economy
JOBS, JOBS, AND MORE JOBS (AND EVEN MORE JOBS) At three times the national rate, Metro Vancouver’s job growth rate is impressive; let’s hope we can keep the good times rolling.
The beat goes on for Metro Vancouver’s labour market, with the July 2019 data showing a whopping 6.5% year-over-year growth in employment. Among the more established metro economies in Canada (those with a job base of at least 100K), this pace of job growth ranks second, only a hair behind Calgary’s 6.6%. This is quite a feat for Vancouver’s economy, where the unemployment rate has been hovering near its theoretical minimum
for much of the past year (more on this on the next page). This compares to Calgary’s growth, which has materialized against a backdrop of a recovering economy and a not- insignificant amount of labour force slack. Notably, Abbotsford-Mission also registered impressive employment growth over the past year as well (coming in at 4.8%, right behind Metro Vancouver). In the context of affordability, these are positive signs for the Lower Mainland’s housing market.
VANCOUVER ADDING JOBS AT 3 TIMES THE RATE OF THE CANADIAN AVERAGE
8%
6.6% 6.5%
6%
4.8%
4.2%
4%
2.2%
2%
0%
-2%
-4%
-6%
SOURCE: LABOUR FORCE SURVEY, STATISTICS CANADA
DATA: 3-MONTH MOVING AVERAGE, SEASONALLY-ADJUSTED, PAST-YEAR CHANGE
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