B.C. records drop in unemployment rate

February was a good month for B.C. when it comes to the unemployment rate as it dropped to 4.9 per cent thanks to more than 21,000 people finding work.

It’s lower than the national unemployment rate, according to Statistics Canada, which sits at 5.5 per cent.

It’s also an improvement not seen in two years, since before the pandemic, in terms of B.C.’s workforce.

A majority of the jobs were in the Metro Vancouver area, and some sectors saw a significant decrease.

By city, Victoria had among the lowest unemployment rates, at 4.2 per cent in February, tied with Abbotsford. Vancouver sits at 5.4 per cent, and Kelowna at 7.1 per cent.

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B.C.’s natural resources sector, which includes mining, forestry, and oil and gas, saw fewer people employed from the previous month, and a drop of 13 per cent over the year before. Jobs in utilities fell by nearly 30 per cent over a 12 month period.

The construction sector, which is high in demand due to the low housing supply, also saw a small decrease in jobs from February 2021.

The health-care, teaching, and manufacturing industries all saw more jobs, but B.C.’s accommodation and food services still remain lower than the same time the year before. That’s on par with what is being seen across the country.

While that sector is credited in part with helping the economy rebound due to the easing of restrictions, employment in the industry remained more than 17 per cent below its pre-pandemic February 2020 level.

Nationally, the jobless rate fell to 5.5 per cent — the lowest it’s been since February 2020 before the pandemic hit.