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Central 1 predicts strong growth for B.C.’s economy through to 2020

September 09 2017 08:58 AM

Original Publication Date: September 9, 2017 8:58AM

Publication Updated: April 25, 2025 7:17AM

VANCOUVER – The Central 1 Credit Union is forecasting economic growth will remain healthy in British Columbia through 2020.

The financial institution says the B.C. economy has "fired on nearly all cylinders" this year, with growth for 2017 forecast at 3.5 per cent.

Deputy chief economist Bryan Yu says robust consumer demand is fuelling the growth thanks to surging employment, strong exports and government support.

Central 1 predicts provincial growth in its economic outlook for 2018 will slip to 2.5 per cent, then rebound to three per cent in 2019, before it falls back to 2.6 per cent in 2020.

Yu warns B.C.'s key forestry sector continues to face potential headwinds due to the softwood lumber trade dispute and this summer’s record wildfire season.

He says housing activity will remain high but won't be a significant driver of growth over the next few years while tourism, the film industry, technology and business investments will remain steady because of "favourable currency."

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Taylor Rae

Before university, Taylor spent a year abroad living in Thailand which encouraged her to finish her degree studying in Turkey, both experiences have made her an avid traveller. Taylor graduated from Thompson Rivers University with a degree in Communications and Public Relations. Although born on the coast, Taylor has lived the majority of her life in Kamloops and enjoys what the region has to offer. In her spare time, you can find Taylor volunteering in the community or out on an adventure with her friends and her dogs.