Victoria’s job scene is on an upswing, with fresh data from BC Check-Up: Work — a yearly rundown from the Chartered Professional Accountants of British Columbia (CPABC) on workforce trends — revealing that 243,200 folks in Greater Victoria were clocking in this past September.
That’s a notable bump, up by 6.2% compared to last year.
“We’re looking at some of the healthiest job growth across all of BC over the past 12 months,” says Simon Philp, a vice president at CIBC. “This is especially heartening when you consider that the broader BC job scene has been a bit wobbly.”
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In September, Greater Victoria’s jobless rate dipped slightly to a snug 3.9%, which ranks as the third lowest among major urban centers in Canada. Plus, the number of working-age locals either employed or actively job-hunting hit 67.2%, marking a 4.3% increase over the last couple of years.
“Unemployment has been steadily shrinking, and more folks are getting into the workforce every year,” says Philp. “While higher interest rates have been a headache, we’re finally seeing a little ease there.”
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Breaking things down by industry, jobs in goods-related fields jumped by a sharp 23.1%, adding 6,200 positions over the last year. Services weren’t left out, either; the hottest growth came from the information, culture, and recreation scene, with a striking 79.2% boost, adding 6,100 roles.
While Victoria’s workforce is on a steady rise, the broader picture across BC is less upbeat.
The province hit an employment peak back in April but has since lost 50,200 jobs, with overall numbers levelling out compared to last year. This flatlining comes despite a sharp rise in working-age residents, which swelled by 156,700 people over the same stretch.
As a result, the employment rate slipped to 60%, dipping 1.8% from last September.
While BC’s public sector is still hiring, adding close to 16,000 new roles, the private sector didn’t keep pace, especially with a downturn among self-employed workers. For younger British Columbians, the job market has been particularly tight, with their unemployment rate seeing a noticeable jump over the past year.
For the full report, check out www.bccheckup.com.