Recent labour figures released by Statistics Canada have underscored what we at The Chamber have been hearing for months, there are insufficient workers to grow our economy. Based on October data, Greater Victoria has an unemployment rate of 4.4%, one of the lowest in Canada. An unemployment rate of 3% or lower is considered to be full employment. Quebec City's rate is 3.8%.
Hon. Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation and our guest speaker at this year's AGM had this to say about the numbers, "B.C. has the second-lowest unemployment rate in the country at 5.6%, and we continue to lead all provinces with a job recovery rate of 101.9%. Our job-recovery rate regionally continues to be strong,...notable job-recovery rates are Prince George at 107.1%, Vancouver Island at 105.8% – that’s a direct result of people, businesses and communities working together to get through these tough times."
Through hard work and sheer determination, businesses have rebounded, but what the unemployment numbers don't tell us, is how to fill the 900,000 job vacancies across Canada today.