Statistics Canada’s Labour Force Survey for March speaks of a +73,000 month-to-month gain in total number of jobs in the land of the red maple leaf.
The +73,000 figure is a respite from the wild swings in February and January that came in at +337,000 and -200,000 respectively.
In the context of the long-term pre-pandemic record of jobs change from month to month in Canada, +73,000 is quite okay.
Construction’s employment increase in March was +14,000. Construction, with a total level of employment of 1.534 million jobs, is catching up with manufacturing, with a total level of employment of 1.760 million jobs.
It’s by no means a foregone conclusion, however, that the total number of jobs in construction will eventually reach parity with manufacturing. Due to shortages of labor throughout the economy, construction work is likely to become more modular in nature, and that will slow the drift.
Nevertheless, there are numerous factors pointing to further robust increases in construction employment in the months and years ahead.
Housing starts in the nation have been booming. But international comparisons of existing housing stock (in units) per capita are placing Canada behind other industrialized nations, especially in Europe. To address this issue, the just-released federal budget includes provisions to hit the accelerator even more on residential homebuilding.
