Canada's 2024 Job Market Forecast: Key Skills and Booming Industries
As we step into 2024, the Canadian job market continues to evolve, reflecting the dynamic needs of industries and the ever-changing landscape of skills in demand. For professionals seeking new opportunities or those planning their career paths, understanding the top in-demand jobs, along with the requisite skills and qualifications, is crucial. Let's delve into the most sought-after professions in Canada for 2024.
1. Healthcare Professions
Roles: Registered Nurses (RNs),Medical and Health Services Managers.
Skills and Qualifications Required: Strong healthcare background, up-to-date certifications, leadership and communication skills.
With an aging population, the demand for healthcare professionals remains robust. Registered Nurses and Health Services Managers are pivotal in providing quality care and managing healthcare facilities efficiently.
As part of our comprehensive market forecast, we've analyzed key trends shaping the job landscape through 2031. Our findings reveal a critical insight, especially in certain professions. For example, the demand for registered nurses and psychiatric nurses significantly outpaced the supply between 2019 and 2021. Looking ahead from 2022 to 2031, this trend is expected to continue. We anticipate 155,400 new job openings in these fields, yet only 143,700 new job seekers are expected to emerge. This persistent labor shortage underscores a significant opportunity for individuals considering a career in these areas. It also signals to educators and policymakers the need for targeted initiatives to address these gaps. This detailed occupational analysis is a vital component of our broader market forecast, offering valuable guidance for both job seekers and employers navigating the evolving employment landscape
There is an anticipated labor shortage in a specific occupational group at the national level for the period of 2022-2031
2. Information Technology and Software Development
Roles Required : Software Developers, Data Scientists/Analysts, Cybersecurity Specialists. Skills and Qualifications Required : Proficiency in programming languages, data analysis skills, cybersecurity certifications.
In a tech-driven era, IT professionals are integral to innovation. Software developers, data scientists, and cybersecurity specialists are highly sought-after, contributing to Canada's rapidly growing technology sector.
For software developers, particularly computer programmers and interactive media developers, the job market outlook from 2022 to 2031 presents a unique scenario. Recent labor market assessments, considering factors like job vacancies, employment growth, and unemployment rates, indicate that from 2019 to 2021, the demand in this field substantially exceeded the supply. Looking forward, it's projected that there will be 80,500 new job openings due to market expansion and the need for replacements. However, the number of new job seekers, coming from graduates, immigrants, and other sources, is expected to be higher, at 89,900. Despite this, the labor shortage seen in recent years is anticipated to continue through 2022-2031.
There is an anticipated labor shortage in a specific occupational group at the national level for the period of 2022-2031
3. Skilled Trades
Roles: Electricians, Plumbers, HVAC Technicians, Welders
Skills and Qualifications Required: Technical certifications, hands-on experience, problem-solving abilities.
Skilled trades continue to be indispensable. Electricians, plumbers, and welding professionals play vital roles in various industries, contributing to infrastructure development and maintenance.
he employment outlook for Electricians, Plumbers, Mechanical Engineering Technologists and Technicians (including HVAC technicians), and Welders in Ontario from 2022 to 2024 is moderate, influenced by trends in construction, manufacturing, and infrastructure sectors. Each profession is driven by employment growth and retirements, creating new positions.
Key insights for these occupations include:
Electricians and Plumbers: Predominantly work in construction with trends driven by robust construction activity and infrastructure investments.
Mechanical Engineering Technologists and Technicians: Employed in manufacturing, engineering services, and utilities, influenced by advanced manufacturing processes and automotive industry investments.
Welders: Primarily in the manufacturing industry, particularly metal, transportation, and machinery production, and in commercial and industrial equipment repair. Trends are shaped by automotive industry investments, steel plant activities, and construction.
Essential skills across these professions range from specific trade certifications to knowledge of safety practices like WHMIS. The workforce in these fields is mostly male and engaged in full-time work, with a significant portion self-employed.
Specifically, for Welders:
About 24,600 people are employed in this occupation in Ontario.
They work in sectors like motor vehicle manufacturing, repair and maintenance, and fabricated metal product manufacturing.
67% work all year, and there is a 5% self-employment rate.
This outlook highlights the steady demand for skilled tradespeople and technical expertise across Ontario's dynamic sectors, offering diverse opportunities for professionals in these fields.
4. Finance and Accounting
Roles: Accountants, Auditors.
Skills and Qualifications Required: Accounting degrees, professional certifications, attention to detail.
The financial sector consistently seeks skilled professionals to ensure fiscal responsibility. Accountants and auditors are in demand for their expertise in managing and analyzing financial data.
