ECONOMIC UPDATE
August 2019
VIEW TRENDING ECONOMIC DATA FOR AUGUST 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.  
AUGUST 2019 ECONOMIC INDICATORS
Down 500 jobs in the Cariboo Economic Development Region in August 2019. Forestry, Oil and Gas, and Transportation and Warehousing are the main industries creating new jobs.
BUILDING PERMITS REMAIN STEADY
• Total value of building permits issued by the City of Prince George from January to August 2019 was $145.9 million - a 0.89% decrease from 2018 with only $147.2 million.

• Residential building permits remain steady in August 2019 with total value issued at $10,109,063 compared to last year at $9,717,440 - a small increase from last year. 

• Non-residential building permits increased by 800% this August, from $3,602,000 in 2018 to $18,098,452 in 2019.
BUSINESS LICENCE NUMBERS INCREASING
• New business licenses are on the rise in Prince George at 33 new business licenses issued in August 2019. That’s 4 more business licenses issued compared to the previous month in July.
AIR PASSENGER TRAFFIC
• The Prince George Airport (YXS) reported 42,633 passengers going through the airport August 2018. This year we have seen a 7.58% decrease with 39,400 passengers arriving and departing.
REAL ESTATE SALES AND HOUSING CONSTRUCTION IN PRINCE GEORGE
• The average house sale was down 22% (comparing August 2018 to August 2019).

• The average house sale price was $374,411 last month. August we are only $1 lower than July.

• Multi Family Housing construction starts are incredibly lower 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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