COWICHAN VALLEY – Economic Development Cowichan recently released the Spring 2024 edition of the State of the Cowichan Economy Report. This comprehensive report provides the latest data and insights into the economic trends shaping the Cowichan region.
Key Highlights from the Report
- Labour Market: Our latest findings indicate a softening in the labour market. Job vacancy rates have decreased while participation rates have increased, making it easier for employers to fill open positions. Additionally, the region has seen an influx of working-age individuals over the past two years, further bolstering the labour market.
- Migration: The Cowichan region continues to attract new residents, with a notable increase in working-age people moving to the area. This trend is a positive sign for the local economy, providing a steady stream of talent and support for various industries.
- Housing: Housing affordability remains a critical issue. While benchmark prices are rising, Cowichan’s housing remains more affordable compared to may neighbouring regions. However, the supply is still falling short of the targets set by the 2021 Housing Needs Assessment Report, highlighting an ongoing challenge in meeting the demand for new housing developments.
- Other Sectors: The report also delves into education, business, tourism, and transportation, providing a holistic view of the region’s economic landscape.
Barry O’Riordan, Manager of Economic Development Cowichan, shared his thoughts on the current economic climate:
The regional economy continues to experience a period of change. The State of the Cowichan Economy Report helps ensure EDC and community partners are informed by data so our work can be responsive to current trends. In particular, EDC is tracking the labour market and associated housing indicators closely, data which can help feed into the update to our Strategic Plan this year.
For those interested in diving deeper into these insights, the full State of the Cowichan Economy- Spring 2024 report is available for download by click the LINK.
Barry O’Riordan is the Manager of Economic Development Cowichan.