The BCREA Commercial Leading Indicator (CLI) pushed higher in the first quarter of 2016, reflecting a strong and growing BC economy. The CLI index posted a 1.1 point increase to 120.8, eclipsing the previous index high of 120.1 set in the first quarter of 2015.
“The BC economy is surging,” said BCREA economist Brendon Ogmundson. “The economic climate in the province is, and is expected to remain, very conducive to rising commercial real estate activity over the next year.”
After flattening out for several quarters, the trend in the CLI is now reflecting the building momentum in the BC economy. Strong economic activity from rising retail sales to improvement in manufacturing shipments and wholesale trade along with a very strong provincial job market helped off set jittery financial markets to push the CLI to a record high in the first quarter.