Quick Facts and Diversified Economy of British Columbia
Summary of Current Economic Situation
Indicator
Labour Market
Consumer
Spending
Housing Market
Inflation &
Interest Rates
Exports
Global Growth
Year-to-date performance in 2023
The unemployment rate is low (5.0% in May) but high job vacancies in some
sectors is still a concern.
Consumer spending on goods is softening (up only 1.0% year-to-date to March).
Housing construction is strong (up 25.8% year-to-date to April) while sales activity
is showing signs of picking up but remains at low levels.
Inflation has started to ease (4.3% in April) but affordability challenges remain,
while interest rates are high.
The value of goods exports has weakened (down 5.9% year-to-date to April), while
service exports continue to recover.
Private sector projections for most of B.C.'s major trading partners (e.g., rest of
Canada, U.S., and China) have improved for 2023 and worsened for 2024.
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