CRANBROOK, British Columbia, Nov. 05, 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 unemployment rate in the Kootenays was 5.7 per cent in September 2024, similar to the rate recorded one year earlier.
“Labour market conditions did soften over the last year, which we see in lower job vacancy numbers, but the impact on unemployment has so far been modest,” said Mike Calder, CPA, CA, partner at BDO Canada. “There was also a small bump in employment compared to last year.”
As of September 2024, there were 82,900 Kootenay residents in the workforce, up slightly from September 2023 levels. Full-time employment increased by 10.7 per cent to 64,400 workers, while there was a marginal decline in part-time work. As a result, the employment rate pushed higher to 57.1 per cent.
“Given the headwinds facing the broader economy over the last year, the region’s labour market has navigated those relatively well,” continued Calder. “That said, it wasn’t smooth sailing across the board in 2024, as some parts of the economy faced unique challenges.”
Employment in the goods sector held steady between September 2023 and September 2024, despite a 2,100 worker (-22.1 per cent) reduction in natural resources employment. The decline was offset by a marginal gain in construction and smaller shifts in other industries.
In the services sector, employment increased by 7.6 per cent during the year to 59,700 workers. Most of the increase came from the wholesale and retail trade industry, which increased its headcount by 3,000 workers (+26.3 per cent).
“It’s important that we continue to attract investment to the region’s core industries and that residents reap the benefits of that economic activity,” concluded Calder.
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.
