In September 2024, the unemployment rate in the Kootenay region stood at 5.7 percent, nearly unchanged from the previous year, according to BC Check-Up: Work, an annual labour market report by the Chartered Professional Accountants of British Columbia.
Labour market conditions softened over the past year, as seen in lower job vacancy rates, though the impact on unemployment has been minimal, said Mike Calder, CPA, CA, a partner at BDO Canada.
“There was also a small bump in employment compared to last year.”
The region’s workforce reached 82,900 in September 2024, showing a slight rise from September 2023 levels.
Full-time employment grew by 10.7 percent to 64,400, while part-time work saw a marginal decline, pushing the employment rate up to 57.1 percent.
“Given the headwinds facing the broader economy over the last year, the region’s labour market has navigated those relatively well,” continued Calder. “That said, it wasn’t smooth sailing across the board in 2024, as some parts of the economy faced unique challenges.”
Employment in the goods sector held steady year-over-year, despite a 22.1 percent drop in natural resources jobs, shedding 2,100 positions.
Gains in construction and minor shifts in other industries offset this decline.
In the services sector, employment rose by 7.6 percent to 59,700 workers, driven largely by the wholesale and retail trade industry, which added 3,000 jobs, a 26.3 percent increase.
“It’s important that we continue to attract investment to the region’s core industries and that residents reap the benefits of that economic activity,” concluded Calder.
