Alberta’s Hot Job Market to Fuel Immigration
Alberta’s jobs market continues not only to be the envy of Canada but most of the world, with 60,000 job openings at the end of the first quarter 2012. That’s enough jobs for every EI beneficiary in Nova Scotia to move to Alberta and find work, with tens of thousands of positions still left open. In fact, the Alberta government projects a shortage of 114,000 employees over the next 10 years.
It isn’t just menial, cheap labor either; AB boasts the highest weekly wages in the nation. Real estate investors paying attention to important economic data will have already heard about the incredible volume of immigration but this is likely just the tip of the iceberg. As the economic situation dims in eastern provinces more will head westward in search of jobs, and find them.
This is a trend which is likely to balloon rapidly as property values dip in B.C, Nova Scotia and Toronto and especially as the new mortgage rules compound the downturn. Canadians will simply have to make the move if they want to preserve what they have and continue to prosper over the next two decades.
It isn’t just Canadians coming either. Europe and Asia face many challenges ahead and many, along with U.S. citizens will head to the province to stash their capital and find work.
Of course immigration by itself alone isn’t always incredibly positive for any local economy. For some an aging population of incoming less than wealthy retirees can put additional strains on local resources. Then just look at the crushing effect free movement in the E.U. has had on the U.K. swamping it with unemployed foreign nationals and rocketing crime.
Fortunately, these aren’t the groups headed to Alberta. It is young professional couples and families who are in their earning prime and perhaps at their peak spending portion of their lives too, acquiring new homes, cars, etc. This is exactly who is needed to ensure long term economic growth and sustainability in the province. Even the bedroom communities between Calgary and Edmonton infrastructure is under great pressure with cities desperately trying to build resources fast enough to keep up with demand.