The sun is expected to continue to shine on the economy of Vancouver Island according to a report released today by the Vancouver Island Economic Alliance, but perhaps not as brightly as last year. John McKinley/VI Free Daily

Economic summit says Vancouver Island economy remains rosy

But there are warning signs, according to a report by the Vancouver Island Economic Alliance

The economic prospects of Vancouver Island are looking pretty good at the moment.

Just not quite as good as they looked in the fall of 2016.

That’s the verdict of the the third-annual State of the Island economic report unveiled this afternoon as the Vancouver Island Economic Summit wrapped up in Nanaimo.

RELATED: John Horgan addresses Vancouver Island Economic Summit

Susan Mowbray, an economist with MNP and the report’s author said many of the Island’s key economic indicators remain strong, however their rate of growth has slowed. And a few extenuating factors — locally and abroad — bear watching.

Foremost among the big picture items are the increases in Bank of Canada’s prime lending rate and the uncertainty surrounding the North American Free Trade Agreement.

Closer to home, while the demand for wood products remains strong, access to wood fibre means there has not been corresponding increases in wood production. Meanwhile, retail and service businesses are struggling to fill low-wage jobs in part because of a lack of affordable housing.

The growth in the number of international students and tourists coming here has slowed. The caveat of course it that those numbers are still very strong, unemployment is at some of the lowest levels in the province and the softwood situation has yet to put its feared dent in the forestry industry.

And the housing market is booming as our population growth continues in all sub-regions except the North Island.

“I don’t want anyone to think the Island economy won’t continue to go well; it will,” Mowbray said. “The outlook remains rosy. It’s just not quite as rosy as it was a year ago.”

Just Posted

Nanaimo celebrates National Indigenous Peoples Day

Event held Thursday at Maffeo Sutton Park

RDN board to vote on $162K biosolid transport deal

Regional district committee recommends deal with DBL Disposal Services

Sailing waits expected this weekend at Departure Bay, Horseshoe Bay

B.C. Ferries is advising that repairs to one of the vessels are taking longer than expected

Suspect allegedly smashes minivan’s window to steal bike

A bicycle was stolen from a vehicle parked at the Travelodge motel on Terminal Avenue on Tuesday

Cedar Elementary students bless totem poles

School celebrates National Indigenous Peoples Day with ceremony

First night market fills Commercial Street

Downtown event will continue every Thursday until the end of August

Beefs & Bouquets, June 21

To submit a beef or a bouquet to the Nanaimo News Bulletin, e-mail bulletinboard@nanaimobulletin.com

Nanaimo woman graduates high school at age 92

Joan Deebank is the oldest high school graduate ever in B.C., as far as the ministry can confirm

Vancouver Canucks 2018 NHL Draft update

Vancouver selected Quintin Hughes at seventh overall in the first round

Gun, drugs and cash seized in arrest of alleged B.C. fentanyl dealer

Vancouver Island man Brent Connors is facing nine charges in relation to investigation

Jogger spent two weeks in U.S. detention centre after accidentally crossing B.C. border

Cedella Roman, 19, crossed the border while out for a run

PHOTOS: Police rescue baby seal found on rocky B.C. shoreline

Marina Mammal Rescue Centre recommends residents observe from a distance

B.C. woman with severely disabled son keeps getting parking tickets

‘There has to be something they could do’

Man brandishes axe during robbery

Mounties were able to locate the suspect within two hours of the incident

Most Read