ECONOMIC UPDATE
August 2020
VIEW TRENDING ECONOMIC DATA FOR AUGUST 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.
AUGUST 2020 ECONOMIC INDICATORS
Down 6,300 jobs in the Cariboo Economic Development Region in August 2020. Wholesale and Retail Trade and Transportation and Warehousing are the main industries creating new jobs.
BUILDING PERMITS INCREASE
  • The total value of building permits issued in Prince George through the end of August, 2020 reached $48.3M. This was a 71% increase when comparing to August, 2019.

  • There was an increase of $22.1M in commercial building permits compared to the previous year. This was partially due to a $35M permit to construct the new Downtown Pool.




BUSINESS LICENCE NUMBERS
  • There were 45 new business licence applications in August, 2020 compared to 44 in July, 2020.
AIR PASSENGER TRAFFIC
  • The Prince George Airport (YXS) reported 39,400 passengers in August, 2019. In June of this year there was a 72.06% decrease with 11,006 passengers arriving and departing.
REAL ESTATE SALES AND HOUSING CONSTRUCTION IN PRINCE GEORGE
  • There were 102 homes sold in August, 2020. There was an increase between the two periods with 83 homes sold in August, 2019.

  • The average house sale price was $403,874 in August, 2020. There was an increase compared to last August when there was an average house sale price of $370,289.

  • There were 36 more Multi Family Dwelling starts in August 2020 compared to August, 2019.

View more housing statistics, including average rent, housing structure types, and more, through the Townfolio dashboard.
Got a really great business idea? Get that dream aloft in the Titans' Den - a new pilot project from the City of Prince George!
City of Prince George, 1100 Patricia Boulevard, Prince George, BC V2L 3V9
Email: ecdev@princegeorge.ca | Telephone: 250-561-7633 | Fax: 250-561-7724
#cityofpg #investpg #moveuppg