April 6, 2022
April 6, 2022
PRINCE GEORGE – Northern Development today released the 2021 State of the North Economic Report which highlights the economy in year two of the pandemic and how our key industries fared.
While the State of the North is normally released in January, it was delayed this year in order to include data released through the Canadian 2021 census.
The report, which was independently researched by MNP, reveals that while the economy in Northern B.C. remains relatively strong, our region has been left with a massive labour shortage. Compared with 2019, third quarter stats from 2021 show a 75 per cent increase in job vacancies.
The forestry sector was supported by high prices in the first half of 2021; however, prices fell significantly in the second half. Major projects in the Northeast and Northwest regions will continue to support the economy and re-opening of borders should give the tourism industry a lift.
As of November 2021, overall employment in the Cariboo and Northwest are up year-over-year but remain below 2019 levels, while in the Northeast employment has declined year-over-year.
“This year’s State of the North contains good news, bad news and a lot of uncertainty,” said CEO of Northern Development, Joel McKay. “Our region is faced with labour shortages, slow population growth and a myriad of other risks from floods, fires and a war in Eastern Europe. However, major project constructions along with strong commodity prices will likely continue to support various industry sectors for the next few years.”