It’s something we’ve heard Premier Christy Clark say time and time again: B.C. has the fastest growing economy.
But the Conference Board of Canada says the province is poised to lose some momentum this year.
The Board’s provincial forecaster Marie-Christine Bernard says B.C. isn’t going to take the top spot for economic growth this year.
She says B.C.’s economic growth will take a moderate hit from around the 3 per cent average to 1.9 per cent this year and it’s mainly because of a slowdown in the housing market.
“It’s not just that, but it’s also difficult in other areas of the economy. In the resources sector, prices have been relatively weak. We are seeing a pick-up though in certain metal prices.”
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Bernard says other areas will be affected too.
“We are going to see the finance, insurance and real estate industry not see the same kind of growth. And construction as well, it’s going to filter through the domestic economy.”
Bernard says B.C.’s economy will slow from around the three per cent pace of the last three years to 1.9 per cent in 2017.
The Board predicts Alberta will take top spot for economic growth with a more stable energy sector and fast-rising oil production.