There were some ups and downs in the State of the North report issued by the Northern Development Initiative Trust.
When looking at the GDP outlook, declines in construction activity coupled with mill closures put a damper on our economy in 2024.
However, some relief may come in the short-term as operations ramp up for the Site C and LNG projects as well as other developments located in our region.
In Prince George and the northwest, construction activity is slated to spike, which will provide a short-term boost.
In the first nine months of this year, employment levels across Northern BC jumped by 4.6% on a year-over-year basis. Gains were mostly felt in education and health, mostly in the Cariboo Economic region, which includes Prince George and the southernmost area spanning from 100 Mile to the Peace River.
The Cariboo Economic Region has 16-thousand people employed in health care and social assistance followed by retail trade (11,400), manufacturing (9,400), educational services (7.500) and construction (7,100).
Furthermore, the Cariboo region’s employment rate in the third quarter of 2024 was 59.42%, pretty much on par with the same period last year (59.72).
The median home price in Prince George came out to $495,611 – a 5% year-over-year increase.
In nearby Vanderhoof, median home prices have risen by 20% in the past 12 months coming out to an average of just over 413-grand. Fort Saint James saw a more modest rise of 9% ($357,222).
A link to the report can be found here.
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