ECONOMY
Strong and vibrant communities have diverse local economies and a wide variety of options for fulfilling, secure, and well-paid work.
UNEMPLOYMENT RATE
The unemployment rate among people, aged 15 and over, in 2023
GREATER VICTORIA
Similar to 2022
BRITISH COLUMBIA
CANADA
The unemployment rate among women in the region in 2023 was 3%, lower than the rate for men (4%).
% Population (15 years +) who are unemployed
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Canada | 5.7 | 9.7 | 7.5 | 5.3 | 5.4 |
BC | 4.8 | 9.1 | 6.6 | 4.6 | 5.2 |
Victoria CMA | 3.5 | 7.8 | 4.9 | 3.8 | 3.7 |
SOURCE: STATISTICS CANADA
EMPLOYMENT RATE
The employment rate among people, aged 15 and over, in 2023
GREATER VICTORIA
ON PAR WITH 2022
BRITISH COLUMBIA
CANADA
The employment rate among women in the region in 2023 was 59%, lower than the rate for men (64%).
% Population (15 years +) who are employed
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Canada | 62.3 | 58.1 | 60.5 | 62.0 | 62.1 |
BC | 63.1 | 58.4 | 61.2 | 62.1 | 61.8 |
Victoria CMA | 61.8 | 58.9 | 60.2 | 60.8 | 61.4 |
SOURCE: STATISTICS CANADA
SUSTAINABLE DEVELOPMENT TARGETS
8.3: Support decent job creation, entrepreneurship, creativity and innovation, and growth of micro-, small- and medium-sized enterprises
8.5: Achieve full and productive employment and decent work for everyone
8.9: Promote sustainable tourism that creates jobs and promotes local culture and products
9.1: Develop sustainable, resilient, and inclusive infrastructures
AIR AND FERRY PASSENGER VOLUME
BC Ferries reported increases in 2023 compared to 2022
Victoria International Airport reported increases in 2023 compared to 2022
SOURCE: CHEMISTRY CONSULTING GROUP
HOTEL ROOMS
Greater Victoria average rates in 2023 compared to 2022
70% OCCUPANCY RATE
UP FROM 69%
$247 DAILY ROOM RATE
UP FROM $236
$173 REVENUE PER AVAILABLE ROOM
UP FROM $163
The Victoria Conference Centre recorded a nearly 4% decrease in delegate days in 2023, with 84,000 days compared to 87,300 in 2022.
SOURCE: CHEMISTRY CONSULTING GROUP
COMMUNITY IN FOCUS
ECONOMIC IMPACT OF REGION’S TECH SECTOR
Total economic impact of the technology sector in Greater Victoria
$7.9billion in 2023
UP 51% FROM $5.2 BILLION IN 2017
2 BILLION INDIRECT IMPACT (i.e., economic activity generated by businesses that supply goods and services to tech firms)
5.9 BILLION DIRECT IMPACT (i.e., revenues of tech firms and self-employment income from tech firms)
In 2023, an estimated 20,000 employees were directly employed in the region’s tech sector, up from 16,775 in 2017. Of this total, tech firms employed 17,900 individuals and 2,110 were self-employed within the sector.
SOURCE: VICTORIA INNOVATION, ADVANCED TECHNOLOGY AND ENTREPRENEURSHIP COUNCIL (VIATEC)