Long-term. Unemployment to 5.1% to $55,096. BC Check-Up BC s employment opportunities were abundant. BC s quality of life deteriorated
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1 Check-Up 2018 EMPLOYMENT OPPORTUNITIES LOUR PRODUCTIVITY QUALITY OF LIFE INVESTMENT CLIMATE s employment opportunities were abundant 87,300 jobs to 2.5 million are service sector positions Unemployment to 5.1% 0.1ppt Long-term unemployment to 0.5% s labour productivity stayed the course Labour force with at least some post-secondary education: RECORD IN! 2.0ppt to 71.4% 0.9ppt Employment in the natural and applied sciences: Average labour compensation: 0.1% 0.2ppt to 6.8% to $55,096 s quality of life deteriorated Consumer debt per capita 7.1% to $67,294 largely due to rising mortgage debt Housing affordability WORSENED due to record housing prices Share of median income spent on housing: 2.3ppt 7.3ppt to 80.6% to 59.4% Vancouver Victoria s investment climate remained stable Private sector 2.6% non-residential building investment: Value of international exports: TOP 3 Export Commodities 12.7% to $43.7 billion ENERGY $11.0 billion to $4.5 billion Due to low Canadian dollar and spike in energy exports WOOD $9.7 billion METALLIC MINERAL $5.3 billion 4 years of economic growth pushed s labour market to full capacity Aggregate compensation actually grew but it was outpaced by the rate of job creation Percentage of labour force between ages 19 and 25 with less than a high school education: -0.1ppt to 5.4% Government net debt as a percentage of GDP: 0.9ppt to 15.2% ppt = percentage point CHECK UP s ECOMY Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
2 Outlook Moderated growth is expected throughout 2018 and Housing activity is expected to slow down as a result of new policies and shifting demands. Uncertainty over trade relations will continue to have some impact on s exporters, especially softwood lumber exporters. Recent policy changes in, including the new employer health tax, speculation tax, and the community benefits agreement, will also affect s economy. 27,300 Jobs Goods: 16,800 Services: 10,400 Dec 17-June % GDP Growth Rate Forecast CHECK UP s ECOMY Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
3 Employment Opportunities CHANGE in 87,300 EMPLOYMENT 0.9ppt UNEMPLOYMENT RATE 0.1ppt LG-TERM UNEMPLOYMENT RATE 7,128, % 1.2% 2,466, % 0.7% British Columbia 2,286, % 0.5% Alberta 18,416, % 0.7% Ontario Canada S EMPLOYMENT OPPORTUNITIES WERE UNDANT ppt = percentage point CHECK UP s ECOMY Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
4 Employment Opportunities Four years of strong economic growth pushed s labour market to full capacity, as employment grew by an impressive 87,300 new jobs in 2017, reaching a total of 2.47 million. Unemployment also fell to 5.1%, below the national average of 6.3%. Improved labour market conditions also drew many people back to work, with the labour participation rate rising to 65.3%, the highest level since This also led to a decline of 0.1ppt in s long-term unemployment rate to 0.5%. Employment: 3.7% Unemployment: 0.9ppt Labour Force Participation: 1.4ppt! Labour market: Full capacity CHECK UP s ECOMY Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
5 Labour Productivity CHANGE in 2.0ppt EDUCATIAL ATTAINMENT 0.2ppt EMPLOYMENT IN THE SCIENCES 0.1% LOUR COMPENSATI PER EMPLOYEE 73.7% 8.5% $72, % 8.0% $60,501 British Columbia 70.5% 6.8% $55,096 Alberta 73.4% 6.3% $58,874 Ontario Canada S LOUR PRODUCTIVITY STAYED THE COURSE ppt = percentage point CHECK UP s ECOMY Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
6 Labour Productivity A higher level of education in the workforce implies better employment prospects and compensation, as well as improved business productivity. In 2017, the share of s labour force with at least some postsecondary education grew to 71.4%. But a deeper look at employment, specifically in the natural and applied sciences, says otherwise. Workers in these knowledge-based fields boost innovation and long-term business productivity, and this indicator fell for a second consecutive year in to 6.8%. Labour Compensation per Employee 55K 72K 61K CAN 59K! Wages: Low CHECK UP s ECOMY Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
7 Quality of Life 7.1% 2.3ppt 7.3ppt 0.1ppt CHANGE in CSUMER DEBT PER CAPITA Vancouver Victoria HOUSING AFFORDILITY* YOUTH AT RISK $67,294 Vancouver 80.6% 8.3% $55,570 Toronto 75.2% 5.8% $53,576 Victoria 59.4% 5.4% British Columbia Alberta $56,609 Calgary 41.6% 7.2% Ontario 47.52% Canada CHECK UP s ECOMY Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca ppt = percentage point S QUALITY OF LIFE DETERIORATED *Percentage share of median pre-tax household income required to cover the cost of mortgage payment (principal and interest), property taxes, and utilities based on the median market price for an overall aggregate of housing types.
