KELOWNA, 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, the Thompson-Okanagan’s unemployment rate was 5.2 per cent in September 2024, up 1.7 percentage points from one year earlier.
“The unemployment rate increased back to where it was two years ago,” noted Karen Christiansen, FCPA. “It’s not an alarming figure on its own, but coupled with a sustained drop in the employment rate, I would say its cause for concern.”
As of September 2024, there were 300,500 people working in the Thompson-Okanagan, down slightly from September 2023. Full-time employment fell by 13,800 workers (-5.7 per cent), while part-time work increased marginally. By comparison, the working-age population increased by 13,700 (+2.6 per cent) during the year, pushing the employment rate down 2.7 percentage points to 55.4 per cent.
“The region had the lowest employment rate in the province,” continued Christiansen. “While many challenges weren’t unique to the region, like higher interest rates and population aging, it was also a very difficult year for the agriculture industry.”
Goods-sector employment held steady at 71,300 workers. The natural resources industry added 6,000 workers (+82.2 per cent) between September 2023 and September 2024, while there were 3,600 fewer people working in agriculture.
Meanwhile, the Thompson-Okanagan’s services sector employed 229,300 people in September 2024, marginally lower than the number recorded in September 2023. Public administration lost 5,300 workers (32.9 per cent), while most other industries experienced only small changes during the year.
“It was a devastating year for a lot of farmers in the region, and that had knock-on effects for workers further down the supply chain,” concluded Christiansen. “The overall economic impact was substantial and highlights the importance of building a diverse and resilient economy.”
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.
