Northern Development has released their 2021 State of the North Economic Report, and it reveals some good, and some troubling information.
While the overall economy in northern BC remained relatively strong during the second year if the pandemic, employment did not.
As a whole, the north is sitting at a 6 percent unemployment rate, an improvement over 2020’s 8.7 percent, but still slightly below 2019’s 5.8 percent.
For the Northwest specifically, the situation is more troubling, as they led all regions in 2021 with a 7.5 percent unemployment rate.
That’s an improvement over 2020’s 9.8 percent rate, but well behind the 4.3 percent mark set in 2019.
While the market share in the north increased during the pandemic due to a reliance on the resources sector, it was on the decline pre-pandemic.
In all, the north makes up just 6.5 percent of BC’s total employment, with over a quarter of that coming from the Goods Production and Resources sector.
Median wages in Terrace for the year locked in at $18.17 per hour, while Kitimat saw a higher median of $20.61 per hour.
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