Woody Hayes, FCPA, FCA
DUNCAN – A total of 12,400 workers were added between September 2023 and September 2024 in the Vancouver Island and Coast region, which excludes Greater Victoria.
The findings were included in BC Check-Up: Work, an annual report released by the Chartered Professional Accountants of British Columbia, as it identified 225,400 are now employed within the region.
“It was a particularly strong year for the Vancouver Island and Coast labour market, especially in the context of what is happening elsewhere in the province,” says Woody Hayes, FCPA, FCA. “We have yet to experience the same deterioration that has plagued B.C. as a whole.”
Strong employment growth in the Vancouver Island and Coast region coincided with a slight drop in the unemployment rate, which was 5.1 per cent in September 2024, down three points for the rate recorded in 2023. Employment increased by 5.8 per cent during the year, outpacing working-age population growth of 2.0 per cent over the same period.
As a result, the employment rate increased by 1.9 percentage points to 53.1 per cent.
“It’s good to see that local labour markets were able to absorb newcomers to the region and even grow beyond that,” notes Hayes. “Given the region’s demographics, it’s important that we continue to attract skilled workers, especially in key industries.”
Employment increased marginally in both the goods and services sectors as growth was spread across many industries. The construction industry rebounded by adding 6,500 workers (+45.5 per cent) during the year, while health care and social assistance’s headcount grew by 6,100 (+18.0 per cent). Employment in wholesale and retail trade (+41.6 per cent) and other services (+40.5 per cent) also increased on a year-over-year basis.
“Employment growth was fairly widespread, and we saw gains in a number of key industries,” concludes Hayes. “The bump in construction employment is buoyed by ongoing construction in the public sector as well as other major construction projects.”
The survey is a result of the CPABC surveying its members in August 2024 to provide insight on the challenges facing B.C. businesses. CPAs living on Vancouver Island identified housing affordability as the biggest obstacle to business success, with 88 per cent reporting it as a challenge.
The CPABC is the training, governing and regulatory body for over 40,000 CPA members and 6,000 CPA candidates.
Business Examiner
