So 1-in-5 "retirees" being in the labour force and children working at your local fast food restaurant are just a figment of our imagination?
The Victoria Economy Thread
#721
Posted 06 December 2018 - 11:22 AM
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#722
Posted 06 December 2018 - 11:57 AM
So 1-in-5 "retirees" being in the labour force and children working at your local fast food restaurant are just a figment of our imagination?
Is this supposed to relate to my post somehow?
- LeoVictoria likes this
#723
Posted 06 December 2018 - 12:49 PM
So 1-in-5 "retirees" being in the labour force and children working at your local fast food restaurant are just a figment of our imagination?
What I am not sure is out of that, how many are working because they want to/bored or because they need the money. Its probably 50/50 IMO
- jonny and sdwright.vic like this
#724
Posted 06 December 2018 - 12:58 PM
So 1-in-5 "retirees" being in the labour force and children working at your local fast food restaurant are just a figment of our imagination?
I think what he is referring to is that Statscan only counts people who are actively looking for work in its counts. If you have a large population of retired folks it tends to drive down the overall unemployment rates as they are not counted as unemployed.
- Mike K. likes this
#725
Posted 08 March 2019 - 01:56 PM
No doubt the TC will print this tomorrow as fantastic economic news so I thought that I would comment first. Victoria's unemployment rate dropped to 3.2% from 3.3% last month which continue to be amoungst the lowest in the country. Vancouver's rate increased to 4.9% from 4.7%.
On the surface that appears to be great news until you look at the data. In the past 6 months, the number of people working in Vancouver has increased by 50K while the number of people working in Victoria has decreased by 14K which is enormous given our population. In fact, Vancouver Island is the only region that has fewer people in the workforce today than during the last 2 years.
https://www2.gov.bc....rket-statistics
#726
Posted 08 March 2019 - 01:57 PM
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#727
Posted 08 March 2019 - 02:05 PM
Found another source that indicates that the drop in employment is due to a big drop in participation rate. About 61% of the 15+ population in Victoria is available for work compared to about 65% provincially.
#728
Posted 08 March 2019 - 02:12 PM
Younger Boomers and a few older Gen X-ers are retiring like crazy from the BC Public Service.
#729
Posted 08 March 2019 - 02:56 PM
Found another source that indicates that the drop in employment is due to a big drop in participation rate. About 61% of the 15+ population in Victoria is available for work compared to about 65% provincially.
If you factor in average age, I suspect it balances out.
#730
Posted 11 March 2019 - 04:50 AM
https://www.vicnews....eater-victoria/
#731
Posted 11 March 2019 - 07:38 AM
Figures from Statistics Canada show the value and number of building permits in Greater Victoria have dropped by almost 29 per cent, from January 2018 to January 2019. Value-wise, they dropped to $110.2 million (January 2019) to $154.2 million (January 2018).
https://www.vicnews....eater-victoria/
Not a surprise, I think that most industry people have been forecasting a slowing of construction activity.
#732
Posted 11 March 2019 - 07:40 AM
Younger Boomers and a few older Gen X-ers are retiring like crazy from the BC Public Service.
Could be part of it. I suspect the larger component is working people and families leaving Victoria to find work elsewhere. What we don't know is if that is because of a lack of affordable housing (and will likely reverse as supply opens up) or because people are finding better paying and more senior/challenging roles elsewhere (in which case developers might start to get worried).
#733
Posted 11 March 2019 - 07:42 AM
- jonny likes this
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#734
Posted 11 March 2019 - 07:44 AM
Could be part of it. I suspect the larger component is working people and families leaving Victoria to find work elsewhere. What we don't know is if that is because of a lack of affordable housing (and will likely reverse as supply opens up) or because people are finding better paying and more senior/challenging roles elsewhere (in which case developers might start to get worried).
I hear more about people moving here (from Vancouver typically), rather than leaving.
#735
Posted 11 March 2019 - 08:17 AM
I hear more about people moving here (from Vancouver typically), rather than leaving.
I would be the first to acknowledge that 2 months doesn't make a trend but the statscan results are saying that if you are right, it is seniors who are moving here and working folks that are moving out.
Which by the way is exactly what the CoV OCP forecasted.
Edited by spanky123, 11 March 2019 - 08:18 AM.
#738
Posted 11 March 2019 - 11:26 AM
This is very helpful, jonny.
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#739
Posted 11 March 2019 - 11:48 AM
This is very helpful, jonny.
And ignores population growth. I was referring to participation rate which is a percentage of workers in the workforce.
Technically every day of the week we should be setting a new record for the total number of workers in the workforce!
- Mike K. likes this
#740
Posted 11 March 2019 - 12:46 PM
...Technically every day of the week we should be setting a new record for the total number of workers in the workforce!
Should we? Even if more people retire than take up vacant positions?
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