In an effort to keep the public and business community informed on the economy of the region, The Regional District of Central Okanagan’s Economic Development Commission (COEDC) - the region’s primary business resource - releases a publically available quarterly Economic Indicators Report highlighting key economic data for the Central Okanagan.
The Q1 period of January to March 2018 saw
an increase in the Central Okanagan’s labour force participation of 1.7% and an
average unemployment rate of 6.1%. The region saw 5,871 job postings in Q1 2018,
supporting the growth in the region’s labour force, with the highest demand continuing
to be in the sales and service occupational category.
Total housing starts are 63% lower when compared with Q1 2017. This change is primarily attributed to the record high number of multi-family projects that were started in 2017. Many of these starts are still underway fueling some of the momentum of the last five years which saw a 253% increase in housing starts from 2013-2017. Additionally, the CMHC reported new home prices averaging $925,000 compared to resale home prices averaging $656,750 in Q1 2018.
Note the Commission collects the above third party statistical data from BC Stats, Statistics Canada, CMHC, 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.
For More Information Contact:
Director, Economic Development
Regional District of Central Okanagan
(250) 469-6280 or firstname.lastname@example.org