Economic Scan - British Columbia: 2024
Demographics
Highlights
- In 2024, the number of people aged 65 years and over in B.C. increased by 3.4% compared to 2023. They made up 19.8% of the population, exceeding the national rate of 18.9%.
- In 2024, the annual growth rate for youth (aged 15-24 years) was 5.2%. Youth accounted for 12.0% of the total provincial population, in line with the national rate of 12.3%.
- In 2024, the number of people in the core aged working group (25-54 years) increased by 3.9% annually, representing 42.5% of the population.
- Since 2020, the province's population has grown rapidly, increasing by 522,329 (10.1%), primarily due to immigration.
In 2024, the population of B.C. reached 5.7 million, an increase of 3.0% compared to 2023, in line with the national growth rate (3.0%).
In 2024, the unemployment rate for Indigenous people in B.C. was 10.1%, up 2.0 percentage points when compared to 2023. The unemployment rate for Indigenous people was 4.7 percentage points higher than that of non-Indigenous people. Indigenous men had an unemployment rate of 10.9%, compared to 9.3% for women.
Of all the provinces in the W-T, B.C. has the highest proportion of people that are visible minorities (34.4%), followed by Alberta (27.8%). The proportion of visible minorities is also higher in B.C. than the national proportion of 26.5%.
In 2024, B.C.'s labour force included approximately 1 million landed immigrants, an increase of 4.8% compared to 2023. In contrast, the number of Canadian-born workers decreased by 0.5% over the same period. In recent years, labour force growth has been primarily driven by immigration.
In 2022, 26.2% of people in B.C. aged 15 and over identified as a person with disabilities (PWD). There has been wide differences in income and employment outcomes for people with disabilities compared to the total population in B.C. For instance, the average median after tax income for the total population in B.C. was $37,780 compared to $35,010 for PWD's.
Source: Statistics Canada - Canadian Survey on Disability (CSD) 2022.
Labour Market Conditions
In 2024...
Employment grew slightly (2.3%)
Unemployment is up sharply (10.2%)
Participation rate decreased (65.8% to 65.2%)
Employment rate decreased (62.4% to 61.6%)
Show data table
| Year | Unemployment Rate (%) |
|---|---|
| 2014 | 6.2 |
| 2015 | 6.2 |
| 2016 | 6.1 |
| 2017 | 5.3 |
| 2018 | 4.6 |
| 2019 | 4.8 |
| 2020 | 9.1 |
| 2021 | 6.6 |
| 2022 | 4.6 |
| 2023 | 5.2 |
| 2024 | 5.6 |
- The unemployment rate in B.C. increased by 0.4 percentage points in 2024, following a rise of 0.6 percentage points in 2023. While overall employment grew in 2024, the number of new job seekers entering the labour market exceeded the number of available jobs.
- Despite declining inflation and interest rates throughout the year, new economic uncertainties have emerged over potential U.S. tariffs.
- In 2024, the labour force increased by 2.2%, primarily due to immigration.
Economic Conditions
British Columbia's Economic Drivers in 2024
Strong labour market growth due to immigration
Lower inflation and interest rates
High amounts of government investment into public services
Source: The Conference Board of Canada. Provincial Five-Year Outlook. November 2024.
Show data table
| Year | Forecasted GDP Growth Rate |
|---|---|
| 2024 | 1.6% |
| 2025 | 1.7% |
| 2026 | 2.2% |
| 2027 | 2.1% |
Reviewing 2024...
- The forecasted GDP growth in B.C. in 2024 was 1.6%. GDP growth was higher than the national growth rate which was 1.1%. GDP growth in the province was also the second highest growth rate in the W-T region, behind Alberta.
- On a per capita basis, the GDP in the province saw a slight decrease. In 2024, per capita GDP decreased by 1.4% in the province compared to a decrease of 1.8% nationally.
