The Edmonton metro area created a staggering 10,000 new full-time jobs in the last month according to an article in the Edmonton Journal. To put that in perspective, the U.S. (with 300 times more people) created 80,000 jobs in the same time period, Calgary lost 1,200 and Alberta lost 8,600.
Could be a one month blip, but we are up 3.9% year over year (26,000 jobs) while Alberta as a whole is up 2.7%. 23,000 of those jobs were full time, with big increases in health care, construction and retail.
Edmonton’s unemployment rate now stands at 4.4% — compared to 8.6% in Toronto, 6.4% in Vancouver, and 4.8% in Calgary.
“Edmonton’s gains have been significant,” says Vincent Ferrao, a Statistics Canada labour analyst. “Wages are some of the highest in the country and employment is booming.”
Calgary, says John Rose, the City of Edmonton's chief economist, is making a slower economic recovery, because it has traditionally serviced the southern Alberta energy sector. With more energy investment focused on the booming north, Edmonton’s traditional bailiwick, he says, the metro region is reaping the benefits.
“These are full-time, well-paid jobs and that bodes very well for economic growth in Edmonton, because now these people will be going out and buying cars and buying clothes and eating in restaurants,” he says. “The key constraint for Edmonton right now is people. We’re generating jobs much faster than people can move into this community to take advantage of it. We’re starting to run out of people.”
He didn't mention buying houses of course, but the real estate market tends to lag behind the job market by at least 6 months.
Builders are starting to feel the pinch when it comes to finding trades people, lets hope that doesn't get out of hand.