Economy indicators humming
Okanagan Edge Staff - Jan 29, 2019 - Biz Profiles

Image: Contributed

The fourth-quarter numbers are in, and 2018 was another strong year for the Central Okanagan economy, according to numbers released by the Central Okanagan Economic Development Commission on Tuesday.

The most stunning number in the economic indicators report was job postings, as the region experienced a whopping 49.3 per cent increase in that category last year. There was an average of 1,938 job postings per month, with sales and service jobs leading the listings at 30.4 per cent.

There was a 1.4 per cent increase in the Central Okanagan’s labour force, the average unemployment rate was five per cent, and the number of business licences jumped by 4.5 per cent.

The District of Peachland led the region in 2018 with a 14.2 per cent increase in business licences, while Westbank First Nation was next with 5.9 per cent growth.

Housing starts decreased by 28.6 per cent from 2017, which was expected after the area’s record numbers from 2014 to 2017.

Other notable numbers from the report were an increase in median newly constructed house price (up 25.3 per cent to $901,250), household income (a 19.5 per cent increase to $71,127) and population growth (two per cent growth to 208,864).

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