B.C. growth to continue, despite U.S. woes: Taylor
Despite failing manufacturing and export markets, B.C.’s economy is expected to grow 2.4 per cent in 2008, driven by a strong internal economy, Finance Minister Carole Taylor said yesterday as she unveiled her 2008 green-themed budget.
"We are experiencing in British Columbia — a dichotomy," said Taylor before introducing yesterday’s budget, her last as B.C.’s finance minister.
"The domestic, internal economy is working very well … where we are seeing problems is in our manufacturing and our exports. Primarily this affects forestry."
With the U.S. reeling from a housing crisis and a credit crunch, B.C. will be affected, Taylor said, adding that the province’s forest revenues are projected to drop by $1 billion in 2008.
Despite that, B.C. — fueled by its own economic fires —will still see growth in the coming year of 2.4 per cent and 2.8 in 2009, outperforming Canada and the U.S.
Taylor’s budget also includes:
- an additional $2.9 billion for health care over three years, above what has already been committed.
- $1 billion over four years for climate action expenditures like expanded public transportation, and the electrification of B.C ports.
- $787 million over four years for strengthening social services and reducing homelessness.