Canada has experienced significant population growth in the past one year. According to Canadian Visa Professionals, more than 800,000 people have moved to Canada within the last year.
Although Canada saw about 40,000 new jobs in the economy during August, the new population increase makes the mini-surge incomparable to the employment rate.
Canadian Visa Professionals could establish that the percentage of adults who have jobs in Canada compared to the working-age population declined by 0.1 percentage points to 61.9 percent.
In the words of Doug Porter, an economist with the Bank of Montreal, when expressing his view on the immigration of 800,000 people to Canada:
Impacts of population growth on different sectors
Canadian Visa Professionals described the impact of population growth across different sectors. The professional, scientific and technical services sector witnessed a high increase, with 52,000 positions added. While in the construction sector, over 34,000 jobs were added.
On the flip side, the education sector lost 44,000 jobs, and the manufacturing industry dropped by 30,000.
Canadian Visa Professionals could establish that the public sector grew by 13,000 jobs while the private sector contracted by 23,000 jobs.
Brendon Bernard, a senior economist, says that Canada’s surging population is impacting both sides of the inflationary ledger.
In his words:
“There are some key areas where population growth is relatively inflationary, especially in the housing market – it pushes up demand for housing and rent”.