One of the reasons Canada started promoting its immigration policies is because of its aging population. Workers across different industries are retiring in a decade or less creating the huge gap between demand and supply. According to a market forecast released by BuildForce Canada, around 22 percent of the labor workforce will be retiring in a decade in Ontario.
The retiring people have to be counterbalanced; the Ontario construction business should here at least 17 percent of the ones leaving. The total comes to around 1,300 laborers. BuildForce Canada’s executive director, Bill Ferreira, believes that since the pool of younger workers reduces, underrepresented groups, like women and indigenous people need to step in. The construction industry in Ontario is blooming and keeping the work afloat, and you will need to keep things growing as usual. Any decreased supply can harm the industry.
According to the forecast 2018-2027 Construction and Maintenance Looking Forward, 2018 will see an increased demand for residential properties and most workers will be employed in that sector. The trend will continue to grow but will decline slightly around 2023. After which, commercial and institutional construction will increase steeply ending with an all-time high by the end of 2027. Construction-related employment will increase by 37 percent by 2027. The labor industry will employ four percent more than its current strength.
Ferreira says that in the two types we can meet demands, there should be a smooth flow of workers from residential to institutional and construction sector. Non-residential construction is expected to gain at least 400 more employees by the end of 2027. Toronto has been a hotspot for tech startups, healthcare, and the gaming industry. Unlike Vancouver, where big names like Google, Microsoft, and Apple are opening offices, Toronto is targeting fresh entrepreneurs creating far more jobs since it has a high student population than anywhere else in the country.