and tourists coming here has slowed. The caveat of course it that those numbers are still very strong, unemployment is at some of the lowest levels in the province and the softwood situation has yet to put its feared dent in the forestry industry.

And the housing market is booming as our population growth continues in all sub-regions except the North Island.

“I don’t want anyone to think the Island economy won’t continue to go well; it will,” Mowbray said. “The outlook remains rosy. It’s just not quite as rosy as it was a year ago.”

Just Posted

Residents fear return of campers to Cuthbert Holmes Park

Saanich Police deliver eviction notice to make-shift camp

Washington State man facing murder charges in 1987 killing of Victoria couple

Two counts of aggravated first-degree murder filed against William Talbott II in Snohomish

Art Gallery of Greater Victoria expansion gets $6M boost from province

Project many years in the making, but planned for current Rockland site

Does a creature lurk beneath Cadboro Bay?

Researchers on hunt for Cadborosaurus, with sightings dating back centuries along the B.C. coast

Celebrating the 120th Philippine Independence day

Local Filipino communities host first public celebration in Victoria

REPLAY: B.C. this week in video

In case you missed it, here’s a look at replay-worthy highlights from across the province this week

5 fun things to do this weekend in Greater Victoria

Car Free YYJ, family fishing, Sooke bluegrass, walk for cancer and a mascot’s birthday

WEB POLL: Would you be in favour of a ban on plastic straws?

Would you be in favour of a ban on plastic straws?… Continue reading

B.C. NHL prospect expected to make ‘full recovery’ after an incident in Calgary

Jordy Bellerive was injured in a reported house fire Saturday night

Saanich farmers’ market ready to plow ahead in 2018

The market returns for its second year July 8 with some minor changes

BC Lions defensive back Marcell Young levels streaker in home opener

Young hit the fan near one of the 45-yard lines

Police: Taxi driver who hit 8 Moscow pedestrians fell asleep

Two Mexican World Cup fans were among those hit

B.C. VIEWS: Orphans of our urban drug culture neglected again

Child advocate Bernard Richard leaves B.C. with harsh message

From marijuana beer to pot cookies, Canadian companies creating cannabis edibles

Manufacturers think that edibles will do well with users who don’t want to smoke or vape

Most Read