Business bankruptcies Business insolvencies have been declining in BC for over a decade , which points to a well-established and stable entrepreneurial environment . In 2017 , total insolvencies dropped by 27.1 %, down from 199 to 145 . Except for the Cariboo , where the number of bankruptcies increased by two , all development regions saw a decline in this indicator last year . The top three performers were Thompson-Okanagan ( -50 %), Vancouver Island / Coast ( -34.6 %), and Southwest BC ( -15.2 %). In Northeast BC , the absolute number of insolvencies dropped from five to zero in 2017 . The Kootenay , North Coast , and Nechako development regions each saw their business insolvency numbers decline by one .
Table 3 : Business Bankruptcies in All Development Regions , 2012-2017
Change |
Region |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
5-Year |
1-Year |
|
|
|
|
|
|
|
2012-17 |
2016-17 |
Cariboo |
3 |
2 |
2 |
5 |
3 |
5 |
2 |
2 |
Kootenays |
11 |
7 |
6 |
1 |
3 |
2 |
-9 |
-1 |
Nechako |
0 |
0 |
0 |
0 |
2 |
1 |
1 |
-1 |
North Coast |
2 |
0 |
0 |
2 |
1 |
0 |
-2 |
-1 |
Northeast BC |
3 |
3 |
3 |
3 |
5 |
0 |
-3 |
-5 |
Southwest BC |
148 |
118 |
168 |
146 |
125 |
106 |
-42 |
-19 |
Thompson-Okanagan |
57 |
62 |
30 |
26 |
30 |
15 |
-42 |
-15 |
Vancouver Island / Coast |
44 |
64 |
44 |
37 |
26 |
17 |
-27 |
-9 |
British Columbia |
268 |
255 |
256 |
222 |
199 |
145 |
-123 |
-54 |
Source : Office of the Superintendent of Bankruptcy Canada .
Living in regional BC
Educational attainment BC ’ s labour force educational attainment for workers between the ages of 25 and 54 increased by 2 % in 2017 , which means that the share of individuals in the main segment of the workforce with post-secondary accreditation 9 rose to 71.4 %. Educational attainment in the labour force has increased consistently for most of the past 15 years in response to an evolving knowledge economy , technological advancements , and changing labour market requirements . Between 2012 and 2017 , BC ’ s educational attainment indicator rose by 4.9 ppt . Apart from the Kootenays and Vancouver Island / Coast , educational attainment rose in BC ’ s development regions in 2017 . Southwest BC boasted the highest educational attainment level in 2017 , at 73.8 %; this marked an increase of 2.4 ppt over the previous year . Thompson-Okanagan saw a 4.1-ppt increase , and Cariboo ranked second in terms of increases at 3.9 ppt . Educational attainment also rose in Northwest BC (+ 2.9 ppt ) and Northeast BC (+ 2.2 ppt ). By contrast , Cariboo and Vancouver Island / Coast saw declines of 1.9 ppt and 1.5 ppt , respectively .
Consumer insolvencies BC ’ s consumer insolvency rate , defined as the number of personal insolvencies per 1,000 adults over age 18 , has declined every year since 2012 . In 2017 , the insolvency rate dropped by 10.7 % to 2.5 per 1,000 adults ( age 18 +). 10 Between 2012 and 2017 , this rate declined by 21.9 %— an encouraging trend . The general improvement in consumer financial vulnerability affected most , but not all , of the development regions . Nechako and Vancouver Island / Coast saw the greatest declines in consumer insolvencies in 2017 , at 27.3 % and 17.1 %, respectively . Cariboo was close behind , with a decrease of 16.3 %. The insolvency rate also declined in Southwest BC ( -8.3 %), Thompson-Okanagan ( -6.3 %), and Northeast BC ( -2.6 %). There was no change in the Kootenays , however , and consumer insolvencies in North Coast actually grew by 33.3 %.
9
Defined here as a post-secondary certificate / diploma or higher .
10
Insolvencies include both bankruptcies and proposals .
22 CPABC in Focus • July / August 2018