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.
Highlights as reported by the Labour Force Survey include an increase in the Central Okanagan’s labour force (7.2%) and an average unemployment rate of 5.5% for 2017. The Central Okanagan experienced a 29% increase in job postings in 2017, with an average of 1298 jobs posted per month. The top three categories for job postings included – Sales and Service Occupations (32.4%), Trades, Transport & Equipment Operator Occupations (9.9%) and Business, Finance and Administration Occupations (9.9%).
2017 was a record-breaking year for residential construction in the Kelowna CMA. Total building permit values saw a 23% increase from 2016 sitting at just over $900 Million for the Jan-Nov 2017 period. Multi-family units accounted for most of the growth experienced in residential construction – up 88% from 2016 and 512% in the last 5 years.
The Kelowna Airport saw just under 1.9 million passengers in 2017, setting an all-time traffic record with a growth rate of 9.3% - representing over 161,000 additional travellers.
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.