8 Quality of Life s average labour compensation was low while Growth in Consumer Debt! its consumer debt per capita is high. This, combined with high housing prices and rising interest rates, affected s quality of life. 8.4% CAN Debt: High In 2017, the share of labour force aged with less than a high school education fell to 5.4%. There has been a steady decline over the past five years, reflecting an increase in high school completion rates and likely better employment prospects for young workers. CHECK UP s ECOMY Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
9 Investment Climate CHANGE in 2.6% PRIVATE SECTOR N- RESIDENTIAL BUILDING INVESTMENT (MILLIS) 9.7% VALUE OF EXPORTS PER WORKER 0.9ppt GOVERNMENT NET DEBT AS A % OF GDP $15,728 $40, % $7,123 $26, % British Columbia $4,531 $16, % Alberta $38,543 $25, % Ontario Canada ppt = percentage point S INVESTMENT CLIMATE REMAINED STLE CHECK UP s ECOMY Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
10 Investment Climate Despite following four successive years of strong economic growth, 2017 was less than stellar for s investment climate. After six years of positive growth, private sector non-residential building investment declined to $4.5 billion. While the value of exports per worker saw a 9.7% gain to reach $16,805, significantly lagged behind the Canadian average and other comparison jurisdictions. Private Sector Non-Residential Building Investment: 2.6% Value of Exports per Worker: 9.7%! Business Interest: Average s government net debt as a percentage of GDP increased to 15.2%, but it remained one of the best performers among our comparison jurisdictions. Government Net Debt as a % of GDP: 0.9ppt CHECK UP s ECOMY Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
11 Definitions EMPLOYMENT OPPORTUNITIES LOUR PRODUCTIVITY QUALITY OF LIFE INVESTMENT CLIMATE Job creation: the annual change in Educational attainment: The Consumer debt per capita: Private sector investment in non- the number of employed workers. percentage of the labour force includes both personal and residential infrastructure: Unemployment rate: the share of unemployed persons in the labour force, which is defined as people ages 15 and older who aged 25 to 64 with post-secondary accreditation. Employment in the sciences: the share of employment in the natural mortgage debt. Youth at risk: the percentage of the labour force aged lacking a high school diploma. investments in non-residential building construction, excluding expenditure on residential construction and engineering work. are employed or actively looking for work. Long-term unemployment: the share of the labour force out of and applied sciences. Labour compensation per employee: compensation received by an individual for work done, R housing affordability index: the proportion of median pre-tax household income required to service the cost of mortgage Value of exports per worker: the ratio of the inflation-adjusted value of exports to the number of workers. work for 52 weeks or more. including employers social payment, property taxes, and Government net debt as a contributions, before deducting utilities based on the median percentage of GDP: the ratio of government transfers. market price for an overall government net debt to GDP and aggregate of housing types in measures the fiscal position of a a given market. provincial government. Data for Check-Up is obtained from Statistics Canada and supplemented with information from other credible published sources. CHECK UP s ECOMY Contact: Vivian Tse, Public Affairs Manager, vtse@bccpa.ca
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