economy
MOVING CLOSER TO A NEW PHASE OF GROWTH Metro Vancouver’s jobs market has proved to be resilient in the face of Covid. The question now is how long until we transition from recovery to growth mode.
British Columbia is the only province (or territory) in Canada that has fully “recovered” its employment base to its pre-pandemic high. Furthermore, BC has registered total employment counts in excess of February 2020 levels in each of the past three months. The same goes for Metro Vancouver, where employment is 1% higher than it was 1.5 years ago, prior to Covid. This region compares favourably to its large-metro peers in Canada,
with Montreal just now getting back to its employment level of February 2020, and Toronto still 2% below its pre-pandemic peak. Call it good fortune or good pandemic management, but the BC and Metro Vancouver labour markets remain the best-performing ones in the country. While employment remains significantly off-trend, we can finally begin to look forward to a period of transition to a more stable cadence of job additions here in the region.
A STALLED JOBS RECOVERY
1.04
1.9% MONTHLY JOB GROWTH
0.1% MONTHLY JOB GROWTH
0.90 0.92 0.98 1.00 1.02 0.96 0.94 0.82 0.84 0.88 0.86
1.01 1.00 0.98
0.80
0
1 2 3 4 5 6
7
8 9 10 11 12 13 14 15 16 17
MONTHS SINCE THE PANDEMIC BEGAN FEB
VANCOUVER
TORONTO
MONTREAL
DATA: SEASONALLY-ADJUSTED TOTAL EMPLOYMENT INDEXED TO THE BEGINNING OF THE GREAT SUPPRESSION (FEBRUARY 2020, WHERE EMPLOYMENT=1.00)
SOURCE: LABOUR FORCE SURVEY, STATISTICS CANADA
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