CPABC: Greater Victoria adds 8,400 jobs over past year as residents return to labour force

VICTORIA, British Columbia, Nov. 02, 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, Greater Victoria’s unemployment rate was 4.7 per cent in September 2022, a slight uptick from 4.2 per cent in September 2021. As of September 2022, total employment across the region reached 213,500, a 4.1 per cent increase compared to September 2021.

“The increase in unemployment over the past year was a result of more people entering the labour force and searching for work, rather than job losses,” said Lindalee Brougham, FCPA, FCA, FCGA, President of LL Brougham Inc. “In fact, Greater Victoria’s workforce increased by 8,400 over the past year. Despite the strong showing over the past year, employment growth has lagged population growth since 2019.”

Overall, Greater Victoria’s workforce in September 2022 was 1.4 per cent larger when compared to September 2019, while population growth was 5.2 per cent over that period. The 4.7 per cent unemployment rate in September 2022 remained above the near-record low 3.2 per cent set in September 2019.

The region’s labour participation rate was 63.0 per cent in September 2022, an increase of 1.4 percentage points compared to September 2021. This represented an additional 9,900 residents joining the labour force. However, the labour participation rate remained below the 64.3 per cent in September 2019.

“Given the significant labour shortages Greater Victoria has seen, it is encouraging to see more residents enter the labour force,” continued Brougham. “However, a smaller proportion of residents were in the labour force compared to pre-pandemic levels. And while the goods sector has fared well, the service sector has seen some industries struggle to recover.”

Total employment in the goods sector increased to 29,200 in September 2022, a job gain of 6,400 positions year-over-year. This was primarily due to a 38.3 per cent increase in employment in the region’s construction industry, the largest goods employer. Compared to September 2019, goods sector employment was up by 5.8 per cent.

The service sector workforce increased by 0.7 per cent in September 2022 compared to September 2021. However, there were job losses in the hospitality (-1,400) and business/building services (-6,100) industries over that period. Overall, service sector employment remained almost flat (+0.1 per cent) compared to September 2019.

“Over the past year, Greater Victoria’s workforce expanded, driven by growth in the construction workforce,” concluded Brougham. “While our employment situation has improved markedly, challenges remain, including significant labour shortages. Going forward, it will be important to reduce barriers to joining the labour force, improve housing affordability, and focus on attracting more residents to our region.”

To learn more, see www.bccheckup.com. 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.

For more information:
Aaron Aerts, Economist
604.442.9161
[email protected]