CRANBROOK, British Columbia, Nov. 03, 2022 (GLOBE NEWSWIRE) -- According to the BC Check-Up: Work, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on employment trends across the province, the Kootenays’ unemployment rate fell to 6.1 per cent in September 2022, down from 6.5 per cent in September 2021.
“While our region’s unemployment rate declined over the past year, that headline number overlooks some troubling trends,” said Mike Calder, CPA, CA, partner at BDO Canada. “Namely, the decline was due to less residents in our labour pool, and the region actually saw employment decline slightly over the past year.”
The Kootenays’ labour participation rate – the portion of working-aged individuals actively seeking or employed – fell to 59.7 per cent in September 2022, a 1.5 percentage point decline from September 2021. As a result, the number of unemployed individuals (those seeking but unable to find work) fell by 7.3 per cent over the past year.
As of September 2022, total employment in the region reached 79,100, a 0.5 per cent decrease compared to September 2021. Since September 2019, the total workforce in the Kootenays grew 2.7 per cent compared to population growth of 3.1 per cent.
“Compared to the rest of the province, the Kootenays did not see as severe a drop in employment due to the COVID-19 pandemic. Over the past three years, employment growth has only slightly lagged population growth, which is good,” continued Calder. “However, the employment performance has varied widely by sector and industry and many employers have struggled to fill open positions.”
The goods sector workforce was 20,300 in September 2022, a decline of 21.3 per cent compared to September 2021. This job loss was primarily due to a significant decline in the construction industry workforce, which fell to 5,400 workers, a 43.8 per cent decline over the past year. Overall, goods sector employment was down 7.7 per cent from September 2019.
Service sector employment increased to 58,900 in September 2022, an increase of 9.7 per cent over the past year. Two service industries that had suffered job losses earlier in the pandemic – hospitality and retail/wholesale trade – saw significant job growth over that period, adding 1,200 and 1,100 jobs, respectively. Since September 2019, service sector employment increased 7.1 per cent.
The region also saw the job vacancy rate reach a record high of 8.2 per cent in Q2 2022, representing about 6,100 jobs that employers were unable to fill.
“The Kootenays’ labour market continues to face significant challenges, including high job vacancies and an uneven recovery,” concluded Calder. “To enhance our economic prospects, we need to attract more workers, minimize barriers to entering the labour force, and provide additional skills training, particularly for industries experiencing the greatest labour scarcity.”
| Kootenay | Sep-19 | Sep-21 | Sep-22 |
| Unemployment (%) | 6.5 | 6.5 | 6.1 |
| Employment | 77,000 | 79,500 | 79,100 |
| Full-time | 60,300 | 65,000 | 64,600 |
| Part-time | 16,700 | 14,500 | 14,600 |
| Participation rate (%) | 60.3 | 61.2 | 59.7 |
Learn more about the BC Check-Up: Work report. Data is from Statistics Canada Labour Force Survey, follows a moving three-month average and is not seasonally adjusted.
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About CPA British Columbia
The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 38,000 CPA members and 6,000 CPA 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. CPAs are recognized internationally for bringing superior financial expertise, strategic thinking, business insight, and leadership to organizations.
