Vancouver Island's economy disrupted but adapting, State of the Island report finds – Campbell River Mirror - Campbell River Mirror | Canada News Media
Connect with us

Economy

Vancouver Island's economy disrupted but adapting, State of the Island report finds – Campbell River Mirror – Campbell River Mirror

Published

 on


During COVID times, especially, the ‘State of the Island’ differs greatly sector by sector.

The Vancouver Island Economic Summit concluded Thursday, Oct. 28, with the annual presentation of the State of the Island report from Susan Mowbray, senior economist with MNP.

This year’s report highlighted “the sectoral nature of the impacts of COVID-19.” Whereas pandemic health restrictions harmed industries such as tourism, service, arts and entertainment, recreation and transportation industries, other sectors such as health and certain financial and professional services that transitioned to remote work environments reported growth.

Mowbray recalled that last year’s State of the Island report came in more uncertain times, when different pandemic restrictions were in place and vaccines weren’t yet available.

“We definitely have more clarity on where things are going, but there has not been a single narrative or data point that describes the economic journey we’ve been on or will be on going forward,” she said. “Really, the theme this year is about this ongoing disruption we’re experiencing.”

Increasing adoption of digitization is another theme common across sectors, Mowbray said, and it’s created both challenges and opportunities. In an era of worker shortages, she said, “hybrid” business models that incorporate some remote work can be helpful.

“Employers need to adapt to our new labour market conditions. They need to be creative,” she said. “For employers who can have part of their staff working remotely, that’s a way for them to actually attract, potentially, and retain staff.”

READ ALSO: Province trying to keep worker shortage from limiting economic recovery, premier says

She added that the construction industry, for example, has shown technological advancements in pre-fabrication that creates efficiencies and reduces waste.

“We’re going to see increasing adoption of technology in areas where we never would have expected it before, and that’s actually good for our productivity,” Mowbray said.

Conversely, some workers have struggled to keep up with technology and that is one of the reasons for the labour shortage, she said, as there are gaps in digital skills.

“It’s areas that might come as a surprise. Something as simple as knowing how to process an online order if you’re a retailer … or maybe it’s how to use a tablet if you’re an electrician and you’re doing your invoices,” she said.

On the Island, the administrative, professional, scientific and technical services added jobs between 2019 and 2021, whereas employment numbers dropped in construction, hospitality and retail.

Mowbray was surprised by the construction job losses, but said they can be attributed to the completion of some large-scale projects on the Island, and also to supply chain problems.

As for the forestry sector, Mowbray said production is expected to remain stable at 2019-2020 levels following a period of persistent decline before that.

The Island’s unemployment rate in the first half of 2021 was 6.5 per cent, below B.C.’s rate of 7.3 per cent, and rebounding from an 8.7-per cent unemployment rate during 2020. Because of the Island’s aging population, though – 25 per cent of residents are 65-plus – the Island has the lowest employment and labour force participation rates in the province.

The Island’s population grew more modestly last year than during the previous five years, but the Island’s 1.2-per cent population growth was still slightly above B.C. rate of 1.1 per cent. Alberni-Clayoquot, Comox Valley and Capital regional districts were the Island’s fastest-growing regions at 1.3 per cent last year, with Nanaimo and Strathcona close behind at 1.2 per cent.

READ ALSO: Study finds Vancouver Island arts sector generates $900 million annually

READ ALSO: Doughnut economics pitched to Vancouver Island’s business community

READ ALSO: Island economic summit speakers to discuss disruption, digital innovation, doughnut economy



editor@nanaimobulletin.com

Like us on Facebook and follow us on Twitter

Business

Adblock test (Why?)



Source link

Continue Reading

Economy

Minimum wage to hire higher-paid temporary foreign workers set to increase

Published

 on

 

OTTAWA – The federal government is expected to boost the minimum hourly wage that must be paid to temporary foreign workers in the high-wage stream as a way to encourage employers to hire more Canadian staff.

Under the current program’s high-wage labour market impact assessment (LMIA) stream, an employer must pay at least the median income in their province to qualify for a permit. A government official, who The Canadian Press is not naming because they are not authorized to speak publicly about the change, said Employment Minister Randy Boissonnault will announce Tuesday that the threshold will increase to 20 per cent above the provincial median hourly wage.

The change is scheduled to come into force on Nov. 8.

As with previous changes to the Temporary Foreign Worker program, the government’s goal is to encourage employers to hire more Canadian workers. The Liberal government has faced criticism for increasing the number of temporary residents allowed into Canada, which many have linked to housing shortages and a higher cost of living.

The program has also come under fire for allegations of mistreatment of workers.

A LMIA is required for an employer to hire a temporary foreign worker, and is used to demonstrate there aren’t enough Canadian workers to fill the positions they are filling.

In Ontario, the median hourly wage is $28.39 for the high-wage bracket, so once the change takes effect an employer will need to pay at least $34.07 per hour.

The government official estimates this change will affect up to 34,000 workers under the LMIA high-wage stream. Existing work permits will not be affected, but the official said the planned change will affect their renewals.

According to public data from Immigration, Refugees and Citizenship Canada, 183,820 temporary foreign worker permits became effective in 2023. That was up from 98,025 in 2019 — an 88 per cent increase.

The upcoming change is the latest in a series of moves to tighten eligibility rules in order to limit temporary residents, including international students and foreign workers. Those changes include imposing caps on the percentage of low-wage foreign workers in some sectors and ending permits in metropolitan areas with high unemployment rates.

Temporary foreign workers in the agriculture sector are not affected by past rule changes.

This report by The Canadian Press was first published Oct. 21, 2024.

— With files from Nojoud Al Mallees

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

PBO projects deficit exceeded Liberals’ $40B pledge, economy to rebound in 2025

Published

 on

 

OTTAWA – The parliamentary budget officer says the federal government likely failed to keep its deficit below its promised $40 billion cap in the last fiscal year.

However the PBO also projects in its latest economic and fiscal outlook today that weak economic growth this year will begin to rebound in 2025.

The budget watchdog estimates in its report that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year.

Finance Minister Chrystia Freeland pledged a year ago to keep the deficit capped at $40 billion and in her spring budget said the deficit for 2023-24 stayed in line with that promise.

The final tally of the last year’s deficit will be confirmed when the government publishes its annual public accounts report this fall.

The PBO says economic growth will remain tepid this year but will rebound in 2025 as the Bank of Canada’s interest rate cuts stimulate spending and business investment.

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

Statistics Canada says levels of food insecurity rose in 2022

Published

 on

 

OTTAWA – Statistics Canada says the level of food insecurity increased in 2022 as inflation hit peak levels.

In a report using data from the Canadian community health survey, the agency says 15.6 per cent of households experienced some level of food insecurity in 2022 after being relatively stable from 2017 to 2021.

The reading was up from 9.6 per cent in 2017 and 11.6 per cent in 2018.

Statistics Canada says the prevalence of household food insecurity was slightly lower and stable during the pandemic years as it fell to 8.5 per cent in the fall of 2020 and 9.1 per cent in 2021.

In addition to an increase in the prevalence of food insecurity in 2022, the agency says there was an increase in the severity as more households reported moderate or severe food insecurity.

It also noted an increase in the number of Canadians living in moderately or severely food insecure households was also seen in the Canadian income survey data collected in the first half of 2023.

This report by The Canadian Press was first published Oct 16, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending

Exit mobile version