DUNCAN, British Columbia, Oct. 30, 2024 (GLOBE NEWSWIRE) -- According to BC Check-Up: Work, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on labour market trends across the province, 225,400 people were employed in Vancouver Island and Coast (excluding Greater Victoria), as the region added 12,400 workers between September 2023 and September 2024.
“It was a particularly strong year for the Vancouver Island and Coast labour market, especially in the context of what is happening elsewhere in the province," said Woody Hayes, FCPA, FCA. “We have yet to experience the same deterioration that has plagued B.C. as a whole.”
Employment, which increased by 5.8 per cent during the year, outpaced working-age population growth of 2.0 per cent over the same period. As a result, the employment rate increased by 1.9 percentage points to 53.1 per cent.
Strong employment growth in the Vancouver Island and Coast region coincided with a slight drop in the unemployment rate, which was 5.1 per cent in September 2024. That compared favourably to the 5.4 per cent rate recorded one year prior.
“It’s good to see that local labour markets were able to absorb newcomers to the region and even grow beyond that,” noted Hayes. “Given the region’s demographics, it’s important that we continue to attract skilled workers, especially in key industries.”
Employment increased marginally in both the goods and services sectors as growth was spread across many industries. The construction industry rebounded by adding 6,500 workers (+45.5 per cent) during the year, while health care and social assistance’s headcount grew by 6,100 (+18.0 per cent). Employment in wholesale and retail trade (+41.6 per cent) and other services (+40.5 per cent) also increased on a year-over-year basis.
“Employment growth was fairly widespread, and we saw gains in a number of key industries,” concluded Hayes. “The bump in construction employment is buoyed by ongoing construction in the public sector as well as other major construction projects.”
As part of the latest report, CPABC surveyed its members in August 2024 to provide insight on the challenges facing B.C. businesses. CPAs living on Vancouver Island identified housing affordability as the biggest obstacle to business success, with 88 per cent reporting that it was a challenge.
To learn more, see www.bccheckup.com.
About CPA British Columbia
The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 40,000 CPA members and 6,000 CPA candidates and students. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy.
CPABC Media Team
news@bccpa.ca