New report points to ‘growing pessimism’ about B.C.’s economy
November 12, 2024
Reporting from the Chartered Professional Accountants of British Columbia paints a mixed, increasingly pessimistic picture of the provincial economy, but what unites many economic regions of B.C. is a lack of affordable housing.
CPABC’s BC Check-Up finds “growing pessimism” among CPAs about B.C.’s state. The overall provincial unemployment rate hit six per cent in September, 0.5 per cent higher than a year ago, as labour demand has eased in recent months, the report notes.
The softening job market has especially hit youth aged 15 to 24 hard. According to the report, they are the “most impacted” as their unemployment rate jumped 3.7 per cent to 13.7 per cent. The report also finds “(unaffordable) housing” to be the top concern among members, with 85 per cent identifying it as a challenge facing B.C. businesses, similar to Sept. 2023. Concerns about housing affordability were especially pronounced in B.C.’s Southwest and Vancouver Island.
But Vancouver Island (inclusive Central Coast) is also the region with lowest unemployment rate among B.C. economic regions — a rate of 4.5 per cent in September 2024, down 0.3 per cent compared to the same time last year. The unemployment rate was even lower in Greater Victoria, with a rate of 3.9 per cent, the third-lowest among Canada’s Census Metropolitan Areas.
On the other end of the spectrum, B.C.’s Northwest recorded the highest unemployment rate with 7.9 per cent in September, up 0.7 per cent from the same time last year.
But these figures do not necessarily tell the whole picture. While B.C.’s Northwest has seen unemployment rise, it is also dealing with a shortage of skilled workers.
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