BC Economic Update - May 2008
Population & GDP
| • | Population inched up 1.5% higher than national rate of 1.1% |
| • | BC economy remains robust with GDP growing 5.5% in 2007 |
| • | The growth will pick up as it approaches 2010 when Vancouver-Whistler will host the Winter Olympic Games |
Retail Sales/Wholesale
| • | Up 6.7% in 2007 to $56.4 billion |
| • | Wholesale also increased 8.6% to $53.5 billion |
Income
| • | Personal Income rose 6.6% higher than National’s 6.1% |
| • | Disposable Income per-Capita is 4.9%, National’s 4.5% |
Unemployment
| • | Unemployment is steady at 4.3%, while Canada higher at 6% |
| • | The Service Industries will continue to experience labor shortage |
Real-Estate & Construction
| • | Housing Starts in 2007 were 39,200, 7.7% higher than previous year |
| • | Total value of building permit in 2007 up 8.7% to $12.5 billion |
| • | Residential portion is $8.6 billion, a 13% increase |
| • | Outlook of Engineering Construction is bright estimated at just below $9 billion in 2008; Utilities and Transportation are two main strong components |
| • | Mining exploration resurges |
| • | Mining and Oil-Gas sectors fuels investment |
Tourism/Food Industries
| • | Despite weak US economy and US Dollar Tourism showed encouraging sign, thanks to European visitors |
| • | In 2007 Occupancy Rate reached an 11-year high growing 7.9% at $2 billion |
| • | Overseas tourists went up 3.3% |
| • | Compared to the American overseas tourists stayed much longer (3.5 vs. 13.3 days) and spent more |
| • | BC Households spent $1,830 on restaurant meals, the highest expenditure amongst the provinces |
| • | Overall BC has the second highest per-HH consumption of food and alcohol purchased at restaurants and licensed premises after Alberta |
Sources: BC Statistics, Credit Union Central of BC
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