The pandemic hasn't been kind to anyone. Over the past 2 years, the job market has been transformed all over the world. The results have made the existing roles become obsolete and new roles coming into existence.
In Canada especially, the first wave of the pandemic debilitated the job market, especially for women. Worldwide lockdowns and the uncertainty surrounding the duration of the pandemic led to increasing unemployment, inflation, and general discontent.
However, as the world adjusts to the 'New Normal' with lockdowns and restrictions being eased, and the majority of the population being vaccinated, a reversal of the detrimental effects of the pandemic is expected to be seen in the Canadian job market.
According to the report released by Canadian Occupational Projection System (COPS), the Canadian job market is predicting 1.7 million new jobs with an average growth rate of 0.9% per year in the next 10 years.
The Canadian job market has seen an increase in demand for workers in labor-intensive industries, including the healthcare and social assistance sector, retail trade, professional, scientific, and tech services, as well as IT, software, and Finance sectors. For 2022, the job forecast is 3.6% higher than the previous year.
Furthermore, Statistics Canada has also stated a total of 230,700 positions which were added to the Canadian economy in June 2021 in comparison to the expected 175,000 increase in positions.
While commenting on the boom, the Deputy Prime Minister of Canada, Chrystia Freeland said
" Canada has recovered 101% of the jobs due to the Covid Recession. Today there are more active businesses in Canada than there were before the pandemic hit"
There are 19.3 million people currently employed in Canada and the market capacity is over 20 million.
So, where are all these jobs?
According to a recent report by the Canadian Government, Ontario, Quebec, Alberta Newfoundland, Nova Scotia, and PIE all have openings for people looking to join the workforce. Ontario has 68,000 new vacancies whereas Quebec has 46,000.
This increase in demand for employment can be attributed to the fact that the Canadian workforce is getting vaccinated at a much higher rate as compared to the US. The vaccination rate in Canada is 20% higher than that of the US.
Another reason might be the Canadian government is rolling out less expansionary policies as well as shifting focus to construction and infrastructure development. The Federal budget has committed $101 Billion to revive the post covid economy, out of which, $26 billion has already been allocated to infrastructure items.
All in all, the Canadian job market has exceeded all expectations and has performed 4 times better than the financial projections made by economists at the start of the year. The Canadian economy is providing opportunities to skilled labor, both local and international.
For those looking to switch fields or enter the job market, the timing could not be better.
The Canadian job market has exceeded all expectations. It has performed 4 times better than the financial projections made by economists. Now is the time!
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