CPABC: Cariboo’S Goods-Sector Loses Workers In 2024

(MENAFN- GlobeNewsWire - Nasdaq) PRINCE GEORGE, British Columbia, Dec. 17, 2024 (GLOBE NEWSWIRE) -- The Chartered Professional Accountants of British Columbia (CPABC) recently released BC Check-Up: Work, an annual report on labour market trends across the province. In the Cariboo region, there were 85,500 people working in November 2024, similar to the number recorded one year earlier.

“Employment in the Cariboo was relatively steady during the year,” said Corey Naphtali, CPA, CA, partner at KPMG Canada in Prince George.“Conditions are softening, but not to the same extent that we are seeing at the provincial level.”

The region's unemployment rate was 5.8 per cent in November 2024, compared to 5.5 per cent recorded in November 2023. Meanwhile, the labour force participation rate was 61.1 per cent, slightly lower than last year, and 6.2 percentage points below November 2019 levels.

“It's not too surprising to see the participation rate continue on its downward trend as our population continues to skew older,” continued Naphtali.“A major challenge the region faces is finding workers to fill vacancies where shortages still exist. At the same time, some industries have struggled given the current economic climate.”

As of November 2024, there were 66,400 people working in the Cariboo's services sector, 4,700 more than there were in November 2023. Conversely, employment in the goods-sector fell by 6,300 workers to 19,100 in November 2024. The bulk of the decline occurred in construction and manufacturing, which employed 2,800 and 2,600 fewer workers, respectively, compared to November 2023.

“We saw contractions in industries that are some of the main drivers of the Cariboo's economy,” concluded Naphtali.“Over the longer term, the focus remains on attracting skilled workers and encouraging investment in the region.”

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About CPA British Columbia

The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 40,000 CPA members and 6,000 CPA candidates and students. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy.

CONTACT: CPABC Media Contact: Jack Blackwell, Economist 604.259.1143 ...

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