Vancouver salaries are projected to rise 3.3% in 2012, up slightly from this year’s increase of 3%, according to survey information released this morning by human resources consulting business Aon Corp. (NYSE:AON).
“It’s good news for Vancouver,” said Stéphane Paré, vice-president of Aon, noting that the city is projected to see higher gains than Toronto’s projected 2012 3% increase.
“It looks like there’s more money in companies in the Vancouver area than in [most of] the rest of Canada.”
Aon released its 33rd annual Canada Salary Increase Survey this morning, which surveyed 542 employers in June and July. Paré noted that the survey tracks changes in a company’s salary budgets, not increases in specific individual salaries.
Nationally, Aon found 2011 salary increases to be 2.9% and projected average increases of 3.1% for 2012.
While Aon is projecting Vancouver to be ahead of the national average both this year and next, the company said B.C. will match the average national salary increase this year, at 2.9%, and then slip behind the nation next year with 2.7%.
Paré attributed the province’s weaker 2012 projections to struggling sectors such as forestry and pulp and paper, as well as ongoing economic woes in the U.S.
He added that even at 2.7%, B.C.’s projected salary increases will beat the projected Consumer Price Index increase of 2% by nearly a percentage point.
“At least people are winning something,” he said.
Jenny Wagler
Twitter: JennyWagler_BIV