VANCOUVER, British Columbia, Oct. 31, 2024 (GLOBE NEWSWIRE) -- According to this year's BC Check-Up: Work, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on employment trends across the province, the unemployment rate for Southwest B.C. was 6.5 per cent, up 0.4 percentage points from one year earlier.
“The labour market in Southwest B.C., which includes the Lower Mainland, has come under increased stress in 2024,” noted Lori Mathison, FCPA, FCGA, LLB, president and CEO of CPABC. “The unemployment rate has been rising while we are seeing continued population growth. In short, population growth significantly outpaced job creation during the last 12 months.”
As of September 2024, there were 1.82 million Southwest B.C. residents working, representing a marginal increase of 0.5 per cent from September 2023. By comparison, the working-age population grew by 4.0 per cent year-over-year.
Muted employment growth in the region was a result of softer labour market conditions and fewer people looking for work. The participation rate was 66.6 per cent in September 2024, down 2.1 per cent from one year earlier.
“Although we have seen minimal employment growth in Southwest BC, some industries were able to increase their headcount during the year,” added Mathison.
Goods-sector employment in Southwest B.C. rose by 6.8 per cent, adding 19,100 workers during the year. Growth was concentrated in the construction industry, which added 19,700 workers, marking a return to September 2022 and September 2019 levels. Conversely, agriculture employment fell by 21.8 per cent after the industry lost 3,100 workers.
Meanwhile, employment shifts were mixed in the services sector, which marginally decreased by 0.7 per cent from September 2023 levels. Losses in wholesale and retail trade (-5.6 per cent) and accommodation and food services (-10.2 per cent) were partially offset by an increase in business, building, and other support services (+4.8 per cent) while small changes were recorded in the remaining industries.
“The bump in construction is something to note, especially as the region is in desperate need of infrastructure development to support a growing population,” remarked Mathison. “Our members in Southwest B.C. have consistently said that housing affordability is among the biggest challenges to business success.”
As part of the BC Check-Up: Work report, CPABC surveys its members to provide deeper insights on issues affecting B.C. businesses. CPAs living in the lower mainland cited housing affordability as the biggest obstacle, followed by labour compensation costs, and attracting and retaining skilled labour.
“It's not all that surprising that unaffordable housing is the top concern of CPABC members,” concluded Mathison. “Policies that address the affordability crisis and boost real incomes should be a priority moving forward.”
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.
