Segal expresses confidence in B.C. economy

Legendary entrepreneur Joe Segal isn’t worried about the B.C. economy these days.
While the global, national and provincial economies struggled in the past year, Segal’s Kingswood Capital firm has invested more than $150 million in commercial real estate.
“We’re going to be okay in British Columbia,” said Segal during a question-and-answer session at NAIOP Vancouver’s monthly breakfast. “But if the rest of the world goes bad, we’ll go bad, too – because we’re not an island.”
When asked if he is still a buyer, Segal said the answer depends on a particular property listing.
If the zoning is right, if the economy is right, if the property is right and the price is right, we’re buyers,” said Segal.
Around the time Segal was making his second request at a NAIOP breakfast in the past three months, comments, Bank of Canada boss Mark Carney told an Ottawa news conference that the country’s recovery is becoming more solidly entrenched. However, there won't be a sharp rebound in job growth for some time.
"Economic growth is expected to become more solidly entrenched over the projection period as self-sustaining growth in private demand takes hold," the bank said as part of its quarterly update.
Meanwhile, the bank said bankruptcies declined by four per cent in November from October. But the bank is also predicting the economy will grow by 4.3% this spring. On an annual basis, grow is expected to average 2.9% this year and 3.5% in 2011.
Which probably explains, at least in part, why Joe Segal isn't overly worried about his home province's economy as 2010 unfolds.