ECONOMIC UPDATE
March 2021
VIEW TRENDING ECONOMIC DATA FOR MARCH 2021
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 2021 ECONOMIC INDICATORS
Up 5,500 jobs in the Cariboo Economic Development Region in March 2021. Educational Services and Public Administration are the main industries creating new jobs.
BUILDING PERMITS INCREASE
  • The total value of building permits issued in Prince George through the month of March, 2021 reached $14.6M. This was a $5.8M increase when comparing to March, 2020.

  • There was an increase of $6.8M in residential building permits when compared to March of the previous year.

  • While the total value of building permits in 2021 year to date is significantly higher than the year prior, the number of permits in March 2021 year to date is nearly the same at 97 in 2020 and 93 in 2021. This indicates the cost of building is impacting the value of building permits and can likely be associated with the cost of lumber being much higher than previous years. This is also demonstrated in the monthly numbers where 41 building permits valued at $8.8M were issued in March 2020 and 35 building permits valued at $14.6M were issued in March 2021.
BUSINESS LICENCE NUMBERS
  • There were 68 new business license applications in March, 2021.
AIR PASSENGER TRAFFIC
  • The Prince George Airport (YXS) reported 24,964 passengers in March, 2020. In March of this year there was a 68.20% decrease with 7,939 passengers arriving and departing.
REAL ESTATE SALES AND HOUSING CONSTRUCTION IN PRINCE GEORGE
  • There were 113 homes sold in March, 2021. There was an increase between the two periods with 53 homes sold in March, 2020.

  • The average house sale price was $457,463 in March, 2021. There was an increase compared to last March when there was an average house sale price of $408,570.


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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