British Columbia’s economic recovery has remained strong and steady despite challenges for businesses stemming from what is called the new normal. Since August 2021, British Columbia has recorded seven straight months of job growth, with 21,000 jobs added in February.
Additionally, business confidence in the province remained high, with the majority of small and medium-sized companies expecting to perform better in the next 12 months.
The newly released Labour Market Outlook 2021 reinforces the optimism reflected in these figures. As highlighted in the infographic to the right.
More Jobs
One million jobs are expected to be added to BC’s economy between 2021-2031. Compared to the ten-year projections released three years previously, the outlook predicts 139,400 more openings to be available in the labour market, an increase of 14%.
Higher Economic Growth
A greater proportion of jobs that BC will gain are attributed to economic growth. The report anticipates that 37% of the 1,000,400 jobs will be new jobs while the remaining 63% of the jobs will be the result of replacing retiring workers. In 2019, only 31% of jobs were due to BC’s economic expansion.
Majority of New Jobs in the Lower Mainland
65% of all jobs British Columbia will gain between 2021-2031 will be based in the Lower Mainland, higher than all the other economic regions in BC combined. Vancouver and the surrounding area will add a total of 653,200 new jobs.
To fill these jobs, employers in British Columbia will need to leverage the talents of skilled immigrants. The Immigrant Employment Council of BC (IEC-BC) is a not-for-profit organization that provides BC employers with solutions, tools and resources they need to attract, hire and retain qualified immigrant talent. Contact us to learn more about programs that can be tailored to your workforce’s specific needs.