SMITHERS, British Columbia, June 06, 2018 (GLOBE NEWSWIRE) -- According to the CPABC Regional Check-Up, an annual economic report by the Chartered Professional Accountants of British Columbia (CPABC), Northwest B.C., which consists of the North Coast and Nechako development regions, fared relatively well in 2017, with economic gains in the goods sector.
“Mining activity was robust, as exploration expenditure increased and production picked up at our region’s mines and Kitimat’s aluminum smelter. With the port in our region and diverse export markets, our forestry industry was not as impacted by the U.S. trade dispute as other B.C. regions,” said Jeanne MacNeil, CPA, CA, partner with Edmison Mehr in Smithers. “These factors helped to create 900 jobs in the forestry, fishing, mining, oil and gas industry.”
The construction industry also added 1,000 workers. Although several major projects wrapped up in 2017, four new projects began construction, including the Ridley Island Propane Export Terminal project in Prince Rupert, the modernization of Northwest Community College’s training facilities, the phase three of the Northwest Regional Airport’s expansion project, and upgrades to Highway 16.
In total, the goods sector added 1,900 jobs. On the other hand, the service sector contracted by 1,500 jobs. This is mostly due to the 1,800 positions that were cut in the trade industry. The amalgamation of part-time jobs into full-time positions, as well as a decrease in demand for local construction supplies, may account for some of the job losses.
“The fortunes of our goods sector pushed unemployment rate down to 5.8 per cent in 2017, the lowest rate recorded in our region since 1995,” continued MacNeil. “But looking at the first three months of 2018, we are seeing a reversal. While the service sector added 1,000 new jobs, the goods sector lost 1,100 jobs. This could be due to the nature of seasonal hiring in the goods sector. With the winter months now over, some industries should pick up activity again.”
About CPABC Regional Check-Up – Northwest B.C.:
The Nechako Development Region comprises the Bulkley-Nechako and Stikine Regional Districts. The North Coast Development Region comprises the Skeena-Queen Charlotte and Kitimat-Stikine Regional Districts. Together, these two development regions make up approximately one-third of B.C.’s geographical area and 2.1 per cent of B.C.’s population.
The CPABC Regional Check-Up reports look at British Columbia’s eight Development Regions as a place to work, invest, and live. The reports are available online at: www.bccheckup.com.
About CPA British Columbia
The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 35,000 CPA members and almost 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 or to arrange an interview, contact:
Vivian Tse, Public Affairs Manager
604.488.2647
vtse@bccpa.ca