Economic Development Newsletter Q1 2023

Economic Development
e-Newsletter

Spring 2023

Economic Development

Business Resources

Business & Development

Greetings!

Hello .

Stay up to date on Prince George's economic trends.
Read our quarterly Economic Development eNewsletter to learn about:

Updated statistics
New initiatives and programs in the community
Important information about the latest economic issues, trends, and topics

Economic Update - 2022 in Review

The Economic Development Department tracks year-to-date economic indicators to better understand the state of the Prince George economy. In 2022 the unemployment rate was 5.3% and the employment rate was 65%. New residential permits were valued at $289M.

These statistics are gathered from a variety of sources, including Statistics Canada, BC Northern Real Estate Board, Canada Housing and Mortgage Corporation, City of Prince George, and the Prince George Airport Authority.

If there are statistics not included in this update that you are interested in seeing on a monthly basis, please send your request to ecdev@princegeorge.ca.

Economic Update - 2023 Quarter 1

New Initiaitves And Programs In The Community

Low-Carbon Leadership Tour

When it comes to transitioning our economy to recognize the global shift to reduce greenhouse gas emissions, there are things happening in Prince George that aren’t happening anywhere else.

A free tour of local facilities was developed in partnership with the City of Prince George, Tourism Prince George and the Community Energy Association to showcase leading, low-carbon initiatives throughout the community. The tour kicked off the 20th Annual BC Natural Resource Forum.

The tour included stops at Lakeland Mill, Winton Homes, the Downtown Renewable Energy System and finally WIDC, where presentations from Tidewater Renewables, Arbios, Hydra Energy and Northern Analytical Lab Services were given.

The tour was offered again in April as a preconference event for the annual COFI convention.

Latest Economic Trends

Hydrogen Hub Initiative

Prince George is an ideal location to kickstart the development of a central B.C. hydrogen hub, with several sources of industrial activity already present in the region. As the main service center at the transportation crossroad of two major highways (97 & 16), the city is well situated to distribute fuel across 70% of the provincial landmass. An international airport, CN Intermodal terminal, and direct rail connection to the Port of Prince Rupert all offer export ready access.

Key deliverables include:

Engagement opportunties
Hydrogen Project Permitting Case Study
Developing investor resources
Reporting

Hydra Energy Signs 8 New Truck Fleets

Hydrogen-as-a-Service™ (HaaS™) trucking pioneer, Hydra Energy, achieved another significant milestone in its Prince George, British Columbia project rollout by signing detailed MOUs with eight new commercial truck fleets in the region. This represents 82 Class 8 trucks to be retrofitted using Hydra’s proprietary hydrogen-diesel, co-combustion conversion technology. Once converted by Hydra installation partner, First Truck Centre, these trucks will refuel at the world’s largest hydrogen refuelling station. Hydra is currently building a station in Prince George to be operational in 2024 which leverages green hydrogen produced on site by two 5-megawatt electrolysers powered with hydroelectricity.

Housing Needs Study

To better understand local housing needs, the City of Prince George conducted a Housing Needs Assessment in 2021. This report will help the City, residents, and local organizations better understand the current and future housing needs and gaps in Prince George. This report summarizes those findings and presents the results of statistical analysis of data, a public survey, and engagement with local community members and stakeholders.

Record Setting Building Permits

The value of building permits issued by the City of Prince George in 2022 set a new record at a little over a quarter of a billion dollars, breaking 2021’s then-all-time best by approximately $14 million (approximately a five per cent increase).