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Regional Check-Up 2019
1. REGIONAL CHECK-UP 2019
Check up on your region’s economy
bccheckup.com
CARIBOO KOOTENAY
NORTHEAST
BC
VAN ISLAND
/COAST
THOMPSON-
OKANAGAN
NORTHWEST
BC
SOUTHWEST
BC
2. Workers with at least some post-secondary education enjoy lower
rates of unemployment and higher labour force participation. Over
the past five years, BC’s educational attainment has improved
considerably.
Biggest Industry by Employment
368,400
323,200
238,400
After impressive gains in 2016 and
2017, job creation slowed across BC
largely due to labour shortages.
* YOUTH = Ages between 15 and 24
Due to gains in
Success of the LNG
Canada project will play
a key role in attracting
and moving forward
new investment.
Institutional
CommercialGoods
Services
Industrial
InfrastructureResidential
to 4.9 million
1.4%
Growth in housing market, exports,
and population continued to
encourage entrepreneurs to establish
new businesses across BC. The
softening of the housing market was
probably the reason business
investment softened in 2018.
BC’s consumer insolvency rate
has stabilized over the past few
years as economic prosperity
meant more people were better
off.
103
46,245
business insolvencies
new businesses
ALL YOUTH*
-0.4ppt -0.4ppt
4.7% 6.6%
WORK 2018 INVEST 2018 LIVE 2018
3. Cariboo's labour force saw considerable improvement in
educational attainment. Some individuals upgraded their skills
while those joining the labour force already possessed these
credentials. Many workers without post-secondary education also
left the labour force.
CARIBOO
Industrial projects, such
as oil gas and mining,
make up the majority of
the total project value.
Infrastructure
Goods
Services
to 166,180
0.8%
0.6% to 80,600 jobs
The region lost 500 jobs in 2018, due
to sizeable losses in service
industries.
Goods: +7.7% | Services: -3.4%
Biggest Industry by Employment
11,800
11,500
10,300
0.2% to $10.2 billion
Industrial
Cariboo's business climate held
steady. Business insolvencies
reached a five-year low.
Consumer insolvency rate reached
its lowest point in over a decade,
but remains well above the
provincial average.
WORK 2018 INVEST 2018 LIVE 2018
ALL YOUTH*
-1.8ppt
5.6% 6.2%
* YOUTH = Ages between 15 and 24
-3.0ppt
1
593
business insolvency
new businesses
2,100 WORKERS LEFT THE LABOUR FORCE
Unemployment rate because
4. Many individuals without post-secondary education left the labour
force, while a large share of new workers had post-secondary
credentials, especially at the bachelor’s level. This pushed the
region’s educational attainment rate to the third highest in the
province, overtaking Thompson-Okanagan.
KOOTENAY
Mining and commercial
projects, such as
accommodation and
recreation, make up the
majority of the total
project value.
Institutional
Infrastructure
Residential
Goods
Services
to 159,887
1.0%
1.0% to 71,200 jobs
After gains made in 2017, the labour
market shrank by 700 jobs, due
entirely to losses in the goods sector.
Goods: -3.1% | Services: 0%
Biggest Industry by Employment
10,200
9,300
8,300
5.5% to $8.6 billion
Industrial
Commercial
New businesses in rural areas and
in municipalities such as
Castlegar, Radium Hotsprings,
and Invermere contributed to the
business incorporations growth.
The region’s residents have been
relatively successful in managing
their debt over the past few years.
WORK 2018 INVEST 2018 LIVE 2018
1
605
business insolvency
new businesses
ALL YOUTH*
-2.0ppt
5.3% 5.7%
* YOUTH = Ages between 15 and 24
-7.4ppt
2,400 WORKERS LEFT THE LABOUR FORCE
Unemployment rate because
5. Northeast BC's labour force is steadily becoming more educated.
This is good news for the region, as workers with more education
tend to have better longer term job prospects.
NORTHEAST BC
The Site C project and
other industrial projects,
such as oil gas and
mining, make up the
majority of the total
project value.
Institutional
Commercial
Goods
Services
to 71,817
0.2%
2.9% to 39,600 jobs
After two years of decline, the
region's labour market expanded by
1,100 jobs.
