Indicators show strong job growth

The Central Okanagan Economic Indicators for quarter one of 2022 provide a snapshot of the Region’s economy from January to March 2022.

“The Q1 2022 Economic Indicators show a continued strong resurgence in the Central Okanagan economy with airport passengers up 270.1% and job postings up 44.4% compared to Q1 2021” says COEDC Manager, Krista Mallory. “Housing starts and building permit values are down compared to a 251% surge in building permit values in Q1 2021 largely attributed to a rush to meet DCC grandfathering deadlines in the City of Kelowna in early 2021. Despite the decrease in Q1 2022, activity and interest in the region remain high.”

Job postings in the Central Okanagan increased 44.4% in Q1 2022 compared to Q1 2021 and 65.5% compared to pre-pandemic levels in Q1 2020. The largest increase was in Sales and Service occupations at 29.4%. At the same time, the average number of people participating in the labour force decreased slightly by 2.7% compared to 2021.

In addition the Quarterly Economic Indicators, the COEDC released 2021 Age and Dwelling Census Highlights following Statistics Canada’s latest census data release on April 27.

About the Economic Indicator Report:

In an effort to keep the public and business community informed on the economy of the region, the COEDC - the Region’s primary business resource – collates and distributes statistics of economic indicators for the Central Okanagan.  The Q1 2022 Economic Indicators report provides a snapshot of the Region’s economy from January to March 2022.

The Commission sources the above third-party statistical data from BC Stats, Statistics Canada, CMHC, Vicinity Jobs, and local governments in the Central Okanagan. Caution should be used in the interpretation of month-to-month statistics, in particular the Labour Force Survey, a monthly sample survey which provides unemployment rates of the Canadian labour market.

The Economic Indicator’s are publicly available on the Resources page in the COEDC website.

To learn more about the COEDC and what we do visit www.investkelowna.com.