Vancouver's high real estate prices make British Columbia one of the most expensive provinces. Outside of this metropolis, the cost of living is more affordable. Unfortunately, this doesn't solve economic struggles for BC residents. While the cost of living is high in Vancouver, most of the province's jobs are also located there. Professionals looking for management and executive jobs have better chances finding employment in Vancouver. However, a boom and bust pattern has made employment patterns difficult to predict.
British Columbia Job Opportunities
BC has a wealth of natural resources. Many cities and towns in the province rely on the mining and forestry industries. Despite the importance natural resources play, these industries have slumped in recent years. Today's job seekers have more opportunities in finance, management and insurance. Most management and accounting jobs are located near Vancouver, Victoria and other metropolitan areas.
British Columbia Employment Trends
Many of BC's communities have struggled to recover from the recession. While recovery has been slow, there is noteworthy progress. In late 2009, BC had an unemployment rate of nearly 11 per cent. That rate has slowly fallen. In May 2015, Labour Market Statistics released data showing that the unemployment rate had reached 6.1 per cent. Of the 3.9 million people over 14 years old living in the province, about 63 per cent were employed or looking for jobs. About 1.4 million residents were not part of the labour force.
Employment trends in BC show that natural resources are important but losing ground to the real estate, management, finance and insurance markets. The median wage for accountants and finance professionals in BC is about C$28.85 per hour (C$60,000 annually). Those looking to earn more money should consider careers in insurance. The median wage for insurance managers in BC is about C$43.27 per hour (C$90,000 annually).