The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
Canada West Foundation's Chief Economist Todd Hirsch says that BC's economy is finally positioned for solid economic growth this year and next. "It's been a long struggle for BC ? the ongoing softwood lumber trade dispute, SARS, and forest fires have been devastating for this economy," said Hirsch. "But the tide has finally turned." There is a renewed optimism in practically every sector, he said. Despite the unresolved trade dispute with the US, the province's forestry sector has improved productivity and is enjoying high commodity prices. The mining and natural gas sector are also expanding, thanks again to solid prices and a positive business environment. Tourism is expected to make a modest recovery and the province's film and TV production industry is booming. Furthermore, the global economy appears to be synchronized in expansion, led by BC's two largest trading partners ? the US and China. "But the crown jewel in the province's economic optimism is the 2010 Winter Olympics," Hirsch added. "This is certain to spur construction and service sector employment over the next five years." Job growth in the province, he said, is evidence that the economy is on the upswing. In June, year-over-year employment growth was 3.5% ? by far the largest gain of any province and well above the national average of 1.9%. Since April alone, there have been more than 42,000 new jobs created. The Canada West Foundation's Job Opportunity Index - a measure of employment demand in the western provinces - rose in June to 123.6 in B.C. (based on January 2004=100). But, Hirsch said, there are a few dark clouds linger on the horizon. A potentially devastating infestation of mountain pine beetles is causing concern in the lumber industry, and dry conditions throughout much of the province once again pose threats of devastating forest fires. Overall, however, the provincial economy is in good shape and should post very strong growth in 2004 and 2005.
