Our unemployment rate is the lowest in Canada for the 17th month in a row at 4 point 7 per cent.
Bruce Ralston, Minister of Jobs, Trade and Technology, said B.C.’s average wages grew by more than 4 per cent in the last year as well.
He said the construction sector is still firing on all cylinders, especially when it comes to public infrastructure and although there’s been a slight slowdown in the residential construction sector he’s not expecting it to have a big impact.
Ralston said the tech sector is also a strong performer.
“it’s 110,000 jobs and growing. I think some of the big companies have discovered British Columbia but we have our own ecosystem here and lots of local companies that are doing very well and growing and it’s not just in the lower mainland, there’s a tech hub in Kelowna, Victoria has 1,000 companies, Nanaimo.”
As far as red flags, there is some friction with our neighbours to the south and China as well.
But, he said our relationship with China is long and deep.
“So, despite some of the current tension, I think we will continue to work through that relationship. For B.C. China is our number two customer, certainly for the forest industry it’s become over the last 15 years as important market. There’s no sign of any impact on business relations but we are monitoring that closely.”
Looking ahead, Ralston said B.C.’s economy is expected to outperform the rest of Canada over the next three years.