BC economy bounces back
This has been the toughest fall ever for our industry. September was kind of ok, but October and November were savage. Thankfully now everything is golden and it's only going to get better next year:
After one of the worst contractions since 1982, the B.C. economy is forecast to rebound as one of the fastest growing in Canada next year, according to RBC Economics' provincial outlook report.
Following a 2.6% decline this year, real GDP in B.C. is expected to rise 3.2%, the second fastest rate after Saskatchewan (3.9%).
Vancouver's hosting of the 2010 Winter Olympic and Paralympic Games in February and March is expected to be a boon for B.C.'s tourism sector, which should translate into higher employment and retail spending in the first quarter of 2010.
For the year, RBC projects retail spending to rise 5.7% to $56.3 billion, recovering close to 2008 levels after an estimated 5.8% decline in 2009.