October Labour Force Survey Results
November 29, 2023
“Earlier today, Statistics Canada’s Labour Force Survey (LFS) showed B.C.’s economic growth holding steady with a gain of 23,400 full-time jobs, offset by a decline of 27,500 part-time jobs in October. B.C. has the second-highest increase in full-time employment among provinces this month.
“So far this year, B.C. has added 47,300 jobs and our unemployment rate remained at 5.4%, the fourth-lowest among provinces. B.C.’s economy continues to show strength in the face of broader challenges, including high national interest rates and a slower global economy.
“In October, construction jobs increased by 10,200, which is good news for the housing sector. SkilledTradesBC is also reporting 15,075 people in British Columbia registered for apprenticeships this year, a 20% increase from last year. Apprentices play a critical role in the construction industry and at least 80,000 skilled-trades jobs are projected to open over the next decade.
“We also saw gains in the scientific and technical sector of 5,600 jobs, which confirm that our tech industry remains strong. According to Commercial Real Estate Services (CBRE), Vancouver, B.C. and Austin, Texas are the top cities for technology job growth in North America. Both cities saw a 26% increase in tech jobs over the past two years (2021 and 2022). Vancouver also attracted $402 million in venture capital in the first half of 2023 with 19% of it going to tech companies.
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