The second update of the digital State of the North economic dashboard is live.
In May, Northern Development officially launched the site, which contains all of the information and statistics previously found in the annual State of the North reports. The site is updated quarterly.
The following sections of the dashboard have been updated with new stats and commentary:
Exchange Rate
Unemployment Rate
Labour Force
Job Vacancies
Housing
Forestry
Tourism
Energy
Mining, Oil and Gas
Some takeaways from the updates:
In Northern B.C., the current depreciation of the Canadian dollar may support the mining sector, thought it is not expected to have a significant impact on the forestry sector. In the near-term, the threat of US tariffs on goods from Canada may lead to further depreciation of the Canadian dollar.
Lumber prices remained largely stable in the first quarter before dropping in the summer months as construction demand continued to fall amid elevated interest rates. In the northern interior, softwood lumber production declined by two per cent in the first half of 2024, year-over-year, while total softwood lumber exports from B.C. declined one per cent over the same period.
While accommodation and food sector employment trended upwards in the Cariboo region in 2024, it declined in the Northwest region. Across B.C., hospitality sector employment is down, which is likely linked to elevated interest rates and job losses in key sectors causing declining levels of discretionary spending.
Please visit https://www.northerndevelopment.bc.ca/state-of-the-north/ to review all the new information.
The next State of the North update will be posted in February 2025.
QUOTES:
Joel McKay, CEO, Northern Development Initiative Trust
“The updated State of the North economic report reflects Northern Development’s ongoing commitment to providing accessible, real-time insights into the economic health of Northern B.C From the effects of a depreciating Canadian dollar to shifts in employment trends, the dashboard continues to be an invaluable resource for understanding and supporting the dynamic Northern economy.”
