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Greater Victoria, BC News

ARTICLE

Date ArticleType
3/27/2012 Media Release
Local Leaders More Confident about Local Economy

MEDIA RELEASE

MEDIA RELEASE

IMMEDIATE RELEASE                                                                 

Local Leaders More Confident about Local Economy

March 27, 2012 – The Conference Board of Canada released its spring 2012 forecast today, but local conditions should provide stronger than forecasted outcomes.  The report doesn’t highlight our strong Technology Sector, significant growth in the Marine sector or continued positive performance in the Education sector. The growth in these sectors will likely outpace the forecasts in the report.

The Conference Board reports GDP growth of 1.4% in 2011 and forecasts growth of 1.6% in 2012.  The report relies heavily upon residential construction numbers for that growth and recent changes to HST rules have reopened the new home construction sector.

“The continued growth in the Technology, Marine and Education sectors supported by stability in Tourism and Government work should result in exceeding the Conference Board’s forecast” said Mike Weston, chair of The Greater Victoria Development Agency and founder of Cube Global Storage.  “We are very encouraged to see the Conference Board project economic growth accompanied by an increase in both employment and personal income levels for the next few years, and I am confident it will be better than they anticipated.”

The Greater Victoria Development Agency (GVDA) is an industry-led organization representing the major industries and academic stakeholders of the region. The GVDA seeks to ensure that Greater Victoria remains a vibrant place to live, work and invest.  An important mandate of the Greater Victoria Development Agency is to further strengthen economic conditions throughout our region by encouraging new investment and business from across North America and around the world.

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Link to Conference Board of Canada Executive Summary

For more information contact:

Cheryl Wirch-Ryckman                                                   Michael Weston

Interim Manager Member Communications                      Chair

Greater Victoria Chamber of Commerce                          Greater Victoria Development Agency

Cell  250-812-0510

Email:  cwirchryckman@victoriachamber.ca                   

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