RBC’s latest economic outlook report for the province of BC suggests that the so-far resilient economy here is starting to slip.
The company attributes a projected slowdown in economic growth to plunging house prices and reduced home construction here and in the US, which has caused an already ailing forest products sector in the province to be hit even harder over the next year. RBC also predicts that the US’s economic slump will keep external trade numbers down for BC.
However, the report wasn’t all bad news. RBC says that BC’s troubled economy will continue to be supported in 2009 by natural gas development here in the northeast, as well and infrastructure building ahead of the 2010 Olympic Winter Games in the south of the province.