Construction jobs helped pace the Island region to better-than-average results in a jobs report compiled by the Chartered Professional Accountants of BC. (Dreamstime)

By Ian Holmes

jobs report

Encouraging & worrying signs in latest Van Isle jobs report

Nov 1, 2024 | 5:58 AM

NANAIMO — While the past year has seen considerable growth employment-wise on Vancouver Island, a new report suggests challenges will persist.

Compiled by the Chartered Professional Accountants of BC (CPABC), the agency’s annual BC Check-Up includes a regional review of the Vancouver Island and coast (excluding the greater Victoria).

Retired certified public accountant Woody Hayes said overall the metrics are strong regionally, pointing to 12,400 more workers between Sept. 2023 and Sept. 2024.

“What’s really jumping out at me is that we’ve had a good year on the Island compared to the rest of the province. The number of people that are employed is substantially higher here than everywhere else in the province,” Hayes told NanaimoNewsNOW.

The report noted employment increased in the Vancouver Island/coast region by nearly six per cent, outpacing working-age population growth of two per cent over the same period.

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Employment, which increased by 5.8 per cent during the year, outpaced working-age population growth of two per cent over the same period. As a result, the employment rate increased by 1.9 percentage points to 53.1 per cent.

Hayes noted the jobless rate on Vancouver Island and coast was 5.1 per cent in September, down from 5.4 per cent at the same time in 2023.

Construction has been a key driver in Vancouver Island’s jobs and economic growth over the past year, Hayes noted.

However, he said the construction sector is continually hampered by a skilled workers shortage directly tied to a tight and pricey housing market, which he said is scaring prospective workers away.

While big ticket publicly funded construction projects years in the making proceed, the pivotal residential construction market is lagging, Hayes said.

“It’s somewhat of a result of just the direction that the work environment has occurred in the last while where large projects are going ahead, but you’re not seeing the same emphasis on the residential construction industry.”

Additionally, Hayes pointed to CPABC’s province-wide report, showing the number of public sector employees in the province surged 29 per cent between early in 2020 and this past September.

During that same time period private sector employment growth inched up a little under one per cent during that same time period, Hayes said.

“So that’s a bit of a jolt when you get to see it in writing.”

Hayes pointed to the need for productive employment programs in the coming years to maximize returns from a recently announced reduction of immigrants to Canada in the coming years.

“There’s going to be great work opportunities over the next little while it’s just will that translate into the ease of workers to get the services that they’re going to need, including housing.”

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Ian.holmes@pattisonmedia.com

On Twitter: @reporterholmes