ECONOMIC UPDATE
March 2020
VIEW TRENDING ECONOMIC DATA FOR MARCH 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.
MARCH 2020 ECONOMIC INDICATORS
Down 4300 jobs in the Cariboo Economic Development Region in March 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 March 2020 reached $8.8M - which was a 25% decrease between the two periods.

  • Residential permits saw a decrease in March 2020 compared to the same month in 2019. There were increases in Commercial, Industrial, and Institutional permits in 2020. Building permits are $4.1M ahead YTD compared to the previous year.
BUSINESS LICENCE NUMBERS
  • There was no change in business licence applications compared to the previous month.
AIR PASSENGER TRAFFIC
  • The Prince George Airport (YXS) reported 44,817 passengers going through the airport in March 2019. In March of this year there was a 44.3% decrease with 24,964 passengers arriving and departing.
REAL ESTATE SALES AND HOUSING CONSTRUCTION IN PRINCE GEORGE
  • There were 53 homes sold in March 2020. That represents a 15% decrease in homes sold between the two periods.

  • The average house sale price was $408,570 in March, 2020. There was an increase compared to last March when there was an average house sale price of $361,179.

  • There were 37 more Multi Family Dwelling starts in March, 2019 compared to this March when there were only 6 starts.

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
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