ECONOMIC UPDATE
May 2020
VIEW TRENDING ECONOMIC DATA FOR MAY 2020
Every month, the Economic Development division at the City of Prince George tracks economic indicators to better understand the business climate in Prince George. Data included in the monthly analysis covers several areas, including employment rates and numbers, real estate developments and transactions, building permit values, business license applications, and airport passenger statistics.
Information is gathered from a variety of sources, including Statistics Canada, the BC Northern Real Estate Board, the Canada Housing and Mortgage Corporation, the City of Prince George, and the Prince George Airport Authority.
MAY 2020 ECONOMIC INDICATORS
Down 11,400 jobs in the Cariboo Economic Development Region in May 2020. Wholesale and Retail Trade and Other Services (except Public Administration) are the main industries creating new jobs.
BUILDING PERMITS DECREASE
  • The total value of building permits issued in Prince George through the end of May, 2020 reached $13.4M. There was a 13.3% increase when comparing to May, 2019.

  • Commercial permits saw a large increase in May 2020 compared to the same month in 2019. Building permits are now $21.9M less than the previous year.
BUSINESS LICENCE NUMBERS
  • There were 61 new business licence applications in May 2020 compared to 73 in April 2020.
AIR PASSENGER TRAFFIC
  • The Prince George Airport (YXS) reported 42,537 passengers in May 2019. In May of this year there was a 95.51% decrease with 1,910 passengers arriving and departing.
REAL ESTATE SALES AND HOUSING CONSTRUCTION IN PRINCE GEORGE
  • There were 76 homes sold in May 2020. There was a small decrease between the two periods with 88 homes sold in May 2019.

  • The average house sale price was $379,412 in May, 2020. There was an increase compared to last May when there was an average house sale price of $366,849.

  • There were more Single and Multi Family Dwelling starts in May, 2019 compared to May 2020.

View more housing statistics, including average rent, housing structure types, and more, through the Townfolio dashboard.
COVID-19 is having far-reaching impacts on the economy. Information and resources are available to help businesses cope with issues brought on by the pandemic
City of Prince George, 1100 Patricia Boulevard, Prince George, BC V2L 3V9
Email: ecdev@princegeorge.ca | Telephone: 250-561-7633 | Fax: 250-561-7724
#cityofpg #investpg #moveuppg