Vancouver sees fastest employment growth in over a decade

January 28, 2016 | Jobs and the Economy

Figures released this month by Statistics Canada and BMO Nesbitt Burns confirm that Vancouver’s economic success is continuing to gain momentum, with 2015 seeing the Vancouver region achieve 4.2% growth in employment - the fastest rate of employment growth since 2002. Vancouver’s unemployment rate has also now fallen to 5.7%, well below the BC average of 6.7% and the Canadian average of 7.1%.
“With a record-setting year for new office space, new rental housing, construction investment, and tourism visits, it’s clear that Vancouver’s economic action strategy is working and that our economic growth is on a roll,” said Mayor Gregor Robertson. “City Hall will continue our work to support job creation throughout our economy’s most innovative and fastest-growing sectors, and to keep making Vancouver an ever better city in which to live, work, and grow a successful business.”
The Conference Board of Canada has forecast that Vancouver and our region will continue to lead Canada in economic growth through until at least 2019, with 3.4% growth in 2015 and a further 3.5% growth anticipated in 2016. The Conference Board has also noted that 2015 was “the fifth time in the past six years that growth in the region has topped 3%.”
Vancouver is now home to more than 75,000 technology jobs, with another 15,000 expected in the next 3 years. 2015 also saw the City of Vancouver achieve all-time records for new office space under construction (4.5 million sq.ft. as of July 2015), construction investment ($3.2 billion), and overnight tourism visits (9.4 million visits).
The Financial Post has also noted that Vancouver leads Canadian cities in growth of new head offices.