B.C. Labour Market Outlook show stable economic growth in 2024

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Victoria:  The fourth edition of the British Columbia Labour Market Outlook (Outlook) is now available on the WorkBC website. Labour market demand and supply are influenced by a combination of trends and they change from year to year. The Outlook provides the most current data available on the kinds of jobs and skills that will be in demand throughout British Columbia between now and 2024. The new report also provides detail on projected job openings in key occupations and industries by region and an updated list of top-opportunity occupations. B.C.’s Skills for Jobs Blueprint is re-engineering the province’s education and training system toward a data-driven system, shifting investments and re-aligning programs to focus on jobs that are in demand. The Outlook report is a valuable resource for educators, counsellors, students and their families in making decisions regarding education and skills training. It also helps those who are unemployed or underemployed find jobs that are in demand right now. Post-secondary institutions also use this data to ensure their programming aligns with high demand occupations now and over the next decade. The 2024 Outlook highlights show steady economic growth in the province in the next 10 years. Job openings due to retirements and economic growth remain unchanged at 68% and 32% respectively from the previous 2022 Outlook. Employment growth is projected to be 1.2%, which is consistent with forecasts from the Ministry of Finance and BC Stats. Consistent with last year’s Labour Market Outlook, there will be almost one million job openings in British Columbia over the next decade, and most of these openings will require post-secondary training. Approximately 42% of job openings will require college education or apprenticeship training, 36% will require university and/or significant work experience and 18% will require high school and/or occupation-specific training.   Key industry sectors highlighted in the current report include technology and science, manufacturing and natural resources. While this report does not include assumptions about future LNG investments, the ministry is working with communities, employers and post-secondary institutions to ensure that, when final investment decisions are made, British Columbia’s workforce will be ready. The 10 major occupational groups are ranked as follows in terms of job openings over the next 10 years: * Sales and service * Business, finance and administration * Management * Trades, transport and equipment operators and related * Education, law and social, community and government * Health * Natural and applied sciences and related * Art, culture, recreation and sport * Manufacturing and utilities * Natural resources, agriculture and related production Updated Outlook data can be accessed through WorkBC.ca online tools that include comprehensive career, industry and regional profiles; it is also available on the DataBC at: http://catalogue.data.gov.bc.ca/dataset/labour-market-outlook Labour market projections contained in the Outlook are based on available labour market data from Statistics Canada and other sources, industry growth and population projections and consultations with employers, industry partners and representatives from key sectors. They are meant to reflect general expected trends over the medium to long term.