Slower growth predicted for Vancouver Island
The lack of affordable housing could hold growth on the Island back.
Susan Mobray, Senior Economist with MNP has released the 3rd Annual State of the Island Address for the Vancouver Island Economic Alliance.
She says when there’s no affordable housing there’s a shortage of labour.
As for the Island economy generally, Mobray says it’s expected to continue to grow but at a slower pace.
Mobray says as our cost of living rises our international student enrolment numbers may start to slide.
Going forward, Mobray says there are expected to be reductions in production in forestry, mostly due to a lack of a declining supply of timber, but not enough, she says, to result in layoffs.
Tourism is expected to perform well, but growth is expected to moderate.
Mobray says she expects aquaculture production to decline for both salmon and oysters.