ECONOMIC UPDATE
February 2020
VIEW TRENDING ECONOMIC DATA FOR FEBRUARY 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.  
FEBRUARY 2020 ECONOMIC INDICATORS
Down 1000 jobs in the Cariboo Economic Development Region in February 2020. Wholesale and Retail Trade, and Transportation and Warehousing are the main industries creating new jobs.
BUILDING PERMITS DECREASE
  • The total value of building permits issued in Prince George through the end of February 2020 reached $1.8M - which was a $9.2M decrease between the two periods.

  • Residential permits saw a substantial decrease in February 2020 compared to the same month in 2019. One large multi-family development permit accounted for 73 percent of the total monthly permit value in 2019, and with no comparable project initiated in February 2020 we saw an overall decreased value.
BUSINESS LICENCE NUMBERS
  • There was an increase of business licence applications in February 2020. There have been 12 more applications compared to the same month last year.
AIR PASSENGER TRAFFIC
  • The Prince George Airport (YXS) reported 40,316 passengers going through the airport in February, 2019. In February of this year there was a 0.09% increase with 40,353 passengers arriving and departing.
REAL ESTATE SALES AND HOUSING CONSTRUCTION IN PRINCE GEORGE
  • There was no change in housing sales compared to last February with a total of 42 homes sold in February, 2020.

  • The average house sale price was $370,645 in February, 2020. There was an increase compared to last February when there was an average house sale price of $356,316.

  • There were 10 more Single Family Dwelling Completions in February, 2019 compared to this February when there were 16 completions.

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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