The Chartered Professional Accountants of British Columbia (CPABC) released their B.C. Check-Up: Work, an annual report on labour market trends across the province.
In the Cariboo region, there were 85,500 people working in November 2024, similar to the number they recorded in 2023.
“Employment in the Cariboo was relatively steady during the year,” said Corey Naphtali, CPA, CA, partner at KPMG. “Conditions are softening, but not to the same extent that we are seeing at the provincial level.”
The unemployment rate in the Cariboo was recorded at 5.8 per cent in November 2024. In November 2023 it was 5.5 per cent. The labour force participation rate was 61.1 per cent, just below last year's number and 6.2 percentage points below November 2019's numbers.
“It’s not too surprising to see the participation rate continue on its downward trend as our population continues to skew older,” said Naphtali. “A major challenge the region faces is finding workers to fill vacancies where shortages still exist. At the same time, some industries have struggled given the current economic climate.”
There are 66,400 people working in the region's services sector as of November 2024, that is 4,700 more than last year.
Employment in the goods sector fell by 6,300 workers from 2023 and is at 19,100 employees as of November 2024. Most of that decline was in construction jobs, which employed 2,800 fewer workers and manufacturing jobs which employed 2,600 fewer workers.
“We saw contractions in industries that are some of the main drivers of the Cariboo’s economy,” explained Naphtali. “Over the longer term, the focus remains on attracting skilled workers and encouraging investment in the region.”
