Vancouver’s economic growth may not be as white hot as Edmonton’s or Saskatoon’s but the West Coast city is still pegged to see a big boost in real gross domestic product (GDP), according to a report from the Conference Board of Canada.
The October 20 economic forecast revealed Vancouver is expected to create 30,000 jobs by the time 2014 comes to a close — a 2.3% bump from the year prior.
Real GDP growth will reach 3.2% in 2014 before dropping slightly to 3% in 2015.
“This will provide a boost to personal income growth and drive consumer spending,” the Conference Board of Canada said in the report.
Greater Vancouver is one of five Canadian census metropolitan area (CMA) surveyed estimated to experience growth of at least 3% by year’s end. Edmonton (4.9%), Calgary (4%), Saskatoon (4.2%) and Regina (3.8%) also made the cut.
The Victoria CMA, meanwhile, isn’t expected to do nearly as well this year.
The Conference Board of Canada said a contraction in construction work and purse-string tightening in the province’s capital, which relies significantly on its public administration infrastructure for jobs, will result in economic growth of just 0.9% this year.
“However, real GDP growth is expected to improve to (2.1%) next year when the provincial government is expected to balance its books,” the report said.