Conference Board of Canada

There recently was an interesting article by Richard Rolke in The Morning Star, wherein he referred to a report out of the Conference Board of Canada. While we are well aware that we have been in a recession, the numbers put out by the Conference Board are amazing. The report confirms that Vernon’s total gross domestic product dropped from $2.1 million in 2005 to $1.5 million in 2012. That is a drop of just slightly under 29%! In addition to the drop in gross domestic product, the job decline figure is staggering with Vernon’s job decline going from 31,000 in 2005 to 19,000 in 2012. We knew the state of the economy was not good; however I am sure many of us did not realize just how bad it was! There have recently been indicators of improvement in the US economy – hopefully that will bode well for improvement to our economy in the not too distant future. In addition, there have been extremely positive reports from the forest industry about the increased demand for lumber.

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