Photo: Contributed

The Central Okanagan economy slowed in 2024 but remains relatively strong in the big picture.

That was the picture painted by Central Okanagan Economic Development Commission, which released its quarterly economic indicators report this week.

The latest data came from the fourth quarter, so COEDC compared 2024’s numbers to 2023, and there are certainly signs that the local economy cooled its jets somewhat.

The number of jobs decreased by nearly 4,000, and job postings were down almost 16 per cent over the last 12 months despite the number of businesses increasing by 5.4 per cent. The unemployment rate jumped from 3.1 per cent in 2023 to 4.7 per cent last year, but COEDC manager Krista Mallory pointed out the jobless rate remains one of the lowest in the nation.

“The Central Okanagan’s economy has proven to be resilient in the face of economic shocks over the past several years,” Mallory said in a press release. “This resilience speaks to the adaptability and strength of our local business community and regional partners.”

Kelowna metropolitan area’s population increased by nearly 10,000 last year, and housing starts jumped 27.6 per cent. Building permit values plummeted 47.9 per cent, but the report stated that last year’s number was in line with the 10-year average after three big years.

Despite the economic slowdown, the median new home price increased 3.3 per cent, and the average rent cost underwent a 6.8 per cent hike.

COEDC recently launched a tariff resources web page to help businesses in the region remain competitive and resilient in the face of the impending trade war with the U.S.

The page will be regularly updated with new resources and information to ensure it remains current and relevant, COEDC said.