RENNIE OUTLOOK 2024
jobs, wages, inflation, & rates: on the path to normalcy
EMPLOYMENT
Since the wild swings in employment experienced during the first two years of the pandemic—when the number of jobs in Metro Vancouver first fell by 124,3oo in 2020 before rebounding by 118,100 in 2021—the region’s job base has grown more steadily, adding 39,500 jobs in 2022 and another 37,400 in 2023. While overall positive, Metro Vancouver’s job base hasn’t kept pace with what has been rapid population growth, with the regional employment rate (the proportion of people aged 15+ who are working), at 64.7%, remaining below its pre-pandemic level of 65.8%.
OUR 2024 OUTLOOK
Supported by record international in-migration and an eventually-rebounding economy thanks (in part) to falling interest rates, we expect the number of jobs in Metro Vancouver to grow by 33,000 in 2024. A rising unemployment rate in the first half of the year will serve to mitigate greater job expansion.
Copyright © 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of February 5, 2024. Data from the Greater Vancouver and Fraser Valley Boards, Statistics Canada, Zonda Urban, CMHC, & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 9
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