REGIONAL CHECK-UP 2018

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Suzanna Mathews
5 years ago
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REGIONAL CHECK-UP 08 LIVE INVEST WORK Continued population and economic growth increased demand for labour and drove unemployment rate down to 5.%.

1 REGIONAL CHECK-UP 08 LIVE INVEST WORK Continued population and economic growth increased demand for labour and drove unemployment rate down to 5.%. BC lost some of its investment appeal, due to the cancellation of several LNG and other projects. However, business climate remained positive. BC s economic growth over the past few years attracted more skilled workers. Its economic prosperity also made BC a better place to live. JOB CREATION (+6.7%) (+5.5%) (+4.6%) BUSINESS AND INVESTMENT ACTIVITY NORTH COAST (-4.4%) (-.%) (-.0%) EDUCATIONAL ATTAINMENT (+4. PPT) (+.9 PPT) NORTHWEST BC* (+.9 PPT) UNEMPLOYMENT (-.8 PPT) NORTHWEST BC* (-.9 PPT) (-0.9 PPT) BUSINESS INSOLVENCIES AND INCORPORATIONS /ISLAND COAST CONSUMER INSOLVENCIES NECHAKO (-7.%) (-7.%) (-6.%)

2 JOB CREATION Job creation points to the number of jobs created or lost in a year. It indicates whether the economy is expanding or contracting. BC S EMPLOYMENT GREW BY 87,00 JOBS IN 07, REACHING A TOTAL OF.47 MILLION - 00 Jobs Jobs NORTHWEST BC* +,900 Jobs -,500 Jobs -,400 Jobs + 4,600 Jobs + 00 Jobs + 4,00 Jobs +,000 Jobs + 0,400 Jobs + 5,00 Jobs + 0,400 Jobs + 5,400 Jobs +,800 Jobs Gains were largely driven by real estate and consumer spending activity. S labour market expanded to 59,700 jobs in 07, a new record for the region. accounted for the majority of job gains in BC, largely due to housing and consumer spending activity. was the only region to experience an overall job loss in BC, as it continues to be impacted by stalled oil and gas and other resources based projects in the region.

3 UNEMPLOYMENT Unemployment rate is defined as the share of the workforce that is unemployed while actively seeking employment and willing to work. BC S UNEMPLOYMENT RATE FELL TO 5.% -0.9 PPT -0.8 PPT -.9 PPT -.8 PPT -0.7 PPT -0.7 PPT NO CHANGE 5.% BC AVERAGE Only S unemployment rate remained the same, while other regions saw declines in the unemployment rate. 4.6% 5.0% 5.8% 5.9% 7.% 7.% 7.4% AND ISLAND/ COAST S unemployment rates are below the provincial average. NORTHWEST BC* saw the largest decline in its unemployment rate, from 9.7% to 5.9%. This is likely due to an exit of workers from the labour force, as the region experienced an overall job loss in 07.

4 BUSINESS AND INVESTMENT ACTIVITY Capital investment lays the foundation for economic productivity. This in turn ignites long-term job creation and economic development. MAJOR PROJECT ACTIVITY IN BC TOTAL COST OF ALL MAJOR PROJECTS $40.6 BILLION (-8.0%) NECHAKO $7. BILLION (NO CHANGE) $9. BILLION (+0.%) $9. BILLION (+4.6%) NEW PROPOSED PROJECTS WORTH $.67 BILLION THREE PROJECTS WORTH $0.6 BILLION IN TOTAL WERE CANCELLED IN Q4 07: MALAHAT LNG PRINCE RUPERT LNG BC LNG NORTH COAST $87. BILLION (-4.4%) $69.7 BILLION (-.%) $58.7 BILLION (-.0%) $0. BILLION (-.%) $.4 BILLION (-.0%) OTHER INVESTMENT ACTIVITY IN BC Capital investment in non-residential construction: $.6 BILLION (+4.8%) Venture capital investment: $646 MILLION (9 DEALS)

5 BUSINESS INSOLVENCIES AND INCORPORATIONS The trend in the number of business insolvencies and incorporations is an indicator of investment and market conditions for entrepreneurs. BC BUSINESS INSOLVENCIES FELL BY 7.% WHILE BUSINESS INCORPORATIONS INCREASED BY 6.% INDICATING A MORE STABLE CLIMATE NUMBER OF BUSINESS INSOLVENCIES VS. BUSINESS INCORPORATIONS (Change in Number of Reports 06-07) has had its ups and downs in terms of business incorporations, due to economic fluctuations, but business insolvencies have remained relatively low, indicating some stability NECHAKO The challenges faced by S forestry industry in 07 may have contributed to the increase in business insolvencies. - + NORTH COAST -9 INSOLVENCIES INCORPORATIONS +,4 Over the past 5 years, S business insolvencies fell by almost 75% while incorporations increased by almost 7%, reflecting business confidence and optimism.

6 EDUCATIONAL ATTAINMENT Post-secondary education lays the foundation for worker productivity and long-term gains for the individual and society as a whole. THE EDUCATIONAL ATTAINMENT OF BC S LABOUR FORCES (AGED 5-54) IMPROVED BY.0% +.4 PPT -.5 PPT +4. PPT -.9 PPT +.9 PPT +.9 PPT +. PPT 7.4% BC AVERAGE BC s labour force has become increasingly more educated over the past 5 years due to the evolution of the knowledge economy. 7.8% 68.% 67.9% 65.8% 65.8% 6.5% 56% experienced a second consecutive year of decline in terms of educational attainment. This is surprising as the region s tech industry continues to grow. NORTHWEST BC* S educational attainment has fluctuated over the past 5 years, but has trended upwards as its economy increasingly expands and diversifies.

7 CONSUMER INSOLVENCIES The consumer insolvency rate is the number of personal insolvencies per,000 adults and reflects the outcome of change in economic status, indebtedness or the credit market. THE RATE OF CONSUMER INSOLVENCY IN BC FELL BY 0.7% NUMBER OF CONSUMER INSOLVENCIES (Change 06-07) For the past 5 years, BC s consumer insolvency rate has progressively improved. NECHAKO.6 PER,000 ADULTS -7.%.0 PER,000 ADULTS -6.%.9 PER,000 ADULTS -7.%.8 PER,000 ADULTS -6.% is the only region to see an increase in the number of consumer insolvencies over the past 5 years..6 PER,000 ADULTS.7 PER,000 ADULTS -6.% -8.% NORTH COAST. PER,000 ADULTS.0 PER,000 ADULTS NO CHANGE +.% NORTHWEST BC enjoyed the lowest rates of consumer insolvency in BC over the past 5 years, which could be due to the relative affordability of housing in the region. had one of the highest consumer insolvency rates since 0, driven by significant debt loads, layoffs in the region s mining industry, and a decline in major project activity.

Long-term. Unemployment to 5.1% to $55,096. BC Check-Up BC s employment opportunities were abundant. BC s quality of life deteriorated

Long-term. Unemployment to 5.1% to $55,096. BC Check-Up BC s employment opportunities were abundant. BC s quality of life deteriorated 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