RDCO: Economic Indicators Confirm Rapid Growth in Kelowna – Okanagan

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Kelowna is the fastest growing census metropolitan area in the country, and many different economic factors drive this title.

A business advisory board has published economic indicator reports which coincide with the new Statistics Canada census.

“The report that we released compares data from 2020 to 2021. And what we found in 2020-2021, the region grew by 2.6%. So it’s definitely a high growth rate that reflects what we’re seeing with the census,” said Krista Mallory, director of economic development for the Central Okanagan Regional District.

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The Central Okanagan Regional District Business Advisory Council report contains some notable statistics for the region.

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“The number of people in the labor force has remained roughly stable; it was down about half a percent from a year ago. In addition, the number of people who had jobs and worked increased by 1.5%, and at the same time, the number of really interesting job offers increased by 42.5% compared to the year. last,” Mallory said.

The ROCO report shows that job openings in the healthcare and social assistance sector have increased by 187% compared to 2020.

The report also shows a side effect of the community’s rapid expansion and the strains it can exert on an already taxed real estate market.

“When you look at resale, all MLS listings in the area, the median home price is up 25.3%, so that’s definitely a concern,” Mallory said.

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The Downtown Kelowna Association said it is also feeling the growth.

“We are seeing the number of residences increasing in downtown Kelowna. With all of these new buildings being constructed, we also have a number of ground floor (new) commercial spaces,” said Mark Burley, CEO of the Downtown Kelowna Association.

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The downtown association also says it has been difficult for them to find new employees, as the report indicates a very low unemployment rate, coupled with an extremely high number of job vacancies.

“Downtown on-call is always where we can add more people, and we’ve had ads everywhere and had very few applicants,” Burley said.

We even went so far as to say that we will cover the training, the license, the security license, which is required to be a downtown guard employee, but we still haven’t had a reaction to that.


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