Goods: -3.2% | Services: +5.4%
Biggest Industry by Employment
6,000
5,000
3,700
3,700
1.4% to $38.6 billion
Industrial
Infrastructure
Business incorporations have
declined over the past five years,
as economic challenges drove
away residents and affected
business prospects.
While the rate of proposals stayed
the same in 2018, the bankruptcy
rate declined a little. The region’s
consumer insolvency rate remains
the highest in BC.
WORK 2018 INVEST 2018 LIVE 2018
2
428
business insolvencies
new businesses
ALL YOUTH*
-0.2ppt
5.7% 5.6%
* YOUTH = Ages between 15 and 24
-3.7ppt
Unemployment rate because
JOB CREATION 1,100 LABOUR FORCE 1,000
6. Many individuals without post-secondary education left the labour
force, while a large share of new workers had post-secondary
credentials, especially at the bachelor’s level. This pushed the
region’s educational attainment rate to the third highest in the
province, overtaking Thompson-Okanagan.
KOOTENAY
Mining and commercial
projects, such as
accommodation and
recreation, make up the
majority of the total
project value.
Institutional
Infrastructure
Residential
Goods
Services
to 159,887
1.0%
1.0% to 71,200 jobs
After gains made in 2017, the labour
market shrank by 700 jobs, due
entirely to losses in the goods sector.
Goods: -3.1% | Services: 0%
Biggest Industry by Employment
10,200
9,300
8,300
5.5% to $8.6 billion
Industrial
Commercial
New businesses in rural areas and
in municipalities such as
Castlegar, Radium Hotsprings,
and Invermere contributed to the
business incorporations growth.
The region’s residents have been
relatively successful in managing
their debt over the past few years.
WORK 2018 INVEST 2018 LIVE 2018
1
605
business insolvency
new businesses
ALL YOUTH*
-2.0ppt
5.3% 5.7%
* YOUTH = Ages between 15 and 24
-7.4ppt
2,400 WORKERS LEFT THE LABOUR FORCE
Unemployment rate because
Shortages of low-skilled workers drew many individuals with high
school or some post-secondary education into the labour force,
contributing to a stagnation in educational attainment.
NORTHWEST BC
Industrial projects, such
as mining and oil gas,
as well as infrastructure
projects, make up the
majority of the total
project value.
Residents of Northwest BC consistently have the lowest
consumer rates in the province over the past five years.
Consistently low levels of business insolvency since 2013
speaks to the resilience of existing businesses.
Commercial
Goods
Services
to 98,578
0.3%
1.4% to 43,100 jobs
Many of the new jobs were part-time
positions generated in the service
sector.
Goods: -4.4% | Services: +4.2%
Biggest Industry by Employment
5,600
4,900
4,200
.04% to $194 billion
Industrial
Infrastructure
WORK 2018 INVEST 2018 LIVE 2018
0
143
business
insolvencies
new
businesses
1
95
business
insolvency
new
businesses
ALL YOUTH*
+0.1ppt
5.9% 4.7%
-4.2ppt
# OF NEW WORKERS # OF NEW JOBS
Unemployment rate because
* YOUTH = Ages between 15 and 24
7. The educational attainment level of Southwest BC's labour force
has steadily improved over the past decade, and remains the
highest in BC. The slight dip between 2017 and 2018 was likely due
to statistical variation.
SOUTHWEST BC
Residential and mixed
use projects account for
the majority of the total
projects value.
Goods
Services
to 3 million
1.5%
Gains in the the goods sector was
significantly greater than gains in the
service sector.
Goods: +6.3% | Services: +0.2%
Biggest Industry by Employment
230,900
187,200
154,600
9.1% to $76.1 billion
Industrial
Institutional
Inf
rastructure
Commercial
Residential
Economic diversification,
population growth, and active
housing market in Southwest BC
created a positive and sustainable
business environment for
entrepreneurs.
Since the 2008 recession,
Southwest BC’s consumer
insolvency rate has been on a
declining trend and has stabilized
over the past few years.
