Tight labour market conditions that prevailed before the pandemic have returned and are creating new challenges for governments seeking to measure economic progress. Last year, more than 160,000 jobs were created in British Columbia and the province currently has the lowest unemployment rate in the nation. The B.C. Labour Market Outlook also forecasts that over one million new jobs will be created by the year 2031.1 Yet, these positive numbers mask an uncomfortable reality: an aging population is putting increasing pressure on employers to replace retiring workers.
The Labour Market Outlook projects that even after accounting for reduced unemployment, young people entering the workforce, new immigrants and in-migrants from other provinces, B.C. is facing a supply gap of 83,000 workers over the next 10 years. If these jobs aren’t filled or replaced, the province’s Gross Domestic Product (GDP) by 2031 will be 2.6% lower than if they had been filled.
So, where do we find these workers? Perhaps the better question is how can we make our existing workers more productive?
Read our new white paper by Deetken Partner Julian Whike who explains why B.C. and Canadian governments should focus on labour productivity, not just job growth, when measuring and stimulating economic growth.