The link talks about the indicators of BC and future projections on our economy.
http://www.gov.bc.ca/bvprd/bc/content.do?brwId=%402IgL4%7C0YQtuW&navId=NAV_ID_province
It is expected that BC will continue to grow another 3.2 percent in the year of 2007. Indicators like unemployment rate, new job featuring, and the GDP so far shows this indication according to scotia bank. In february this year, we have hit the bottom with our 4% unemployment rate in 30 years, beating the old record of 4.3% back in June of 2006, and a difference of 6% since december of 2001. Scotia bank says that contruction of none residential sectors are our main growth this year. New construction projects and development of residential buildings are contributing to much of the GDP. Growth will continue as our income have risen contributing to the GPD, as much as 3.1% increase in GDP is expected. The latest inventory in construction also indicates that there are 781 new major projects with capitals worth $116.9 billion dollars. Building permits released each year also indicated that in 2006, 11.5 billion permits were permited... a 13.2 percent increase over the year of 2005. Along with a high number of workforce, we have 63.5% of the BC population at work. These indicators show that BC is growing strong and will continue to do so for the next few years.
http://www.gov.bc.ca/bvprd/bc/content.do?brwId=%402IgL4%7C0YQtuW&navId=NAV_ID_province
It is expected that BC will continue to grow another 3.2 percent in the year of 2007. Indicators like unemployment rate, new job featuring, and the GDP so far shows this indication according to scotia bank. In february this year, we have hit the bottom with our 4% unemployment rate in 30 years, beating the old record of 4.3% back in June of 2006, and a difference of 6% since december of 2001. Scotia bank says that contruction of none residential sectors are our main growth this year. New construction projects and development of residential buildings are contributing to much of the GDP. Growth will continue as our income have risen contributing to the GPD, as much as 3.1% increase in GDP is expected. The latest inventory in construction also indicates that there are 781 new major projects with capitals worth $116.9 billion dollars. Building permits released each year also indicated that in 2006, 11.5 billion permits were permited... a 13.2 percent increase over the year of 2005. Along with a high number of workforce, we have 63.5% of the BC population at work. These indicators show that BC is growing strong and will continue to do so for the next few years.
Personnal Reflection:
This pretty much is an example of Natural unemployment in relation to chapter 5. Where the economy is doing well and unemployments rates are low. The GDP collected from the major construction projects also showed growth, an indicator of how well our economy is doing. We also have currently the largest percentage of workfoce, at 63.5% we can say that people are finding the jobs they need and are not affected by structural unemployment. Insurance unemployment is also low because many are able to find word and the demand for labour is high, there shouldnt be any reason why they are living out insurance. There is also no demand deficit in BC as indicators show, that there are no layoffs and labour is high in demand.
1 comment:
It is great to hear that BC's economy is getting better and so is the workforce. In life, many of us worry about finding jobs, but now it is clear that the future may be full of hope. It's good that there is no demand-deficient unemployment in which results from lack of spending in the economy or there is no structural unemployment. Advanced technology is not taking over workers and people are finding their jobs in the right place. However, does that mean the economy and workforce are still going to get better or stay steady in the next few years? There are going to be some problems in the future but for now, things are going well.
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