ECONOMIC UPDATE
April 2020
VIEW TRENDING ECONOMIC DATA FOR APRIL 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.
APRIL 2020 ECONOMIC INDICATORS
Down 8600 jobs in the Cariboo Economic Development Region in April 2020. Other Services (except Public Administration), Wholesale and Retail Trade, 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 April 2020 reached $2.7M. There was a significant decrease between the two periods with $17.6M in April 2019.

  • Residential permits saw a large decrease in April 2020 compared to the same month in 2019. There were increases in Commercial and Institutional permits in 2020. Building permits are now $10.7M behind YTD compared to the previous year.
BUSINESS LICENCE NUMBERS
  • There were 73 new business licence applications in April 2020 compared to only 38 in March 2020.
AIR PASSENGER TRAFFIC
  • The Prince George Airport (YXS) reported 42,911 passengers going through the airport in April 2019. In April of this year there was a 95.57% decrease with 1,899 passengers arriving and departing.
REAL ESTATE SALES AND HOUSING CONSTRUCTION IN PRINCE GEORGE
  • There were 27 homes sold in April 2020. There was a significant decrease between the two periods with 90 homes sold in April 2019.

  • The average house sale price was $387,346 in April, 2020. There was an increase compared to last April when there was an average house sale price of $370,101.

  • There were 11 more Single Family Dwelling starts in April, 2019 compared to this April when there were only 8 starts.

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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