Among the provinces in Canada, British Columbia is leading the pack when it comes to employment growth. Data released by Statistics Canada on March 11 shows that British Columbia added 14,100 jobs in February. This has helped the province keep its unemployment rate steady at 6.6 percent, which is lower than the nationwide average of 7.3 percent.
“B.C. has been the runaway job-growth leader over the past year at a strong 3% year-over-year, almost triple runner-up Ontario’s 1.1% rise,” said BMO Chief Economist Douglas Porter. He pointed out that just three provinces in the country – British Columbia, Ontario and Quebec – have witnessed job growth in the last year.
However, it was British Columbia that had the maximum gains. This is good news for graduates as it increases graduate employability in the province and offers opportunities that may not be available to them in other provinces.
Across Canada, the construction sector witnessed the strongest growth in February, creating a total of 34,000 jobs. Meanwhile, business, building and other support services noted 12,700 new jobs. The slump in the oil and gas industry was evident as the number of jobs in this sector decreased in February.
In British Columbia, the biggest gains were recorded in two major industries: wholesale and retail trade, and transportation and warehousing. The Chief Economist of the Business Council of British Columbia, Ken Peacock, believes that retail sales have surged because cross-border shopping is dropping. In addition, the low interest rates are prompting British Columbians to buy cars. In fact, vehicle sales have increased by 9.5 percent, which is the strongest growth the industry has seen in the last ten years.
Recent economic reports suggest that job markets have been looking up in the country. However, the country still needs more job opportunities to keep pace with the population gains it is seeing. This may end up prompting the Bank of Canada to slash overnight rates in hopes of spurring the job market even further.
With the British Columbia job market growing, this is the perfect time to enroll in a UCW MBA program. The degree will open up new avenues for graduates as it prepares them to be efficient and effective leaders in their workplace. The MBA program combines classroom knowledge with real-life business situations that allow students to acquire the necessary skills to become successful leaders.