Weakened forestry and oil & gas sectors to continue to hamper growth in Northeast in 2020

FORT ST. JOHN, B.C. – Central 1 has released its B.C. Regional Economic Outlook for 2019 to 2021.

In the Economic Outlook, according to Central 1’s Deputy Chief Economist, Bryan Yu, the province’s economy is expected to grow by almost three percent this year, which will mainly be driven by tech sector investment and major infrastructure project construction.

For economic conditions in the Northeast, Yu says it was soft in 2019 as subdued commodity market investment, weakening forestry and flat employment weighed on labour and housing markets.

As for an outlook for the Northeast, Yu says weakened forestry and oil and gas sectors will continue to hamper growth in 2020 before prospects improve. 

Although, the report does note that the Site C Project buildout is bringing economic benefits to the region. 

The full report can be found on Central 1’s website.