B.C. economy stays strong

May 06, 2008
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Booming construction and housing starts continue to keep B.C.’s unemployment rate among the lowest in the country, despite job losses in manufacturing, forestry and mining.

According to the latest report from BC Stats, B.C. remained tied with Saskatchewan in February for the second-lowest unemployment rate in Canada, 4.1 per cent. Alberta continued to lead with 3.5 per cent unemployment.

Construction jobs were up 2.2 per cent in February. The strength of construction was reflected in housing starts, which jumped 14.7 in January and another 39 per cent in February. Nearly two thirds of the new housing starts in the province were in Metro Vancouver, where starts increased more than 70 per cent and new multiple unit building projects nearly doubled.

B.C.’s year-over-year inflation rate rose 1.1 per cent in February, but still was among the lowest of Canadian provinces. Energy prices led the way, thanks mainly to a 15 per cent jump in the price of gasoline.

Retail sales dropped slightly in January, after a 1.2 per cent increase in December. B.C. was the only province to post a decline in January, compared to an increase in retail sales of 1.5 per cent nationally.

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