B.C. will lead provincial economic growth in 2020; Alberta to lead next year
TORONTO, Jan. 14, 2020 /CNW/ - British Columbia will lead the provinces in economic growth this year, with Alberta claiming the top spot in 2021, says Scotiabank Economics in its Q1 Provincial Economic Outlook. The report was released today, following Scotiabank Economics' Q1 Global Economic Outlook titled, "A Most Uncertain World, Take 2", published Monday.
"Helped by work related to the LNG Canada project in Kitimat, a healthy labour market and recovering home sales activity, B.C. will lead the provinces in economic growth in 2020," said Marc Desormeaux, Provincial Economist at Scotiabank. "Accelerating investment activity and job creation are expected to drive Alberta's growth in 2021."
Highlights of Scotiabank's Provincial Outlook include:
- Employment growth: Most provinces should witness more moderate job creation following last year's surge.
- Trade: Factors such as global policy uncertainty, diplomatic tensions between China and Canada, and a slowing US economy in 2020 are expected to weigh on the provinces' growth.
- Population growth: Last year's unexpected broad-based population upsurge should largely persist into 2020, with some changes expected in interprovincial flows.
- Housing: A Q4 2019 upswing in local home sales and prices points to a more buoyant 2020 outlook, though regional supply-demand imbalances remain.
Read Scotiabank's full Provincial Outlook online here.
Scotiabank Economics provides in-depth commentary on economic, financial market and policy developments, both domestically and internationally. Follow this research on Twitter at @ScotiaEconomics.
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For further information: For media inquiries only: Julie Wainwright, Global Communications, Scotiabank, (416) 866-4720, [email protected]