Big projects to boost BC’s growth this year: RBC

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VANCOUVER (NEWS1130) – BC’s economic growth will mirror the national average this year, according to the Royal Bank.

It expects BC’s economy to expand by 2.6 per cent this year and 2.9 per cent next year, with the federal shipbuilding contract and upgrading the aluminum smelter at Kitimat playing “key roles.”

It also says BC will build on export gains in Asia last year. The estimate is two-tenths of a point higher than the previous forecast.

“There is tremendous untapped potential for BC’s softwood lumber producers, despite a drop-off in exports to China late last year because of uncertainty in its housing market,” says RBC Chief Economist Craig Wright.

He adds, “Encouraging signs of recovery in the US economy should also bode well for exporters, although wood product producers will need to wait until 2013 before seeing a more meaningful strengthening in US home construction.”

Overall, RBC says there is a “western tilt” in the economy, with Saskatchewan and Alberta leading the way.

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