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Boom, boom, boom. Once again, the quarterly release of economic indicators for the Central Okanagan depict a vibrant region of innovation, growth and enviable lifestyle.
The Central Okanagan Economic Development Commission compiles the list of 10 indicators every three months as a way to monitor the community’s health.
The latest results show the Kelowna metropolitan area continues to bat above its weight.
From 2016 to 2017, the Central Okanagan’s population grew 1.4 per cent to 199,103.
The provincial average annual growth rate is 1.2 per cent.
The number of people employed was 7.2 per cent more last year than 2016 with at 99,767.
The unemployment rate in 2017 was 5.5 per cent, down from eight per cent the year before.
Such a low jobless rate is indicative of a labour shortage in certain sectors.
That’s why job postings in the region were up 29 per cent in 2017 to an average of 1,298 per month.
The most openings, 5,054 in 2017, were in sales and service occupations.
From 2016 to 2017, home construction starts ballooned 63 per cent to 3,577.
Permits were issued for $906 million worth of building from January to November 2017.
That’s up 23 per cent from the $739 million in the same period in 2016.
All the demand for housing pushed the median price of a single-family home in Kelowna to $730,000 in 2017, up 23 per cent from 2016.
In 2017, the average rent for a two-bedroom apartment was $1,151, up eight per cent.
Between 2005 and 2015, average annual household income escalated 19.5 per cent to $71,127. The number of passengers at Kelowna airport set another record in 2017 at 1.9 million, up 9.3 per cent from 2016’s record of 1.7 million.
The only indicator to decline was the number of licensed businesses.
In 2017 there were 13,089, down 3.6 per cent from the 13,579 in 2016.
However, it’s estimated there are actually more businesses in the region than ever before.
The 2017 drop is due mainly to a City of Kelowna database adjustment no longer counting secondary suites in homes as a business licence category.
For maintaining and adding the most assets in 2017, Gerald Goertsen of De Thomas Wealth Management in Kelowna has made the Wealth Professional Canada list of the top 50 advisers in the country.
In 2016, Goertsen added $32 million in assets under management, a 28 per cent increase from the year before.
Goertsen has been dually licensed as a mutual fund and life insurance adviser since 2002 and also recently earned certified financial planner designation.
Goertsen volunteers with Designated Driver Dads and contributes enough monthly to Home for Hope to feed 420 children in Rwanda, Kenya and Congo.
Wealth Professional Canada is a news and training resource for advisers from coast to coast.
Home Depot hiring
Home Depot is looking to hire almost 100 people in Kelowna, Vernon and West Kelowna this spring.
To collect resumes and do interviews, the company will hold two career fairs at stores in each of the three communities on Feb. 7 and Feb. 21.
The Feb. 7 sessions run 7 p.m. to 11 p.m. for job seekers interested in overnight positions in stocking shelves, unloading and sorting freight and inventory control. The Feb. 21 events are between 4 and 6 p.m. for those interested in seasonal sales positions as cashiers and helping customers load their purchases in their cars.
Steve MacNaull is The Okanagan Weekend’s business and wine reporter and columnist. Reach him at steve.macnaull@ok.bc.ca.