SURREY LABOUR MARKET NEWS: Surrey November Labour Market Report Sees Impressive 3.9% Growth Says Surrey Board of Trade

The November 2022 Surrey Labour Market Intelligence Report has been released by the Surrey Board of Trade.

“Tracking labour market trends in an ongoing way is important to ensure our policy framework is focused on developing a suitably skilled workforce, a broad availability of good-quality education as a foundation for future training, and a close matching of skills supply to the needs of enterprises and labour markets. It enables workers and enterprises to adjust to changes in technology and markets, and to anticipate and prepare for the skills needs of the future,” said Anita Huberman, President & CEO, Surrey Board of Trade. “This will fuel innovation, investment, economic diversification and competitiveness, as well as social and occupational mobility.”

Employment in Surrey in October 2022 was an estimated 3.9%, or more than 11,600 jobs, above employment before the pandemic in February 2020; and over 36,500 higher than the lowest period in April 2020. The largest employment sectors in Surrey in October 2022 were:

1.     Wholesale and retail trade (48,711)

2.     Health care and social assistance (39,177)

3.     Construction (31,642)

4.     Manufacturing (27,433)

5.     Transportation and warehousing (26,098)

6.     Professional, scientific and technical (22,544)

Health care, public administration, technology (including information, culture and recreation) and natural resources sectors are leading Surrey’s jobs recovery. Agriculture and non-agriculture resource companies are prevalent in Surrey and continue to positively impact employment in other sectors.

On the other hand, while having mostly recovered, the construction sector in Surrey continues to lag – down over 1,000 jobs, or -3.1%, since the pandemic started; and the high-touch, large-group accommodation and food services, other services, wholesale and retail trade and transportation and warehousing sectors remain below pre-pandemic levels.

The slow recovery of sales and service, trades (construction-related) and services impacted by earlier COVID restrictions continue to be of concern in Surrey and elsewhere. Continuing supply chain bottlenecks, labour shortages and a slowing economy are factors.