Unemployment has risen in the Okanagan.
According to an annual report by the Chartered Professional Accountants of B.C. (CPABC), the unemployment rate in the Thompson-Okanagan region in September 2024 is 5.7 per cent, up 1.7 percentage points from September 2023.
According to Karen Christiansen, a CPA Fellow, the rates are not an alarming figure on their own, but "coupled with a sustained drop in the employment rate, I would say it's cause for concern.”
As of September 2024, there were 300,500 people working in the Thompson-Okanagan, down slightly from the same time in 2023. Full-time employment fell by 13,800 workers for a 5.7 per cent drop.
While part-time work increased marginally, the working-age population increased by 13,7000 (plus 2.6 per cent), which pushed the employment rate down 2.7 percentage points to 55.4 per cent.
“The region had the lowest employment rate in the province,” said Christiansen. “While many challenges weren’t unique to the region, like higher interest rates and population aging, it was also a very difficult year for the agriculture industry.”
There are 3,600 fewer people working in agriculture, and 5,300 fewer in the public administration sector, which is a 32.9 per cent change.
On the positive side, the goods-sector held steady at 71,300 workers and the natural resources industry added 6,000 workers, for an increase of 82.2 per cent.
“It was a devastating year for a lot of farmers in the region, and that had knock-on effects for workers further down the supply chain,” Christiansen explained. “The overall economic impact was substantial and highlights the importance of building a diverse and resilient economy.”
