Conference Board of Canada reports that B.C. will see the largest growth of any province in 2015
LNG projects would be “a game changer”
The Conference Board of Canada released its Provincial Outlook: Winter 2015, and expects economic growth in British Columbia to outpace all other provinces in Canada. British Columbia’s economy grew by 2.8% in 2014, with growth in 2015 expected to reach 2.9%. In addition to the nearly 3% economic growth, the report is also bullish on real domestic product growth, with the forecast calling for 2.7% increase from real GDP in 2014.
While some provinces are expected to be negatively impacted by the sharp fall in oil prices since last June, only two of the ten provinces
are expected to see negative growth. Ontario, Manitoba and B.C. are all expected to lead economic growth in Canada in 2015.
The strong growth in B.C. is expected to come from a steady housing market and strong economic ties to the United States. Uncertainty remains regarding the future of the liquid natural gas market in British Columbia, but the report says that if LNG projects do move forward, they “would be a game changer for British Columbia’s energy sector.”
The long-awaited decision from Petronas on whether or not to proceed with a $36 billion LNG project in British Columbia is expected sometime this year.
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