Over the next two years, British Columbia’s economy is expected to be the fastest growing economy of all the Canadian provinces and territories. The main source of this growth will be the construction industry, as Malaysian oil and gas company Petronas is expected to build a 36-billion-dollar natural gas facility in the province over the coming year.
British Columbia’s expanding manufacturing sector will be another key source of growth for the province, as an increase in home construction in the United States will spur profits for BC’s wood manufacturing industry. Industrial manufacturing in British Columbia is also likely to expand as the province’s shipyards are expected to be called upon to produce numerous marine vessels for the Canadian federal government.
Lastly, Vancouver’s real estate market continues to thrive, which, in turn, has helped several other areas of British Columbia’s economy obtain unprecedented success. Increased property sales in Vancouver are expected to benefit British Columbia’s real estate, finance and insurance sectors. The real estate boom will also lead to increased sales of goods relevant to property ownership such as appliances and garden equipment.
The economic upturn mentioned above, combined with predicted increases in job creation, will cause British Columbia’s economy to grow by more than three percent over the next two years.
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