2024 Sees Remarkable Workforce Growth in Greater Victoria
Significant Employment Growth in Greater Victoria
According to the recent report titled BC Check-Up: Work, published by the Chartered Professional Accountants of British Columbia (CPABC), Greater Victoria witnessed notable workforce growth in 2024. As of September, 243,200 residents were employed, marking a robust 6.2 percent increase from the previous year.
Positive Employment Trends Amid Economic Challenges
Simon Philp, FCPA, FCMA, and Market Vice President at CIBC, shared insights, stating, "We saw some of the strongest employment growth in the province over the past year." This resilience at the local level is particularly significant, considering the broader B.C. labour market has faced some weakness recently.
Declining Unemployment Rates and Rising Workforce Participation
The employment landscape in Greater Victoria also saw the unemployment rate decrease to 3.9 percent in September, making it one of the lowest rates among Canadian census metropolitan areas. The labour force participation rate, which reflects the percentage of the working-age population either employed or seeking employment, rose to 67.2 percent, demonstrating a 4.3 percentage point improvement from two years prior.
Continuous Improvement in Employment Metrics
Philp acknowledged, "Unemployment and labour force participation have trended positively for two years now," highlighting the challenges posed by the current higher interest rate environment. However, he noted signs of relief in this aspect.
Sector-by-Sector Growth Dynamics
The growth in employment was notably strong in the goods sector, where the number of workers surged by 6,200, accounting for a significant 23.1 percent increase from the previous year. Employment in the services sector also expanded, particularly in the information, culture, and recreation industry, which saw an impressive addition of 6,100 workers or 79.2 percent growth.
Diverse Opportunities Contributing to Economic Stability
Philp remarked, "This year’s growth was driven by industries not usually seen as major employers in Greater Victoria," emphasizing the importance of diverse employment opportunities for economic stability in the region. This growth reflects a broader trend of gradual economic recovery and expansion across various sectors.
Conclusion: A Bright Future for Greater Victoria's Workforce
The data showcased in the CPABC report offers a promising outlook for Greater Victoria's economy as it adapts and grows amidst external challenges. The commitment to maintaining high professional and ethical standards by organizations like CPABC continues to play a crucial role in shaping a robust workforce that can navigate changes and challenges in the labor market.
Frequently Asked Questions
What does the CPABC report indicate about employment growth?
The CPABC report shows a 6.2 percent increase in employment in Greater Victoria, indicating strong workforce growth.
What is the current unemployment rate in Greater Victoria?
As of September, the unemployment rate is 3.9 percent, ranking as one of the lowest among Canadian metropolitan areas.
Which sectors are driving employment growth in Greater Victoria?
Significant growth is observed in the goods sector and services sector, particularly in information, culture, and recreation.
How has the labour force participation rate changed?
The labour force participation rate has increased to 67.2 percent, up 4.3 percentage points from two years ago.
What role does CPABC play in the local economy?
CPABC ensures professional and ethical standards, contributing to the advancement of public policy and the stability of the workforce.
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