Jan 09, 2020

Outlook 2020: Megaprojects buffer against economic slowdown

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If a recession hits, B.C. could be cushioned by multibillion-dollar capital projects, according to Business in Vancouver.

Central 1 Credit Union is projecting B.C.’s economic growth will be 3% in 2020 – 1.5% higher than the Canadian average. BuildForce Canada forecasts that major projects in B.C. will create 13,000 new construction jobs between now and 2021.

Central 1 estimates that without major energy projects like LNG Canada and Site C dam, B.C.’s growth next year would likely be 1% lower. The LNG Canada project alone accounts for about 0.7% GDP growth next year.

“One of the big buffers already within our forecast is that we do have substantial capital investment spending. The big ones are the LNG Canada facility and the associated pipelines.”

– Bryan Yu, deputy chief economist for Central 1 Credit Union

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