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Unemployment Update – The 2016 Canadian Economy and Job Growth Forecast!

Unemployment is going down. So, how does your job search look in 2016?

Full steam ahead for your job search in 2016!

Believe it or not, it’s nearly the end of 2015! It’s been a long year, with a lot of changes to the Canadian economy and job market, and 2016 is already setting itself up to be a big year for Canadian employment.

We’ve seen a lot of positive gains in the American job market, now that the United States is enjoying its lowest unemployment rates since 2010. But what does the Canadian unemployment rate look like? Here are some charts and figures to help you visualize the scope of Canadians at  work.

the curved black line predicts that the unemployment rate will continue to fall in 2016
The curved black line predicts that the unemployment rate will continue to fall in 2016

After a large spike in unemployment during the 2008-2010 recession, Canada has thankfully seen a rise in employment rates, and we are expected to have more positive results going into 2016.

Canada is recovering, but in what industries can we expect to see the most development?

In 2013, Macleans Magazine released an article that claims that, while there have been major gains in employment throughout the corporate and financial sectors, there is a marked lack of interest in the skilled trades sector. “The trend toward “people without jobs, jobs without people” poses the single biggest long-term threat to Canadian economic growth” Macleans Magazine (2013)

However, Canada continues to see important gains and trends moving toward the future, and analysts are looking forward to projected growth until 2020. The Globe and Mail reported earlier this month that 44,000 jobs have been added to the Canadian economy in October alone, particularly revolving around the election and subsequent change in the federal government. While these gains in public administration are favourable, industries like construction and city development are scaling back as demand lessens into the colder months.

What about jobs receiving an unexpected boost in the next five years? Demand for medical and senior care specialists is expected to increase.  The Huffington Post has reported that as Canada’s population ages, and with many of Canada’s older baby boomers preparing or finalizing their retirement plans, many jobs will be opening up in the medical sector and senior care.

Additionally, we wrote a blog just last month highlighting the Green Energy sector, and how it can expect huge boosts in employment over the next five years as technology and public demand soars. If you missed that article CLICK HERE to read it!

CanadianBusiness.com compiled a list earlier this year to provide readers with a glimpse into which roles would continue to see demand and growth over the next five years along with average wages and expected increases. With carpentry supervisors, software engineers, and chemical engineers topping out the list, it’s easy to see that Canada’s economy is geared toward technological advancement and continued population growth.

In the corporate sector, calls for human resource professionals, university professors, and industrial engineers will also see a significant boost.

Overall, Canada is seeing a wide burst of growth throughout multiple sectors. Individuals who are hoping to change their careers or industry sectors have much better chances now than were available five years ago. Geographically speaking, Ottawa and Toronto are leading the charge on employment in the government and legal sectors. Toronto is boasting large gains in the financial industry; the Prairies are seeing more and more of the age-old clash between oil and green technology; and Vancouver is booming with industry and manufacturing because of its close and ever-improving connection with the Asian market.

We always want to keep you up to date on how Canada’s economy and job market is changing. Follow us on LinkedIn for daily updates on employment trends, fun information on improving your life at work, and helpful tips and tricks for productivity.

Follow us today, and good luck in 2016!

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