VICTORIA, British Columbia, Nov. 01, 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, there were 243,200 Greater Victoria residents working in September 2024, up 6.2 per cent from one year earlier.
“We saw some of the strongest employment growth in the province over the past year,” said Simon Philp, FCPA, FCMA, Market Vice President at CIBC. “It’s good to see that resilience at the local level, especially when the B.C. labour market as a whole has shown some weakness.”
Greater Victoria’s unemployment rate fell slightly to 3.9 per cent in September 2024 and was the third lowest among all census metropolitan areas in Canada. The labour force participation rate—the proportion of the working-age population who were either working or looking for work—was 67.2 per cent, up 4.3 percentage points in the two years since September 2022.
“Unemployment and labour force participation have been trending in the right direction for two years now,” noted Philp. “It’s been challenging given the higher interest rate environment, but we are starting to get some relief on that front.”
Employment in the goods sector increased by 6,200 workers (+23.1 per cent) between September 2023 and September 2024. Meanwhile, the services sector also added workers during the year, led by the information, culture, and recreation industry, where employment increased by 6,100 workers (+79.2 per cent).
“This year’s growth was driven by industries not usually seen as major employers in Greater Victoria,” noted Philp. “It’s a great reminder of the diverse opportunities available, which contributes to economic stability in the area.”
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.
