Global uncertainty hits Greater Victoria, says chamber

Greater VictoriaB次元官网网址檚 economic growth rate has slumped by as much as one half of what it was prior to the global recession that has crippled cities in other industrial countries, according to the Greater Victoria Chamber of Commerce.

Economic growth has shrunk to B次元官网网址渁 modest two to three per centB次元官网网址� compared to the pre-recession growth rate in Greater Victoria of about four per cent, said Bruce Carter, chamber CEO.

But thatB次元官网网址檚 still large growth compared to many American cities where shopping centres are devoid of customers and stores, and unemployment is nine per cent or higher, he said.

He considers the Capital RegionB次元官网网址檚 six-per-cent jobless rate almost full employment, with many employers complaining they canB次元官网网址檛 find qualified and experienced workers to fill vacancies.

Carter said employers have told him Greater VictoriaB次元官网网址檚 high housing prices make it difficult to recruit workers from outside the region.

Global economic uncertainty has hammered consumer confidence here and elsewhere, he said, meaning people are spending less and are more careful B次元官网网址� making it B次元官网网址渁 little tougher on the retail side.B次元官网网址�

That means B次元官网网址渕argins are tightB次元官网网址� and B次元官网网址渆verybody is sharpening their pencilsB次元官网网址� to reduce costs to compensate for lower profits, Carter added.

The tightening economy has affected chamber membership, which Carter said has shrunk slightly and now sits at about 1,500 members out of about 8,000 businesses that serve the region.

However, the regionB次元官网网址檚 strong housing sector and continuous growth in the ever-expanding technology sector, combined with the good summer results for the local tourist accommodation industry, show Greater Victoria is in pretty good shape, Carter said.

editor@goldstreamgazette.com