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Upper Vancouver Island unemployment rate declines to 3.8% as region adds more jobs

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British Columbia Chartered Professional Accountants

British Columbia Chartered Professional Accountants

DUNCAN, British Columbia, Nov. 02, 2022 (GLOBE NEWSWIRE) — According to the BC report: workan annual report from the Chartered Professional Accountants of British Columbia (CPABC) on employment trends in the province, Vancouver Island and the coastexcluding Greater Victoria) the unemployment rate fell to 3.8% in September 2022, from 6.0% in September 2021.

“As Vancouver Island continued its economic recovery, employers have significantly increased their workforce over the past year,” said Woody Hayes, FCPA, FCA. “As a result, the region’s unemployment rate was lower than in 2019 and job growth outpaced population growth during this period.”

As of September 2022, total employment on Vancouver Island/Coast (excluding Greater Victoria) reached 225,500, a 5.9% increase from September 2021. Since 2019, employment growth (+5.9%) has exceeded population growth (+4.6%) in the region .

The region also saw its labor force participation rate increase to 57.3%, up 0.8 percentage points from September 2021, and about the same as September 2019 (57.4%).

“While the significant job growth is welcome news, the region’s very low unemployment rate has translated into growing labor shortages among employers as the pool of available workers expands. shrinks,” Hayes continued. “Employment performance also varied by sector, and some industries continued to face challenges.”

The service sector workforce grew to 178,100 in September 2022, a gain of 11,400 from September 2021. The increase was led by increases in health care employment ( +36.4%), professional services (+47.4%) and information, culture and leisure industries (+71.4%). However, the hospitality industry workforce declined by 44.7% during this period.

At the same time, employment in the goods sector has increased by 4.7% over the past year, with recent job gains concentrated in the region’s construction workforce (+29.2 %). However, employment in the goods sector remained 2.3% lower than in September 2019 due to the 30.8% drop in manufacturing employment over the past three years.

“Overall, our region outside of the South Coast has one of the tightest job markets in the province with low unemployment and high vacancies,” concluded Hayes. . “Going forward, it will be important to attract more workers and provide additional skills training to industries facing the greatest labor shortages. The region also has an opportunity to attract more remote workers to bolster our economic prospects, but we need to look at ways to improve housing affordability.

Vancouver Island/Coast
(Except Greater Victoria)

Sep-19

Sep 21

Sep 22

Unemployment rate

5.1%

6.0%

3.8%

Employment (thousands)

213

212.9

225.5

Population (thousands)

391

401.2

408.9

Rate of participation

57.4%

56.5%

57.3%

To find out more, see www.bccheckup.com. The data comes from Statistics Canada’s Labor Force Survey, follows a three-month moving average and is not seasonally adjusted. Data taken from Vancouver Island and Coast employment statistics, excluding Greater Victoria.

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About CPA British Columbia
The Chartered Professional Accountants of British Columbia (CPABC) is the education, governance and regulatory body for more than 38,000 CPA members and 6,000 CPA students. The CPABC fulfills its primary mission of protecting the public by applying the highest professional and ethical standards and by contributing to the advancement of public policy. CPAs are internationally recognized for bringing superior financial expertise, strategic thinking, business vision and leadership to organizations.

CONTACT: For more information: Aaron Aerts, Economist 604.442.9161 news@bccpa.ca

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