ECONOMIC UPDATE
November 2019
VIEW TRENDING ECONOMIC DATA FOR NOVEMBER 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.  
NOVEMBER 2019 ECONOMIC INDICATORS
Up 3800 jobs in the Cariboo Economic Development Region in November 2019. Wholesale and Retail Trade, and Other Services (except Public Admin) are the main industries creating new jobs.
BUILDING PERMITS SETTING NEW RECORDS
  • The total value of building permits issued in Prince George through the end of November, 2019 reached an all-time high of $217.4M, surpassing the previous year at $182.3M – a 16.1 percent increase between the last two periods.

  • Residential permits saw a 65% increase in November, 2019 with $22.3M which is far superior to last year with only $7.8M.
BUSINESS LICENCE NUMBERS
  • New business licenses have dropped in Prince George at 1 new business license issued in November, 2019. That represents 2 less business licenses issued compared to November 2018.
AIR PASSENGER TRAFFIC
  • The Prince George Airport (YXS) reported 42,558 passengers going through the airport November, 2018. This year there was a 6.87% decrease with 39,633 passengers arriving and departing.
REAL ESTATE SALES AND HOUSING CONSTRUCTION IN PRINCE GEORGE
  • The average house sale was up 6% (comparing November 2018 to November 2019).

  • The average house sale price was $296,322 in November 2019. There was a small increase since last November when there was an average house sale price of $278,700.

  • Multi Family Housing construction starts are more than double 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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