B.C. economy strong and steady at close of 2012 – northeast gained 300 new jobs
VICTORIA – At the close of 2012, British Columbia’s job growth remains strong and steady with a gain of 600 new jobs last month and a drop in the unemployment rate to 6.5 per cent.
In December 2012, B.C. gained 4,300 full-time positions. Regionally, Vancouver Island and Coast gained 3,300 positions, the Kootenays gained 800 positions, the North Coast and Nechako region gained 400 positions and the Northeast gained 300. Of B.C.’s main metropolitan areas, Kelowna reported a gain of 600 jobs and Victoria gained 1,500.
The construction sector continues to experience steady growth, showing strong gains of 14,800 jobs last month. Other areas of job growth include educational services (+12,000 jobs) and wholesale and retail trade (+6,900).
B.C.’s average hourly wage rate in December was up by 2.2 per cent compared with December 2011. For B.C. youth under 25, the average hourly wage in December was up by 5.8 per cent over last year.
Since December 2011, B.C. has added 19,400 jobs as a result of a gain of 30,800 full-time positions combined with a loss of 11,400 part-time positions. With 19,400 job gains since December 2011, B.C. ranks fourth compared to other provinces, behind Québec (+138,000 jobs), Ontario (+100,300 jobs) and Alberta (+31,800 jobs).
• Since August 2011, B.C. has added 42,400 jobs and ranks fourth in job gains compared to other provinces, after Ontario (+110,400 jobs), Québec (+79,200) and Alberta (+54,400 jobs).
• The estimated investment for all major projects currently under construction – projects ranging from shipbuilding to natural gas, mining to manufacturing and transportation to commercial/residential development – is approximately $80 billion, an increase of $11.7 billion since June 2011.
• $48 billion is projected to be invested in liquid natural gas (LNG) alone between 2013 and 2022.
• Two mines have begun production, one is under construction and three more have received permits with construction expected to start this year. Five mine expansions have been permitted.
• Venture capital investment grew by 71 per cent compared to the same period in 2011, the largest gain in the country.
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