In December 2008, the nationwide unemployment rate was 6.6%, which remains close to the 33-year low of 5.8% reached in February and March 2008. However, the employment growth from December 2007 to December 2008 was 0.6%, much slower than the increase of 2.2% over the same period in the previous year.
In British Columbia, the unemployment rate stands at 5.3%, which is still among the lowest rates in Canada, up 1.1% from 12 months earlier. The annual average unemployment rate for BC is 4.6%, up 0.4% from the 4.2% reached in 2007. It is noteworthy, though, the increase was the second highest in the country while the national rate increased 0.1%.
In Victoria, the unemployment rate in December, 2008 measured 3.6%, which is well below the provincial average.
In General:
“BC’s Labour Market in like a lion, out like a lamb in 2008”---BC Stats, Labour Force Statistics, December 2008
Among the provinces, British Columbia had one of the lowest unemployment rates in the country. In 2008, employment ended relatively unchanged due to the gains in the first eight months of the 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)
