The Surrey Board of Trade’s December 2024 Labour Market Intelligence Report has been released, outlining Surrey’s labour market outlook for November 2024. This month’s report includes a special snapshot on Surrey’s labour force trends from 2011 through 2024.
As of November 2024, the growth in employment by broad occupational category in Surrey since November 2023 reflects growth in occupations from a combination of goods-producing and service-producing sectors:
- The trades, transport and equipment operator sector increased employment by a sizable 11,589 jobs or 19.6% in Surrey over the last 12 months;
- Manufacturing and utilities jobs grew by almost 4,000 jobs or 32.1% over the last 12 months;
- Business, finance and administration occupations grew by 2,952 positions or 6.4%; and,
- Natural and applied sciences jobs rose by over 1,800 for an 8.8% increase.
“It will be interesting to see how the recently announced federal immigration policies related to temporary foreign workers and international students might impact Surrey labour market trends,” commented Jasroop Gosal, Interim Spokesperson of the Surrey Board of Trade. “The Surrey Board of Trade will continue to monitor the emerging public policies of the recently re-elected BC NDP government and how they may play out for Surrey’s economy and labour market.”
Over the last year, the biggest decrease in employment by occupational sector was in arts, culture, recreation, and sport (ACRS) positions with a 25.1% decline.
“The reduction in arts, culture, recreation, and sport positions is concerning. These positions are critical to Surrey’s livability,” said Gosal. “These industries are not only economic drivers but are also essential for fostering community connection, diversity, and a sense of belonging. A vibrant cultural scene attracts a skilled workforce, enhances quality of life, and makes a city more appealing to businesses and professionals seeking an enriching environment.”
The labour force, which Statistics Canada defines as the ‘number of civilian, non-institutionalized persons 15 years of age and over who, during the reference [period], were employed or unemployed’, however, has followed a similar trend showing a slight decline from the 2021 census to January 2024, but an increase to 375,400 for an overall 21.8% increase since 2021.
Source: Statistics Canada. Table 14-10-0445-01 Labour force characteristics, selected census subdivisions, three-month moving averages, monthly, unadjusted for seasonality; Statistics Canada, 2021 Census of Population; Statistics Canada, 2016 Census of Population; Statistics Canada, 2011 National Household Survey, Statistics Canada Catalogue no. 99-012-X2011055.
The unemployment rate in January 2024 was estimated by Statistics Canada at 5.5%, which was a significant drop compared to previous census years and as much as 3.1% lower than the 2021 census. However, Statistics Canada reports an estimated 1.5% increase in unemployment since January, up to 7% – still lower than what was experienced in 2021 but a significant jump since the beginning of the year. Surrey’s unemployment rate is just slightly higher in November 2024 than that of the BC average, which was reported at 6.8%.
Source: Statistics Canada. Table 14-10-0445-01 Labour force characteristics, selected census subdivisions, three-month moving averages, monthly, unadjusted for seasonality; Statistics Canada, 2021 Census of Population; Statistics Canada, 2016 Census of Population; Statistics Canada, 2011 National Household Survey, Statistics Canada Catalogue no. 99-012-X2011055.
REPORT: SBOT LM Intel Summary Report_Dec2024
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Jasroop Gosal, 604-634-0345, jasroop@businessinsurrey.com
