economy
THE JOB VACANCY VOID GROWS
While much attention is typically given to the supply side of the labour market—think employment, wages, and the unemployment rate metrics—the job vacancy rate is an important reflection of both the intentions and the frustrations of employers. The most recent data for Metro Vancouver reveal a 5.1% job vacancy rate. This is markedly higher than in Toronto (3.1%), Calgary (2.8%), and Edmonton (2.7%), and up almost a full percentage point compared to where it was one year ago.
One positive feature associated with Vancouver’s current job vacancy level is that employment has space to grow above where it currently sits—that is, if the conditions are right (including that a fair wage is on offer and that adequate, affordable housing is available). Having noted this, employers are evidently unable to effectively fill positions for which there is a need; this could prove to be a drag on future economic growth should this challenge persist.
JOB VACANCY RATE: WHERE ARE THE WORKERS? ›
6.0%
5.1%
5.0%
4.0%
2.7% 2.8% 3.1%
3.0%
2.0%
1.0%
0.0%
Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4
Q1 Q2 Q3
2015
2016
2017
2018
EDMONTON CALGARY
TORONTO
VANCOUVER
SOURCE: JOB VACANCY & WAGE SURVEY, STATISTICS CANADA
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