Central 1 Credit Union’s Bryan Yu is among a number of economists predicting B.C.’s economy will expand.
He forecasts a three-per-cent hike this year.
This would be impressive in the context of global financial upheaval and reeling stock markets, but Yu goes further.
He expects our province will top the rest of the country in economic growth, ironically assisted by the lame loonie. That, Yu reasons, will benefit B.C. due to increased exports and a hike in tourism.
Yu anticipates the provincial economy will keep being aided by low interest rates as well as “household demand and housing investment.”
He expects this in spite of depressed commodity values in the energy and mining sectors. You can now buy a barrel of oil for less than it costs for a bucket of KFC chicken.
Regard-less, Yu expects B.C.’s economy will keep growing by three per cent into 2017 and beyond, elevated by heightened business investment associated with major project construction.
Part of this rosy forecast is predicated on at least one LNG terminal being built in B.C.
That is no guarantee, although Premier Christy Clark acts like the LNG future for B.C. is so bright she’s gotta wear shades.
Economic forecasts, our premier’s endless series of newsless photo ops and her unchanging LNG assurances must be taken with more than a pinch of salt.
Clark, in fact, seems more like the CEO of a PR firm than the leader of a province.
While she dismisses opposition to her government’s projects by glibly referring to the “forces of no,” we should remember that even when jobs are created and the economy grows, not everyone benefits equally.
Unemployment and child poverty in the Alberni Valley are more pronounced than provincial averages.
MP Gord Johns and MLA Scott Fraser both understand how important job creation is.
In recent conversations, they expressed optimism about opportunities for Port Alberni. In a similar chat, Mayor Mike Ruttan was positively bullish about the city’s growth.
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His long list of possibilities includes the Coulson family’s innovative enterprises, a far-reaching Port Alberni trans-shipment hub and even increased property values.
There will be more about these and other potential economic engines in future columns.
Tourism is certainly one sector in which the Valley could benefit from a depressed loonie.
Getting Tofino- and Ucluelet-bound visitors to tarry and spend some money in Port Alberni is an obvious way to do that, Alberni Valley Chamber of Commerce executive director Bill Collette has explained previously.
Interesting times lie ahead at Port Alberni City Hall.
A new sustainability progress report and plan from the City of Port Alberni should set the tone because the one covering 2007 to 2015 has expired.
That plan highlighted the Alberni Valley Community Forest, Upnit Power Corporation and uptown revitalization. What projects will take their place?
The Alberni Valley faces economic challenges, but opportunities exist.
Mark Allan has been a journalist for more than 30 years, the past 14 on Vancouver Island. His column about B.C. and federal politics runs every two weeks in the Alberni Valley News.
