VANCOUVER, British Columbia, Sept. 27, 2018 (GLOBE NEWSWIRE) -- According to the BC Check-Up, an annual economic report released by the Chartered Professional Accountants of British Columbia (CPABC), in 2017 B.C. enjoyed the largest job gain in the past decade, pushing the unemployment rate down from 6.0 to 5.1 per cent.
A total of 87,300 new jobs were recorded in 2017. The majority of these new jobs were full-time positions in the service sector. And not surprisingly, most of the province’s employment growth occurred in B.C.’s most populated regions – Southwest B.C., Vancouver Island/Coast, and Thompson-Okanagan.
“Our province once again enjoyed the highest job creation rate when compared to Alberta, Ontario, and Canada as a whole,” said Lori Mathison, FCPA, FCGA, LLB, president and CEO of CPABC. “Improved labour market conditions drew many workers back into the labour force. As a result, our labour force participation rate reached 65.3 per cent, the highest level since 2010.”
Job creation is expected to continue throughout 2018, but at a slower rate. Unadjusted data from Statistics Canada indicates that between December 2017 and July 2018, B.C. added 26,500 new jobs, which is substantially less than the 105,300 new jobs created between December 2016 and July 2017.
“Two major factors are moderating job creation. Real estate and consumer spending activity are slowing down, which have been the drivers of labour demand in the past few years, meaning fewer new jobs are required to fulfil market demand,” continued Mathison. “The other is a tightening of labour supply. Labour demand is outstripping supply, making it challenging for employers to recruit talent. Between the months of April and June, B.C.’s job vacancy rate was 3.4 per cent, with 62,200 jobs unfilled. Our labour market is near full capacity. While this exerts pressure on employers, it is usually good news for workers.”
Limited supply of labour means employers will have to offer competitive wages to attract and retain talent. Between December 2017 and July 2018, B.C.’s average weekly wage rate increased by 2.7 per cent to $981.87, according to data from BC Stats.
Learn about the BC Check-Up 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 5,000 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.