Chartered Accountants report a 50 percent jump in investment in the North Coast

While it hasn’t quite translated into boom times for Prince Rupert, a glimmer of a positive trend can be found in the numbers of investors that are beginning to turn their attention to the North coast.

A report from the Chartered Accountants (CA) of British Columbia has found that the economic indicators are looking a little brighter, thanks to the increased pace of development of the mining sector and the expanding infrastructure in the transportation industry.

Northwest BC with its growing number of mining projects under development accounted for 41 per cent of all mining activity in the province in the last year.

Last years record numbers in the tourism sector also helped to cushion the impact of some of the high profile setbacks in the economic order of the region in the last few years.

However, all is not on a positive trend, unemployment in the region continues to climb upwards, the forest sector continues to shed jobs at an alarming rate and over 1600 residents became former residents in the last year.

The Daily News featured the findings of the Chartered Accountants as a front page story in the paper.


INVESTMENT DOLLARS FLOODING INTO REGION SAY ACCOUNTANTS
Mining projects and transportation are the big reasons why money is flowing in
BY CARLA WINTERSGILL
The Daily News
Tuesday, June 03, 2008
Pages one and three

Investment in the North Coast is up by more than 50 per cent according to a report released yesterday by the Chartered Accountants (CA) of British Columbia.

The report states that mining and transportation are driving the North Coast economy and helping the region cope with the downturn in the forestry sector.

"This is good news for us," said Praveen Vohora, CA spokesperson and partner with Vohora & Company in Prince Rupert. "Any investment in the region will help our economy and will be beneficial to Prince Rupert."

Most of the investment in the region relates to mining, with spending on mineral exploration in B.C. reaching $416 million in 2007. Northwest B.C. made up 41 per cent of the provincial total.
There are also several new mining projects in the works for the region, including plans for several massive pipelines designed to transport liquid natural gas and oil to and from the Port of Kitimat.

Prince Rupert's new port is also driving the economy, with a new trade corridor between Asia and North America. Shipments of coal and grain boosted the amount of goods shipped through the Port of Prince Rupert last year.

Tourism also saw strong growth, with cruise ship passenger volume up 56 per cent. Last year was a record year for tourism with nearly 100,000 cruise ship passengers making their way to Prince Rupert.

Unfortunately, not all the news within the region is good. A sluggish year for forestry led to several mill closures and a jump in unemployment.

Still, increased investment in other areas is creating new opportunities for North Coasters.
Some numbers at a glance

The good

--$25 billion in proposed major projects on the North Coast, up 52 per cent from 2006
--Northwest B.C. accounts for 41 per cent of provincial spending
-- Business incorporations up 51 per cent since 2002
--Cruise ship tourism sees a record high, with nearly 100,000 passengers calling at the Port of Prince Rupert

The bad

-- Northwest BC lost 1,600 jobs in 2007
-- Unemployment rate rose to 8.0 per cent
--Forestry sector troubles result in mill closures and a drop in exports