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

33rd annual Rotary Auction raises $50,000 gross profit

The Rotary Auction is an annual joint project between the Port Hardy and Port McNeill clubs.

Port Hardy Secondary School girls volleyball team competes in Parksville

The girls volleyball team has a new coach this year, Kenzie McDonald.

Port Alice resident is taken on by a major publisher

As a youth, Wilkie was gigging in a 3-piece punk rock band called Sponge Cookie.

BCTF rejects mediator’s recommendations for settlement

Negotiations between B.C. teachers and the province will continue

First annual North Island Christmas Festival

“If it’s a big success we can do it every year”

Petition to ‘bring back Don Cherry’ goes viral after immigrant poppy rant

Cherry was fired from his co-hosting role for the Coach’s Corner segment on Nov. 11.

Woman airlifted with serious injuries after being struck by car in Nanaimo

Woman, hit in crosswalk, suffers life-threatening injuries; driver co-operating with police

B.C. teacher suspended for incessantly messaging student, writing friendship letter

Female teacher pursued Grade 12 student for friendship even after being rebuked

Vancouver Island substitute teacher said he wanted a student to ‘whack’ two others on Grade 8 field trip

Campbell River teacher-on-call suspended three weeks after November 2018 incident

Disney Plus streaming service hits Canada with tech hurdles

Service costs $8.99 per month, or $89.99 per year, in Canada

Trudeau’s opponents: One gives him an earful, another seeks common ground

PM meets with Conservative leader Andrew Scheer and Saskatchewan Premier Scott Moe

Rona’s ‘truly Canadian’ ads are inaccurate, watchdog says

Ads Standards points out U.S.-based Lowe’s acquired Rona in 2016

Brian Burke considered favourite to replace Don Cherry

Brian Burke is the 5-4 pick to be the full-time replacement next season

Most Read