State of Kelowna's Economy
This week we are going to look at the overview of Kelowna's Economy. Different industries shut down some now starting back up things are always changing, with the ebb and flow of the restrictions, it is truly tough to gauge the current state but gives a comparison of the state with comparisons to the rest of Canada to see how we are doing. Invest Kelowna has some up-to-date information regarding Kelowna's economy to keep an eye on what is happening and is highly recommended for you to look at if you are interested in looking at factors that affect Kelowna (https://www.investkelowna.com/).
Looking at the growth in the Central Okanagan according to the Central Okanagan Economic Development Commission in 2021 increased from the previous year by 3.0% to 229,401 with West Kelowna growing by 4.9% and Kelowna growing by 2.4%..
This is the main factor to look at with the health of the economy is looking at the labor force. The labor force is calculated by the number of people over 15 years of age that is able to work/not retired. In December there were 108,900 employed out of a possible 114,900 which made the unemployment rate in Dec 2021 in Kelowna increase from the previous month by 0.7% to 5.2%. Comparing Kelowna to the rest of Canada, Kelowna has fared better than the national average in December of 5.9%. The increase is likely due to the increase in restrictions in December, however, in January we will see how much of the employment was seasonal as restrictions are also partially lifted as of yesterday's announcement.
Total housing starts in November 2021 in Kelowna increased from the same period last year by 279.8% which is positive when looking at the lack of housing currently in Kelowna.
The average rent of a two-bedroom unit increased by 0.4% in the last year, with average vacancy rate of 2.1%.
Really a lot of things can change in a month, even in a couple of weeks when looking at the economy, however, having stronger indicators than the rest of the country is definitely a positive sign for the health of Kelowna's economy.
Have a great week!
Reach out if you have any questions or if there is anything I can do for you.