The August 2023 Surrey Labour Market Intelligence Report has been released by the Surrey Board of Trade.
Over the last 12 months, Surrey employment grew by an estimated 6,615 jobs or 2.0% since July 2022. While still significant, this growth was smaller than the growth in the previous 12 months (July 2021-July 2022) which was more than 7,900 jobs or 2.5% as part of the COVID-19 recovery since 2020. Importantly, this contrasts with less job growth at the national and provincial levels.
“What is most concerning is the sectors with the most negative employment change in Surrey such as transportation, warehousing, manufacturing and construction,” said Anita Huberman, President & CEO, Surrey Board of Trade.
Surrey experienced employment growth in both goods-producing and service-producing sectors – those with the greatest job growth to July 2023 are estimated to be:
1. More than three-quarters (77%) of Surrey’s gross employment growth over the last 12 months came from the wholesale and retail trade employment with an increase of 9.5% or over 5,100 jobs in Surrey;
2. Health care employment, perhaps with all-out recruitment and hiring efforts, rose by 7.4% or almost 2,900 jobs since July 2022;
3. Employment in finance, insurance and real estate also increased a further sizeable 14.4% or 2,164 jobs;
4. Education sector employment jumped another 13.7% since July 2022 for almost 3,000 more jobs – perhaps resulting from a continued, sustained attendance at school throughout the year; and,
5. While smaller in absolute growth in jobs (1,847), Surrey’s resource sector (i.e., agriculture, forestry, fishing, mining, quarrying, oil and gas) expanded by an impressive 51.2% over the last 12 months – leading the way in Surrey growth on a percentage basis.