As of June 6, 2008, the nationwide unemployment rate was 6.1 percent, which remains close to the 33-year low of 5.8 percent reached in February and March 2008. Additionally, the employment participation rate of 68 percent in May remained at a record high.
In British Columbia, the unemployment rate stands at 4.5%, which is among the lowest rates in Canada
In Victoria, the unemployment rate for May measured 2.7%, which is currently the second lowest rate in British Columbia.
In General:
Over the past decade, and more significantly in recent years, Canada’s economy has been growing rapidly. Canada’s labour market growth has resulted in a sharp decline in unemployment rates all across the country.
Among the provinces, British Columbia had one of the lowest unemployment rates in the country, and a historically low provincial unemployment rate. BC’s unemployment rate dropped to 3.9 percent in November 2007, the lowest level on record since January 1976, the first year for which provincial data are available. Since that time it has fluctuated between 4 and 4.5 percent.
The current labour market in Victoria is reaching record high numbers. According to Statistics Canada, B.C. will continue its streak of 6 straight years of above average job growth this year.
Given that Victoria is the provincial capital; it is not surprising that the biggest employers are largely public sector agencies (provincial, municipal, federal). While large employers account for only 2.5% of business establishments, they provide employment for about 30% of the labour force.
Despite the significant economic role of the public sector, the vast majority of business establishments in the CRD are small businesses.
“Small business owners and operators in British Columbia say a shortage of skilled labour is jeopardizing their ability to grow their business” (BC Chamber of Commerce/ Community Futures Development Association of BC, 2005)
