B.C. leads the country in job growth.

Housing drives B.C. economic growth

Employment and housing starts dip in May, but so far this year economic growth leads Canada

B.C. employment and housing starts dipped in May, but job growth continues to lead the country so far in 2016.

The latest Statistics Canada figures show employment in B.C. declined by 8,400 people in May, reversing most of a surge in hiring in April. Even with the drop, employment was three per cent higher than at the same time last year.

Compared to 2015, employment was up 16.5 per cent in resource extraction, 14 per cent in public administration and 6.1 per cent in trade. For the first five months of this year, full-time employment was up 2.7 per cent and part-time employment rose by 6.3 per cent.

In its weekly economic briefing, Central 1 Credit Union noted that employment gains are largely confined to Metro Vancouver. Employment is down 0.4 per cent from a year ago in the remainder of the province.

Urban B.C. housing starts, which Central 1 calls “a pillar of economic growth this year,” were up 45 per cent through April, to 16,320 units.

About 80 per cent of the overall growth in housing starts was in Metro Vancouver, but starts more than doubled in the Abbotsford-Mission and Kelowna census metropolitan areas and nearly doubled in the Prince George census area.

“We forecast full-year housing starts (including rural areas) to reach 38,200 units this year, marking a 21 per cent increase from 2015,” Central 1 senior economist Bryan Yu said.

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Planned upgrades didn’t go as planned

CityWest said a fibre-line break caused outages to all customers

Citing stability, B.C. Premier calls snap election for Oct. 24

John Horgan meets with Lieutenant Governor to request vote

BC Timber Sales’ operations on the North Island and Central Coast to be audited

The Forest Practices Board randomly chose the region to check for compliance to legislation

BC Ferries Sailing Cancellations

Prince Rupert - Haida Gwaii - Northern Adventure

Month-long water quality advisory still in effect for Rupert residents

The City of Prince Rupert recommends those with weakened immune systems boil water prior to use

B.C. reports 96 new COVID-19 cases, one hospital outbreak

61 people in hospital as summer ends with election

B.C.’s top doctor says she’s received abuse, death threats during COVID-19 response

Henry has become a national figure during her time leading B.C.’s response to the COVID-19 pandemic

BC Liberals must change gears from election cynicism, focus on the issues: UBC professors

COVID-19 response and recovery is likely to dominate platforms

B.C. could be without a new leader for multiple weeks after Election Day: officials

More than 20K mail-in voting packages were requested within a day of B.C. election being called

Vancouver Island sailor stranded in U.S. hospital after suffering massive stroke at sea

Oak Bay man was attempting to circumnavigate the world solo

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Majority needed to pass COVID-19 budget, B.C. premier says

John Horgan pushes urgent care centres in first campaign stop

Public health officials urge Canadians to limit contacts again as COVID-19 cases rise

Canada has committed $1 billion to buy at least 154 million doses of vaccines from five different companies

Vancouver Island family overwhelmed with 14 Lab puppies

Litter may be one of the biggest ever

Most Read