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Regional Check-Up 2019

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Check up on your region's economic performance in 2018.
www.bccheckup.com

Publicada em: Economia e finanças
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Regional Check-Up 2019

  1. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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.
  11. 11. Media Contact Vivian Tse, Public Affairs Manager 604.488.2647 | vtse@bccpa.ca Regional Check-Up 2019 As leaders in analyzing and validating information, CPAs are often called upon to provide independent, fair, and objective information to assist in decision- making. It is our hope that the report will make a positive public policy contribution to the province by stimulating debate and discussion about how to make BC a better place in which to work, invest, and live. The report is prepared by Chisholm Consulting, in association with Gold Island Consulting. Opinions expressed in the report do not necessarily reflect those of individual chartered professional accountants. © Regional Check-Up, Chartered Professional Accountants of British Columbia bccheckup.com

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