SOURCE: Chartered Professional Accountants of British Columbia

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September 14, 2016 09:48 ET

Better Employment Prospects for British Columbians

CPAs Say B.C. Experienced Positive Job Creation for the Sixth Year in a Row

VANCOUVER, BC--(Marketwired - September 14, 2016) - According to the BC Check-Up, an annual publication by the Chartered Professional Accountants of British Columbia (CPABC), B.C. saw an increase of 27,800 jobs in 2015. Approximately two-thirds of these job gains occurred in the service sector.

Gains in the service sector largely occurred in knowledge-intensive industries, including the health care & social assistance; information, culture & recreation; business, building & support services; and professional, scientific & technical services industries. These gains were mirrored by an improvement in the educational attainment of B.C.'s labour force. In 2015, 70.2 per cent of our labour force had at least some post-secondary education, a 2.1 percentage point increase over 2014.

Greater educational attainment correlates with productivity gains and a higher standard of living, and ultimately makes B.C. a better place to work. With a diversifying economy, growing high tech sector, and the widespread dissemination of technological advances across all industries, B.C. has seen the most dramatic five-year improvement in labour force educational attainment compared to Alberta, Ontario, and Canada as a whole. Between 2010 and 2015, the proportion of workers aged 25-54 with at least some post-secondary education in B.C. grew by 5.9 percentage points.

More jobs and a better educated workforce led to a gain in real labour compensation. Average real labour compensation per worker increased by 1.1 per cent to $53,373. Over the past five years, B.C. experienced the greatest increase in real labour compensation. Between 2010 and 2015, average labour compensation per worker increased by 9.5 per cent. Comparatively, Alberta saw an increase of 9.4 per cent, Ontario saw an increase of 3.5 per cent, and Canada as a whole saw an increase of 6.4 per cent. However, despite these gains, average compensation for workers remained below the national average, which was $57,071.

Quote:
Richard Rees, FCPA, FCA, President and CEO of CPABC:
"B.C.'s economic strength made it a good place to work in 2015. Economic forecasts for 2016 and 2017 indicate that B.C.'s economy will likely continue to grow. As a result, employment prospects for British Columbians are positive through 2016 and into 2017. As of June 2016, 43,100 new jobs were added to the province. This was led by gains of 36,400 jobs in the service sector, with an impressive increase of 11,500 jobs in the business, building and other support services industry. In the goods sector, the construction industry also saw an increase of 11,800 jobs. Gains in these two industries reflect the hot real estate market in Metro Vancouver, Greater Victoria, and Kelowna."

Quick Facts on B.C.'s job market in 2015:

  • There were 2,306,200 jobs in B.C., an increase of 27,800 jobs.
  • B.C.'s unemployment rate increased by 0.1 percentage points to 6.2 per cent, as the expansion of labour force outstripped the number of new jobs. The national average was 6.9 per cent.
  • 70.2 per cent of B.C.'s workers had a post-secondary certificate or higher, compared to the national average of 72.1 per cent.
  • B.C.'s real compensation per worker increased by 1.1 per cent to reach $53,373.

Learn more about the BC Check-Up at www.bccheckup.com.

About CPA British Columbia
The Chartered Professional Accountants of British Columbia (CPABC) was formed through the amalgamation of the Institute of Chartered Accountants of BC (ICABC), the Certified General Accountants Association of BC (CGA-BC), and the Certified Management Accountants Society of BC (CMABC). CPABC was officially established when the CPA Act came into effect on June 24, 2015. CPABC represents over 34,000 members and 5,200 CPA students and candidates.

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