In Canada there are more than 10 lakh vacancies. The number of vacancies has increased by over 3 lakh since May 2021.
The Labor Force Survey for May 2022 points to growing labor shortages in a number of industries and increased immigration demand to Canada as the country’s workforce ages and retires.
This in turn leads to a high vacancy rate. Canada is currently preparing to welcome the largest number of permanent residents ever by 2022 – the target is 4.3 lakh. By 2024, the target would have risen to more than 4.5 lakh, according to a CIC News report.
In such a scenario, where unemployment is low and there are many vacancies, immigrants have the opportunity to fill vacancies.
Therefore, this can be a great opportunity for you if you want to use Express Entry to apply for permanent residency in Canada.
According to another survey, certain states now have more job openings than ever before.
In Alberta and Ontario, there were 1.1 unemployed for every vacancy in April, down from 1.2 in March and 2.4 from a year earlier.
For every vacancy in Newfoundland and Labrador, there were about four unemployed.
Professional, scientific and technical services, transportation and warehousing, finance and insurance, leisure and recreation, and real estate all hit record highs.
Job vacancies in the construction sector also reached a record high of 89,900 in April, an increase of almost 45 percent from the same month last year and an increase of 5.4 percent from March.
In May, there were 1.61 lakh job openings in the hospitality and food services sector in both Nova Scotia and Manitoba, with vacancies exceeding 10 percent.
Accommodation and catering have the highest number of vacancies for the 13th consecutive month.
With fewer people eager to enter the job market and more over-55s leaving, the Canadian job market has fallen dramatically this year.
According to CIC News, Canada’s 90 lakh baby boomers are expected to retire this decade.
According to a recent RBC survey, a third of Canadians are retiring early and three in 10 people nearing retirement are delaying retirement due to the pandemic.
Meanwhile, the fertility rate hit a record low of 1.4 children per woman in 2020.