Report shows PEI and Newfoundland & Labrador will do well
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Provincial economic growth for 2018 is forecast to be led by British Columbia with strong growth also expected for Alberta, Prince Edward Island, and Newfoundland & Labrador.
The Conference Board of Canada forecasts 3.1% growth for BC with Alberta and Prince Edward Island not far behind at 2.8%, and Newfoundland and Labrador at 2.6%.
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“British Columbia’s economy still has a lot of momentum and will be the only province to see economic growth above 3 per cent this year,” said Marie-Christine Bernard, Director, Provincial Forecasting, The Conference Board of Canada. “Most provinces will perform well, though some will see their economic growth moderate this year.”
Ontario and Quebec will see their economic performance moderate from close to or above 3% growth last year to around 2% in 2018.
While provincial growth will be led by British Columbia’s 3.1% in 2018, it is not expected to stay above 3% beyond this year.
The Conference Board is predicting a slowdown in the province’s housing market in 2019 due to tighter mortgage regulations and affordability issues. It expects the labour market in the province to slow also.
Saskatchewan is forecast to see a modest 1.3% rise for 2018 with Manitoba at 1.8%.
