The mining industry could be the main driver behind economic growth in B.C. next year.
A Scotia Economics provincial trends report released this week predicted the province’s GDP would grow 2.8% next year.
That growth, according to the report, is being driven by strength in commodities such as coal and copper.
“Resource activity is ramping up alongside strong emerging market demand for key industrial products, which, along with a weaker U.S. dollar, is boosting commodity prices,” explained Alex Koustas, a Scotia economist.
According to the Mining Association of British Columbia, there are 20 major mines across B.C., many of which produce copper or metallurgical coal.
In the spring, PricewaterhouseCoopers released a report that said B.C.’s mining industry contributed $5.7 billion to the provincial economy last year and accounted for 7,600 direct jobs.
But mining won’t lead B.C.’s economic growth alone.
Scotia Economics also pointed out increased shipping activity, gains in professional and technical services as well as warehousing and technology will also support growth.