Health-care, tech sectors expected to fuel job growth in B.C. over next decade: report

The latest labour market outlook in British Columbia predicts the province will still see more than one million new jobs over the next decade, even as the national economy is expected to lose steam in the short-term.

The outlook released Wednesday said health-care and tech sectors will continue to drive job opportunities, followed by retail, construction and education. Nearly 80 per cent of job openings will require some level of post-secondary education, largely in the form of a bachelor's degree or diploma.

"Despite the global economic challenges we're facing, there are significant job opportunities for people over the next decade as we keep building an economy that is inclusive, sustainable and doesn't leave British Columbians behind," said Minister of Post-Secondary Education Selina Robinson.

Around 63 per cent of new workers will be replacing those who retired. The remaining 37 per cent will be created as the economy grows.

The province thinks millennials moving from the early stages of their careers into mid-level jobs will account for the largest bulk of workers as baby boomers have primarily retired. Newcomers to Canada will account for 38 per cent of workers, while migrants from other Canadian provinces could make up eight per cent.

All regions are expected to see employment growth, particularly on coastal Vancouver Island and in the Okanagan as people move away from the Lower Mainland.

The numbers released Monday by the provincial government echoes the outlook released last year. The outlook is a long-term look at B.C.'s jobs market. Since the prediction looks broadly at the economy over a 10-year period, it's unlikely to reflect any gains and losses from booms and busts.

The province said high opportunity occupations — those with more openings and good pay — could be civil engineers, information systems analysts and early childhood educators.

Canada's annual inflation rate has slowed since the summer and reached 6.3 per cent in December. The Bank of Canada wants to see the inflation rate fall back to its two-per-cent target and expects that to happen in 2024.

Many economists are anticipating a mild recession in 2023, though the economy is expected to recover in the second half of the year.

"We still do expect GDP growth to continue to slow and get into negative territory over the first half of this year,'' RBC assistant chief economist Nathan Janzen told The Canadian Press in an interview last month.