ECONOMIC UPDATE
October 2020
VIEW TRENDING ECONOMIC DATA FOR OCTOBER 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.
OCTOBER 2020 ECONOMIC INDICATORS
Down 1900 jobs in the Cariboo Economic Development Region in October 2020. Healthcare and Social Assistance and Professional, Scientific, and Tech Services are the main industries creating new jobs.
BUILDING PERMITS DECREASE
  • The total value of building permits issued in Prince George through the end of October, 2020 reached $19.2M. This was a 24.9% decrease when comparing to October, 2019.

  • There was a decrease of $1.8M in commercial building permits compared to the previous year.

  • Building permits are only slightly off last year's record setting pace with a $13.1M difference between the two years.
BUSINESS LICENCE NUMBERS
  • There were 26 new business license applications in October, 2020 compared to 57 in September, 2020.
AIR PASSENGER TRAFFIC
  • The Prince George Airport (YXS) reported 44,674 passengers in October, 2019. In October of this year there was a 71.27% decrease with 12,835 passengers arriving and departing.
REAL ESTATE SALES AND HOUSING CONSTRUCTION IN PRINCE GEORGE
  • There were 88 homes sold in October, 2020. There was a decrease between the two periods with 92 homes sold in October, 2019.

  • The average house sale price was $405,288 in October, 2020. There was an increase compared to last October when there was an average house sale price of $382,945.

  • There were 11 more Multi Family Dwelling starts in October 2020 compared to October, 2019.

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: [email protected] | Telephone: 250-561-7633 | Fax: 250-561-7724
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