- A cold-snap in January decimated vineyards and stone fruit crops throughout the Thompson-Okanagan economic region. Widespread economic impacts were felt by farmers and producers in the region.
- Lower interest rates and decreasing inflation helped to support a 1.9% increase in household consumption in 2024.
- Mega projects such as Trans Mountain, Site C, LNG Canada, and Coastal Gas Link, which boosted employment throughout the year, were either completed or began to wind down construction in 2024.
Risks to the British Columbia Economy in 2025
- The spectre of potential U.S. tariffs will likely shake consumer and business confidence and could negatively impact private investment in the province.
- Extreme weather events have caused extensive economic damage throughout the province over the last few years. While the wildfire season in 2024 wasn't as destructive as 2023, the province continues to be especially susceptible to future extreme weather-related events compared to other provinces.
- Decreased immigration due to reduced federal immigration targets will likely impact economic growth, as the labour market adjusts to fewer people in the labour force.
Regional Issues
Migration
From July 1, 2023, to June 30, 2024, B.C. experienced a net loss of 9,199 people through inter-provincial migration. However, during the same period, the province added 97,200 people through international immigration.
Immigration is expected to slow in the coming years as the federal government has introduced lower immigration targets from 2025-2027.
Industry Trends
Show data table
| Industry (NAICS) | Employment Change ('000s) | Percent Change (%) |
|---|---|---|
| Health care and social assistance | +27.0 | +7.0 |
| Professional, scientific and technical services | +11.0 | +3.8 |
| Public administration | +10.3 | +7.2 |
| Transportation and warehousing | +9.4 | +6.4 |
| Construction | +9.3 | +3.9 |
| Finance, insurance, real estate, rental and leasing | +8.1 | +4.6 |
| Other servives (except public administration) | +7.4 | +6.6 |
| Information, culture and recreation | +7.0 | +5.0 |
| Business, building and other support services | +3.3 | +3.6 |
| Manufacturing | +2.4 | +1.4 |
| Forestry, fishing, mining, quarrying, oil and gas | +2.4 | +4.7 |
| Utilities | -0.3 | -1.6 |
| Educational services | -0.3 | -0.1 |
| Agriculture | -7.3 | -30.0 |
| Accommodation and food services | -10.8 | -5.5 |
| Wholesale and retail trade | -12.9 | -2.9 |
- Employment in the agriculture sector decreased by 7,300 jobs (-30%) in 2024. A cold snap in January decimated wine grape and stone fruit crops throughout the province.
- Employment in the health care and social assistance sector increased by 27,000 jobs (+7.0%), the largest, increase across all industries when compared to 2023. New and expanded hospital projects throughout the province are fueling job growth in the sector.
- Employment in the forestry and logging and support activities for forestry industry increased by 900 jobs (6.5%). However, the forestry sector continues to be negatively impacted by U.S. trade tariffs, a shrinking timber, pulp and fiber supply, insect infestations, wildfires, and measures to protect old-growth forests.
Regional Economic Conditions
- On a percentage basis, the Vancouver Island and Coast region had the highest employment growth at 5.2%, followed by the North Coast and Nechako region (4.8%).
- The Thompson-Okanagan region was the only region in the province to experience an annual employment decrease (-6,100 jobs or -6.1%). The decline was at least partly due to the January 2024 cold snap that destroyed agricultural crops throughout the region, impacting agriculture and tourism.
Employment Change by Economic Region, 2024
Show data table
| Economic Region | Percent Change (%) | Employment Change ('000s) |
|---|---|---|
| Vancouver Island and Coast | +5.2 | +23.2 |
| North Coast and Nechako | +4.8 | +2.1 |
| Kootenay | +3.2 | +2.7 |
| British Columbia | +2.3 | +66.1 |
| Lower Mainland-Southwest | +2.3 | +41.9 |
| Northeast | +1.7 | +0.6 |
| Cariboo | +1.7 | +1.4 |
| Thompson-Okanagan | -2.0 | -6.1 |
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