ECONOMIC UPDATE
October 2019
VIEW TRENDING ECONOMIC DATA FOR OCTOBER 2019
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.  
OCTOBER 2019 ECONOMIC INDICATORS
Up 2300 jobs in the Cariboo Economic Development Region in October 2019. Wholesale and Retail Trade, and Transportation and Warehousing are the main industries creating new jobs.
BUILDING PERMITS SET NEW RECORDS
  • The total value of building permits issued in Prince George through the end of October, 2019 reached an all-time high of $193.8M, surpassing the previous year at $173M – a 10.7 percent increase between the last two periods.

  • Residential permits saw a 47% increase in October 2019 with $21.9M which is far superior to last year with only $11.6M.
BUSINESS LICENCE NUMBERS CUTBACK
  • New business licenses have dropped in Prince George at 4 new business licenses issued in October 2019. That’s 3 less business licenses issued compared to October 2018.
AIR PASSENGER TRAFFIC
  • The Prince George Airport (YXS) reported 45,755 passengers going through the airport October 2018. This year we have seen a 2.36% decrease with 44,674 passengers arriving and departing.
REAL ESTATE SALES AND HOUSING CONSTRUCTION IN PRINCE GEORGE
  • The average house sale was down 49% (comparing October 2018 to October 2019).

  • The average house sale price was $225,535 in October 2019. We have seen a substantial decrease since last October with an average house sale price of $345,757.

  • Multi Family Housing construction starts are incredibly higher than the same period last year.

View more housing statistics, including average rent, housing structure types, and more, through the Townfolio dashboard.
City of Prince George, 1100 Patricia Boulevard, Prince George, BC V2L 3V9
Email: ecdev@princegeorge.ca | Telephone: 250-561-7633 | Fax: 250-561-7724
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