Metro Vancouver employment growth slows
Slowing economic activity has limited the employment gains in Metro Vancouver. From April to May 2023, Metro Vancouver’s net total employment increased by 3,000 (+0.2%) with unemployment rate rising back to above 5%.
Employment index (February 2020=100) by occupation shows that legislative and senior management occupations reached 264.9 in May 2023 – most employment gain in Metro Vancouver.
The holistic economic metrics in our latest report provide additional insights on energy-efficient housing starts, health-adjusted life expectancy, and crime rates.
Read the Summer 2023 Report
Vancouver Employment
Real GDP* Growth
Metro Vancouver’s real GDP is forecasted to hit $158 billion in 2023 (0.5% annual growth). Our economy remains less fragile compare with other Canadian metropolitan cites and is forecasted to jump back up to 2.8% in 2024, faster than either BC or Canada.
Vancouver, BC and Canada
Business Numbers
Metro Vancouver businesses continue to bounce back from COVID-19. Continuing businesses* reached 85,094 in February 2023 – 6.4% above pre-pandemic levels of 79,994 in February 2020, mainly from construction and professional, scientific and technical services.
Metro Vancouver
*Continuing businesses are businesses that have at least one employee in the previous month and at least one employee in the current month.
Unemployment Indexes
Metro Vancouver’s unemployment index (February 2020=100) recovered to pre-pandemic levels in September 2022, but has crept up again as of November 2022. The region’s unemployment index hit 116.4 in May 2023 (-1.3% decrease from April 2023).
Unemployment Index
Economic Metrics
As one of North America’s fastest-growing low-carbon economies, Vancouver’s economy was performing exceptionally well before the global pandemic. Vancouver’s recent economic growth has been largely driven by a few key sectors – construction, technology, digital entertainment and the green economy – and has done so by becoming a model for sustainable green growth. As we look beyond GDP in measuring economic recovery, here are a few examples of the key metrics that we actively track in the pursuit of a diverse, resilient economy that helps deliver prosperity for all.
Q1 2022CVCA, 2022
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