HomePage / Property & Development / Sustainability / Monitoring Strategy / City Plan Monitoring

Area of Impact

Employment

Indicator

Unemployment Rate

Integrated Policy & Action Areas

C5.1

Economic Capital

C5.2

Human, Social, & Environmental Capital

C5.3

Business Development

C5.4

Innovation & Technology

Reporting Period Data

Period Score
2018 88%
2019 96%
2020 50%
2021 74%
2022 125%
2023 94%

Sustainability End Goal

The annual unemployment rate should be lower than 4.5%. This means the vast majority of those interested in being employed can find a job within a reasonable period of time.

Metric

4.5%
Annual unemployment rate

How The Score Is Calculated

If the annual unemployment rate is 6%, the score is 4.5%/6%=75%. This is an exception where the metric needs an adjustment (Refer to B4 Approach). When the performance (annual unemployment rate) should be lower than the sustainability end goal (4.5%), the metric is inverted so the performance appears in the denominator.

Indicator Data

Total Nanaimo Unemployment Rate & Target

Rationale and Analysis

Why We Measure This

The unemployment rate is considered one of the most important economic indicators. It measures the share of workers in the labor force who do not currently have a job but are actively looking for work. A high unemployment rate means that a large amount of the population is living without a stable income. If the high unemployment rate continues, it could weaken the purchasing power of those without a stable income. This could mean the businesses would have to lay off employees. This would balance the falling revenues, which could result in more people depending on social services or leaving the city.

How We Measure It

The City collects the annual unemployment rate from Statistics Canada.
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