New report points to ‘growing pessimism’ about B.C.’s economy

November 7, 2024

Reporting from the Chartered Professional Accountants of British Columbia paints a mixed, increasingly pessimistic picture of the provincial economy, but what unites many economic regions of B.C. is a lack of affordable housing.

CPABC’s BC Check-Up finds “growing pessimism” among CPAs about B.C.’s state. The overall provincial unemployment rate hit six per cent in September, 0.5 per cent higher than a year ago, as labour demand has eased in recent months, the report notes.

The softening job market has especially hit youth aged 15 to 24 hard. According to the report, they are the “most impacted” as their unemployment rate jumped 3.7 per cent to 13.7 per cent. The report also finds “(unaffordable) housing” to be the top concern among members, with 85 per cent identifying it as a challenge facing B.C. businesses, similar to Sept. 2023. Concerns about housing affordability were especially pronounced in B.C.’s Southwest and Vancouver Island.

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