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.”

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Campbell River RCMP outline their approach to mental health calls

Recent events have spurred discussion of police interactions with people suffering from mental health concerns

Campbell River celebrates Canada Day virtually

Three-hour online video of community contributions available at noon Canada Day

Strathcona Regional District community broadband plans are a roadmap for connectivity

Seven communities within SRD are part of Connected Coast program

Canada Day barn fire keeps three Island crews busy

Oyster River, Campbell River and Courtenay fire departments all respond to incident

Crowdfunding campaign to repair vandalized driftwood sculpture smashes goal in hours

Sarah the Raptor was found vandalized at its Willow Point perch on June 28

‘Mind boggling’: B.C. man $1 million richer after winning Lotto 6/49 a second time

David O’Brien hopes to use his winnings to travel and of course keep playing the lottery

Mirror business directory and map

If you’d like to be added to the list, shoot us an email

White-throated sparrows have changed their tune, B.C. study unveils

Study marks an unprecedented development scientists say has caused them to sit up and take note

B.C. teacher loses licence after sexual relationships with two recently-graduated students

The teacher won’t be allowed to apply for a teaching certificate until 2035

Lower Mainland teacher facing child pornography charges

Elazar Reshef, 52, has worked in the Delta School District

Man who rammed gate near Trudeau residence with truck faces multiple charges

The man, who police have not yet officially identified, will be charged with multiple offences

All community COVID-19 outbreaks declared over in B.C.

Abbotsford manufacturer cleared by Dr. Bonnie Henry

Kelowna RCMP commander calls for more nurses during wellness checks after complaint

Southeast District Commander wants to increase Police and Crisis Team program

Most Read