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The latest Regional Labour Market Report Card is out from BMO and it paints a terrible picture for the current market in Kelowna.
Kelowna’s labour market is on a downward slide and according to the report, the city currently has an unemployment rate of 7.5 per cent. Canadian employment dipped by 700 in June and full-time jobs around the country fell by 40,100. According to Statistics Canada, the private sector shed 10,500 jobs, but surprisingly British Columbia was still churning out jobs.
The province maintained its status as Canada’s job growth leader according to the report, but not in Kelowna. Big contributors in the province have been construction, professional and business services, but the failing energy sector has affected Kelowna’s job market. As well as the downturn in the oil sector.
Alberta posted a job decline as unemployment rates remain the worst in Canada, and that directly affects Kelowna. For major Canadians cities, Kelowna ranks 29th overall out of 33, down 23 spots. The city which once had one of the strongest labour markets in the country now has one of the worst.
According to BMO, in May, Kelowna was ranked 28th overall, and back in February Kelowna was second last in 32nd spot. At this time a year ago Kelowna was in a much better position with an unemployment rate at 4.5 per cent, well below the national average of 6.8 per cent and the provincial average of 5.8 per cent.
Currently, the unemployment rate in B.C. is 5.9 per cent and Canada is still at 6.8 per cent. Oshawa, ON has the best labour market in the country, followed by Vancouver and Halifax, NS. St. Catharines, ON, Sudbury, ON and Saguenay, QC have the worst markets in the country.
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