Forecasting Future Labour Market Availability

[Image Credit: Vhanepfu. (26 September 2014). Steel construction. Retrieved from http://commons.wikimedia.org/wiki/File:Steel_construction.jpg [CC BY-SA 4.0 (http://creativecommons.org/licenses/by-sa/4.0)], via Wikimedia Commons]

Image Credit: Vhanepfu. (26 September 2014). Steel construction. Retrieved from http://commons.wikimedia.org/wiki/File:Steel_construction.jpg. CC BY-SA 4.0, via Wikimedia Commons

BC Stats provides a thorough report on the level of employment and unemployment in BC sorted by economic region and broken down by sector. For all of BC, the construction sector has increased employees from 126,000 in 1995 to 192,200 in 2013 with unemployment levels decreasing from 13.1% in 1995 to 6.4% in 2013 (BC Stats, 2015). One can clearly see that the growth has been steady and the unemployment rate has decreased. Beware—growth can put upward pressure on wage levels.

Work BC has also done a detailed estimate of the British Columbia Labour Market Outlook 2012-2022. This two-part report details the current and future outlook, with and without the impact of Liquefied Natural Gas (LNG). Preparing to Purchase a Business focuses on the future without an estimated 100,000 openings due to LNG. Total job openings are estimated at 1 million over the next 10 years. Anticipated retirements make up 68% while economic growth is 32% (British Columbia, 2015). There is every likelihood that worker demand will outpace the supply.

More than 75% of the projected job openings will require some post-secondary education (Work BC, 2012). A university degree will be required for 34% of the jobs while a college education will be required for 44% (Work BC, 2012). High school education will be required for 18%, with the balance of 5% of jobs having less than high school requirement (Work BC, 2012). Migrants, people from outside BC or Canada, are expected to fill about one-third of the openings (Work BC, 2012).

The British Columbia Labour Market Outlook 2012-2022 report from WorkBC deals with an occupational outlook that highlights Sales & Service as having the highest job openings, followed by Business, Finance & Administration. Trades, Transport, Equipment operators, and related jobs are the third largest group looking for workers. This report digs into the seven regional outlooks as well, which will help you focus on the future labour market availability for your area.

Before continuing to the next section, explore the BC labour market statistics related to the business you are considering buying.

Activity: Labour Market Availability

Before continuing to the next section, explore the BC labour market statistics related to the business you are considering buying.

css.php