CPABC: Southwest B.C. labour market continues to grow, but challenges remain

VANCOUVER, British Columbia, Nov. 02, 2022 (GLOBE NEWSWIRE) -- According to the BC Check-Up: Work, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on employment trends across the province, Southwest B.C.'s unemployment rate was 4.8 per cent in September 2022, down from 7.0 per cent in September 2021. 

"Over the past year, businesses across Southwest B.C. continued to significantly expand their workforce," said Lori Mathison, FCPA, FCGA, LLB, president and CEO of CPABC. "This lowered the region's unemployment to pre-pandemic levels and employers have faced significant labour shortages."

As of September 2022, total employment in Southwest B.C. reached 1.77 million, a 2.5 per cent increase compared to September 2021. The increase was due to the number of full-time positions increasing by 5.5 per cent over that period, while part-time positions declined by 8.8 per cent.

Overall, September 2022 employment was 4.0 per cent higher than in September 2019, while population growth was 4.1 per cent over the same period.

"Southwest B.C's labour market has been strong, with employment growth nearly matching population growth over the past three years despite the significant economic turmoil," noted Mathison. "However, the labour situation varied by sector and some of the region's key industries continued to struggle."

The service sector's workforce was 1.47 million in September 2022, an increase of 1.6 per cent from September 2021 and 4.5 per cent from September 2019. The biggest increase over the past year was in the information and media industry (+19.9 per cent). The hospitality industry also grew over the past year (+4.5 per cent), which helped it exceed pre-pandemic levels.

Conversely, employment in personal/household services declined 5.0 per cent from September 2021 and remained 18.3 per cent lower than in September 2019. Building/business services employment fell 5.4 per cent from September 2021 and 11.8 from September 2019.

The region's goods sector employment reached 301,500 employees in September 2022, a gain of 7.2 per cent over the past year. This was primarily due to a strong rebound in construction industry employment, up 14.5 per cent since September 2021. However, employment in the goods sector has grown at a relatively slow 1.9 per cent since September 2019, with construction employment down 3.8 per cent over that period.

"Southwest B.C.'s employment has recovered from the 2020 recession, but some industries face sustained challenges and many businesses have struggled to find enough workers," concluded Mathison. "Given how important a healthy labour market is for our economy, it is critical to find ways to attract more workers and provide more skills training, particularly for industries facing the greatest labour shortages."

Learn more about the BC Check-Up report at www.bccheckup.com. Data is from Statistics Canada Labour Force Survey, follows a moving three-month average and is not seasonally adjusted. 

About CPA British Columbia
The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 38,000 CPA members and 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.