Human Capital Law & Policy >>
Projections Point to Balanced Labour Market Conditions in BC
Posted Jan 20, 2016
- The new British Columbia 2014-2024 Labour Market Outlook report projects a cumulative 935,000 job openings in the province over the next decade.
- Over two-thirds (68%) of these job openings will be “replacement” positions (mostly due to retirements among the current workforce).
- Overall, the projections suggest BC’s labour market will be in rough balance over the coming decade. Circumstances have shifted since the previous 2012-2022 Labour Market Outlook was produced. It foresaw aggregate labour shortages emerging by 2019.
- Most of the relevant variables, such as economic growth, retirements, and migration numbers, that enter into the forecasting process signal somewhat weaker demand and a greater supply of workers than was expected when the 2012 Labour Market report was developed.
- Tighter labour market conditions and moderate shortages of skilled workers are still expected in certain regions of the province by the 2020s.
- Consistent with increasing urbanization, a surplus of labour is anticipated in the Lower Mainland area.
- The 2014-2024 Labour Market Report includes detailed projections for 500 distinct occupations. Anyone interested in BC’s labour market or future job opportunities is encouraged to read the report.