Recent data from Statistics Canada is drawing attention to some dynamics of the job markets in Saskatchewan, including here in the southeast. It is characterized by high vacancies and competitive wages that are making the province a magnet for workers from across the country, while at the same time, an abundance of people who are part of the labour force but are not actively employed.
According to the latest figures for May, Saskatchewan had 15,205 job vacancies. While labour force numbers for the same month showed 27,000 people as unemployed, Golden West business commentator Paul Martin explained this isn't a simple one-to-one problem.
“While there is a talent pool out there of people who are unemployed, matching skill sets isn't always as easy as that sounds,” Martin said. “It's not just pure numbers. So, employers still scramble to try and fill these positions.”
This high demand for workers with specific skill sets is making Saskatchewan an attractive destination, especially when compared to provinces like British Columbia and Ontario. Martin notes that high housing costs in those provinces are driving people to look for opportunities elsewhere. As a result, out-migration from Saskatchewan, which was historically a challenge, has all but disappeared.
To attract the talent they need, Saskatchewan employers are responding by increasing pay. This has led to a crucial economic benefit – real wage growth.
“Wages seem to be rising slightly faster than inflation,” Martin explained. “And that's really the test that you want. If you have wages that are rising faster than inflation, you actually have the potential or capacity for people to be able to save, to perhaps get a mortgage or upgrade their home or something like that, which are all very stimulative for the economy.”
This economic strength is further supported by the province's successful immigrant nominee program. About 80 per cent of immigrants arriving in Saskatchewan come through the program, meaning they already have a job secured before they land.