Forty thousand B.C. jobs expected to be lost in 2009
 

B.C. Finance Minister Colin Hansen speaks to media on Friday in Vancouver about employment and the recession.

B.C. Finance Minister Colin Hansen speaks to media on Friday in Vancouver about employment and the recession.
Photograph by: Jon Murray, The Province

As the global economic crisis continues to spill into B.C., some 40,000 jobs are predicted to vanish across the province in 2009, according to an economic report to be released this week by Central 1 Credit Union.

Those most at risk work in construction, but substantial job losses are also expected in the retail, primary-resource and manufacturing industries.

Finance and real-estate jobs will also disappear, say forecasters.

“It’s been a fast adjustment from growth to recession and it caught most people by surprise,” says Dave Hobden, a Central 1 Credit Union economist. “We thought it would take longer to wash up on our shores.”

The construction sector is predicted to shed some 25,000 jobs in 2009, followed by retail and wholesale trade, which are expected to see 11,000 job losses, according to the new economic report.

B.C.’s primary resource sector (which includes mining, forestry, fisheries and agriculture) is predicted to take 4,000 workers off the payrolls, while manufacturing is forecast to cut 3,000 jobs.

Predicted job losses amount to a 1.7-per-cent decline in employment.

“The rapidity of the change has been unprecedented,” said Ken Peacock, director of economic research at the B.C. Business

Council.

Nationally, 34,000 full-time jobs were cut in December, according to figures released Friday by Statistics Canada.

B.C. shed 7,500 jobs in December — most in construction — pushing unemployment to 5.3 per cent, up from 4.9 per cent in November.

In B.C., provincial Finance Minister Colin Hansen said he still believes B.C.’s in a better position than the rest of Canada.

Hansen said economic advisers predict the downturn will bottom out in mid-2009, with B.C. rebounding in 2010.

Over the past few years, B.C.’s buoyant economy was propelled by job growth, rising incomes and investment in the housing sector.

But as sales in housing slow and prices drop, demand for new home construction is also flagging.

Housing starts in Vancouver fell six per cent in 2008 over 2007.

“You’ve all read about the condo projects put on hold. There’s one in Surrey with 900 units on hold. That’s not just 900 units — that’s 900 kitchens, at least 900 bathrooms, 900 units full of hardwood flooring — you name it,” said Peter Simpson, CEO of the Greater Vancouver Home Builders Association.

To stem job losses, the B.C. government is trying to accelerate

$7-billion worth of infrastructure spending earmarked for 2009.

“We want to make sure we get shovels in the ground and workers on the job sites as soon as possible,” said Hansen.

Projects include seismic upgrading for schools, highway improvements and hospital construction in Kelowna and Victoria.

Retailers are bracing for a tough year as consumer confidence dwindles. Fewer dollars will be spent on furniture, home appliances and electronics, Peacock predicts.

Dismal economic conditions facing many of our trading partners mean B.C.’s exports will suffer.

With the U.S. housing sector still in a slump, B.C.’s forestry industry (responsible for 40 per cent of the province’s goods exports) is expected to continue its slide.

The outlook in mining is as bleak, given the substantial decline in commodity prices. Last week, Vancouver-based mining company Teck Cominco announced 1,400 workers — 400 of them in B.C. — will be laid off.
http://www.theprovince.com/Business/...953/story.html

This was pretty obvious that it was coming. As soon as the US hit their recession, it was pretty automatic that it would eventually hit us. We have too many economic ties to the states.

didn't read the whole thing.

with all the constructions almost finishing.. we will need to deport all those people with work permit back to their home country

Yikes! -.-lll

so now is a good time to finally get my wall bong installed?

Will this cause a decrease in construction cost? I need to build a garage

yup...the price of such labour will most likely fall...

....in b.c.....alone.....shit

will this also decrease the cost of other things as well? such as clothing, food, water, electricity, and such?

depends on where you are...if you're in Fort Mac...most likely...if you're in Van...doubt it.

basic economic says that we need to keep large amount of money circulating... keep it up guys

Fail, it will fall more dramatically here because of a few reasons.


1. More dramatic markup in Vancouver
2. Surplus of supply found in Vancouver generally not found in rural areas

From a quality perspective, the slowdown for real estate developments is a good thing. All the shitty, underqualified workers can go back to flipping burgers, and all the experienced workers should still be able to find work.

you know, that sounds good on paper...but for Joe Average like me, the promise of prices of goods going down with the crashing economy is enough to make me hold onto my hard-earned money and get more bang for my buck.

plus, contractors will have more incentives to not just slap things together :p

So true, it's a good thing for contractors as far as the labor pool goes. Now if it reaches a point when there is nothing out for tender then we may have a problem. :)

i'm hoping education costs go down. i miss vancouver!

work in the food industry, niggas gotta eat

^ oh man i loled. i just imagined some kid chowing down on a burger. lol

hahaha a big mac

they won't.

On a side note, are the beef patties from Mcdonald's getting paper thin or what?:cry:

its difficult enough for us students to pay for our tuition since it just keep raising!! and now fewer jobs out in the field... boo

lol, canada is slow, I can't believe you guys just start talking about it, when pretty
much every place on earth has been suffering from the financial crisis for almost a year.

you won't have a cheaper bill to pay, I am sorry. Have you ever heard about translink
will lower the fare? or UBC will give you 20% off due to the financial down turn. don't be
silly. People will just getting poorer and spend less. Good luck keeping your job, you
should feel happy you are not the batch who is going to get laid off this year.

The only place that is making decent money probably only dollar store, or places that
sell cheap food.

Uhh...Canadians (and especially BC-ers) are talking about it now because it's hitting us now. Everyone talked sooner 'cuz it hit'em sooner...

Some bills have gone down...I fly almost every weekend and my plane tix are cheaper thanks to airlines removing the fuel surcharge as a result of cheaper fuel brought on by the recession...

It's true....Wal Mart will thrive :p

btw...thanks for the thread lol...I just talked to the federal Minister of Labour an hour ago and I asked her if there are any plans to do in Alberta what they're doing in BC (with the whole bringing projects forward) haha