CPABC: Cariboo employment rebounds to pre-pandemic levels, but job vacancies remain high

PRINCE GEORGE, British Columbia, Nov. 03, 2022 (GLOBE NEWSWIRE) -- According to the BC Check-Up: Work, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on employment trends across the province, the Cariboo region saw strong employment gains in the past year.

Total employment rose 3.6 per cent, with 89,000 employed in the region as of September 2022, compared to 85,900 in September 2021. The region's unemployment rate was 5.2 per cent in September 2022, down from 6.3 per cent in September 2021.

"Our region added 3,100 jobs over the past year, lowering our unemployment rate," said Corey Naphtali, partner at KPMG Canada. "However, our labour force participation rate remained well below pre-pandemic levels."

The Cariboo's labour participation rate ? the portion of working-aged individuals who are actively seeking work or employed ? was 65.6 per cent in September 2022, a slight increase from 65.0 per cent in September 2021, but a 3.5 percentage point decline compared to September 2019.

"Many residents in the region left the labour force over the past three years. This has added pressure for employers who have struggled to find workers," said Naphtali. "In fact, the number of open, unfilled jobs climbed to over 4,700 in the second quarter of this year, nearly three-quarters higher than in 2019. While the labour shortage impacted most of the region's employment sectors, some fared better than others."

The Cariboo's service sector employment reached 68,300 in September 2022, an increase of 10.3 per cent compared to September 2021. This was driven by employment growth in wholesale and retail trade (+29.2 per cent) and healthcare (+21.6 per cent) over that period. Accommodation and food services, however, fell to 3,900 positions (-30.4 per cent). Since September 2019, service sector employment increased by 5.7 per cent.

Meanwhile, the Cariboo's goods sector has struggled. Goods sector employment was 20,700 in September 2022, a decline of 13.8 per cent from September 2021. That decline was primarily due to job losses in the manufacturing (-25.2 per cent) and construction (-10.2 per cent) industries. Conversely, natural resource employment increased by 4.8 per cent to 6,600 workers. Overall, goods sector employment was down by 15.5 per cent compared to September 2019.

"Looking ahead, one of the most pressing economic challenges our region faces is the significant and growing labour shortage," said Naphtali. "Strategies and incentives are needed to tackle this challenge, including encouraging people to enter the workforce, skills training for industries facing the greatest shortages, and attracting more workers to the region."

Learn more about the BC Check-Up: Work report. Data is from Statistics Canada Labour Force Survey, follows a moving three-month average and is not seasonally adjusted. 

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About CPA British Columbia
The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 38,000 CPA members and 6,000 CPA students. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy. CPAs are recognized internationally for bringing superior financial expertise, strategic thinking, business insight, and leadership to organizations.