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Southwest BC jobs bounce back from 2020 recession: Labor report

The 4.9% unemployment rate in September 2022 is broadly in line with 4.8% in 2019, indicating a healthy recovery in many sectors.

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The unemployment rate in southwestern British Columbia has plummeted to 4.8% from last year’s pandemic-time high of 7%, according to a labor market report by Chartered Professional Accounts in British Columbia.

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The annual BC Check-Up: Work report examines statewide employment trends and shows a significant drop in unemployment in Metro Vancouver and the surrounding area.

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The unemployment rate of 4.9% in September 2022 is virtually in line with 4.8% in 2019, indicating that many sectors are recovering well from the disruptions of COVID-19.

But while some sectors are struggling with labor shortages, others continue to struggle, said Lori Mathison, president and CEO of CPA BC.

“Southwest BC has a strong labor market, with job growth nearly matching population growth over the past three years, despite significant economic turmoil,” said Mathison. .

Southwest BC employed 1.77 million people in September, up 2.5% from last year at the time. Most of the growth was in full-time jobs, which increased by 5.5%, while part-time jobs decreased by 8.8%.

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Employment growth in the year to September 2022 roughly matched population growth over the same period. 4% employment growth for 4.1% population growth.

“However, labor conditions vary by sector, with some of the region’s key industries continuing to struggle,” Matheson said in a summary of the labor report.

The services sector will grow 1.6% in September 2021 to 1.47 million workers, while the hospitality industry will grow 4.5% over the same period, surpassing pre-pandemic levels.

However, the personal and domestic services sector is down 5% from September 2021 and down 18.3% from September 2019. Buildings and business services also fell by 5.4%, down 11.8% from 2019.

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The region’s commodity sector grew 7.2% from last year, mainly due to a strong recovery in construction employment.

“Employment in Southwest BC has recovered from the 2020 recession, but some industries face persistent challenges and many businesses are struggling to find enough workers.” said Matheson. “Given how important a healthy labor market is to our economy, especially in industries facing the biggest labor shortages, we need to attract more workers and provide more skills training. It’s important to find a way.”

CPA Check-Up data are based on the Statistics Canada Labor Force Survey and are not seasonally adjusted.

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Southwest BC jobs bounce back from 2020 recession: Labor report

Source link Southwest BC jobs bounce back from 2020 recession: Labor report

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