ALL YOUTH*
-0.3ppt +0.2ppt
4.3% 6.7%
JOB CREATION 20,900
67
36,372
business insolvencies
new businesses
LABOUR FORCE 17,200
* YOUTH = Ages between 15 and 24
WORK 2018 INVEST 2018 LIVE 2018
Unemployment rate because
8. Many individuals without post-secondary education left the labour
force, while a large share of new workers had post-secondary
credentials, especially at the bachelor’s level. This pushed the
region’s educational attainment rate to the third highest in the
province, overtaking Thompson-Okanagan.
KOOTENAY
Mining and commercial
projects, such as
accommodation and
recreation, make up the
majority of the total
project value.
Institutional
Infrastructure
Residential
Goods
Services
to 159,887
1.0%
1.0% to 71,200 jobs
After gains made in 2017, the labour
market shrank by 700 jobs, due
entirely to losses in the goods sector.
Goods: -3.1% | Services: 0%
Biggest Industry by Employment
10,200
9,300
8,300
5.5% to $8.6 billion
Industrial
Commercial
New businesses in rural areas and
in municipalities such as
Castlegar, Radium Hotsprings,
and Invermere contributed to the
business incorporations growth.
The region’s residents have been
relatively successful in managing
their debt over the past few years.
WORK 2018 INVEST 2018 LIVE 2018
1
605
business insolvency
new businesses
ALL YOUTH*
-2.0ppt
5.3% 5.7%
* YOUTH = Ages between 15 and 24
-7.4ppt
2,400 WORKERS LEFT THE LABOUR FORCE
Unemployment rate because
Over the past five years, the region’s educational attainment level
has generally trended upwards, as the region’s economy expanded
and became increasingly diverse.
THOMPSON-OKANAGAN
Residential and
commercial projects,
such as accommodation
and recreation, make up
the majority of the total
project value.
Goods
Services
to 588,143
1.6%
1.7% to 255,200 jobs
After impressive job gains in 2017, the
region lost 4,400 jobs in 2018. Job
losses in the goods sector were
entirely responsible for this decrease.
Goods: -8.4% | Services: +0.4%
Biggest Industry by Employment
43,600
41,300
27,300
4.0% to $20.6 billion
Industrial
Institutional
Infrastr
ucture
Commercial
Residen
tial
The number of business
incorporations in the region
increased by 2.6% in 2018,
indicating ongoing confidence of
entrepreneurs in the region’s
economy.
Increases in consumer insolvency
was due entirely to an increase in
consumer proposals.
WORK 2018 INVEST 2018 LIVE 2018
15
3,696
business insolvencies
new businesses
ALL YOUTH*
-1.0ppt
6.1% 7.1%
* YOUTH = Ages between 15 and 24
-0.5ppt
7,000 WORKERS LEFT THE LABOUR FORCE
Unemployment rate because
9. The region’s remarkable job growth and economic diversification
over the past five years attracted workers with higher education.
This is a record high for the region.
VANCOUVER ISLAND/COAST
Residential and mixed
use projects account for
the majority of the total
projects value.
Institutional
Commercial
Goods
Services
to 857,144
1.4%
2.6% to 396,600 jobs
Population growth, increases in
housing prices, and tourism activity,
contributed to gains in service sector.
Goods: -6.1% | Services: +4.5%
Biggest Industry by Employment
64,700
63,500
36,100
3.3% to $60.6 billion
Industrial
ResidentialInfra
structure
Difficulty in labour recruitment
and retention could be a
contributing factor to the 2.2%
dip in business incorporations.
Consumer insolvency rate
increased for the first time in a
decade. As the economy is stable,
this increase could be the result of
personal circumstances, such as
debt over extension.
ALL YOUTH*
-0.3ppt UNCHANGED
4.7% 6.6%
* YOUTH = Ages between 15 and 24
15
4,313
business insolvencies
new businesses
WORK 2018 INVEST 2018 LIVE 2018
JOB CREATION 10,000 LABOUR FORCE 9,000
Unemployment rate because
10. REGIONAL CHECK-UP
CONSTRUCTION ACTIVITY
WILL REMAIN STRONG
Economic activity is
expected to stabilize
with a forecasted
GDP growth rate of
1.4%
The region will keep its status
as BC's powerhouse due to
the diversified economy.
The region’s technology and
tourism industries will continue
to drive economic growth.
LNG Canada and other
resource projects will
encourage economic activity
in the region.