For the occupation group of financial auditors and accountants, the labor market is expected to remain balanced between demand and supply at the national level for the 2022-2031 period. As of 2021, there were 220,200 individuals employed in this field.
To forecast the labor market outlook, the analysis considers the projected number of new job seekers and job openings for the period, along with an assessment of recent labor market conditions. The goal is to understand whether previous conditions of surplus, balance, or shortage will continue or change.
From 2019 to 2021, the supply of workers in this group was sufficient to meet the demand. For the 2022-2031 period, new job openings for financial auditors and accountants are expected to total 88,000, arising from both expansion and replacement demand. In contrast, approximately 79,800 new job seekers, coming from school leavers, immigration, and mobility, are anticipated to be available to fill these openings.
Given the projected similarity in the levels of job openings and job seekers, the current balance between labor supply and demand is expected to persist throughout the projection period. A more detailed analysis of this occupation's outlook will be released in the coming weeks.
5. Sales and Marketing
Roles: Sales Representatives, Marketing Specialists.
Skills and Qualifications required: Excellent communication, marketing strategy knowledge, relationship-building skills
In a competitive business landscape, companies are on the lookout for individuals who can effectively promote and sell products. Sales representatives and marketing specialists play pivotal roles in driving business growth.
The labor market outlook for both Retail Salespersons and Professional Occupations in Advertising, Marketing, and Public Relations is expected to be balanced from 2022 to 2031 at the national level.
For Retail Salespersons, despite a significant shortage between 2019 to 2021 due to rapid labor demand increases, the future looks different. Over the 2022-2031 period, there are expected to be 149,200 new job openings, while 168,300 new job seekers are anticipated, suggesting an end to the previous shortage and a move towards balanced conditions.
Similarly, for Marketing Specialists and related professions, the labor supply was sufficient to meet demand from 2019 to 2021. From 2022 to 2031, it's projected that there will be 73,700 new job openings, with 67,200 new job seekers expected to fill them. This indicates that the balanced conditions observed in recent years are likely to continue.
In both cases, the projected numbers of job seekers and job openings are relatively close, suggesting stable employment conditions in these fields. More detailed analyses for these occupational groups will be released in the coming weeks.
Roles: Civil Engineers, Software Engineers.
Skills and Qualifications Required: Engineering degrees, project management skills, proficiency in relevant software.
Engineers, particularly in civil and software domains, are instrumental in driving innovation. From infrastructure projects to software development, these professionals contribute to Canada's progress.
The labor market outlook for Civil Engineers and Software Engineers in Canada from 2022 to 2031 is expected to experience shortages at the national level.
For Civil Engineers, despite an expected total of 32,300 new job seekers, including school leavers, immigrants, and others, the projected job openings are only about 26,100. This gap between supply and demand indicates a continuation of the labor shortage seen in recent years.
Similarly, for Software Engineers and Designers, the demand is also expected to exceed supply. From 2019 to 2021, there was already a substantial excess of demand over supply. For the 2022-2031 period, there are projected to be 44,300 new job openings, against a higher number of potential job seekers estimated at 48,800. Despite the higher number of job seekers, the shortage of workers in this field is anticipated to persist.
Both these engineering disciplines are facing a trend of labor shortages, underscoring the demand for skilled professionals in these fields. Detailed analyses of these occupations will be released in the coming weeks, providing more insights into these trends.
7. Human Resources
Roles: HR Managers, HR Specialists.
Skills and Qualifications Required: Human resources certifications, organizational development knowledge.
In the realm of talent management, HR professionals play a crucial role. Their skills in recruitment, employee development, and workplace culture contribute to organizational success.
The labor market outlook for both Human Resources Managers and Human Resources Professionals in Canada from 2022 to 2031 is expected to remain balanced at the national level.
For Human Resources Managers, the period is projected to see 18,200 new job openings due to expansion and replacement demand, with around 20,900 new job seekers expected. This suggests that the number of available positions and potential candidates will be closely aligned, maintaining the balance seen in recent years.
Similarly, for Human Resources Professionals, the forecast indicates 48,600 new job openings over the same period, against 46,100 new job seekers entering the market. This alignment of job openings and job seekers also points to a continuation of the balanced market conditions observed in recent years.
In both cases, the supply of professionals is expected to meet the demand adequately, indicating stable employment conditions in the Human Resources field. More detailed analyses of these occupations will be released soon, providing further insights into future job trends in these areas. For comprehensive information on job projections, the Canadian Occupational Projections System can be referred to.
The professional landscape of Canada in 2024 presents a dynamic and evolving job market, with particular industries and roles playing crucial roles in the country's growth. The labor market outlook for various professions, including Civil Engineers, Software Engineers, HR Managers, HR Professionals, and others, indicates a range of conditions from balanced markets to skilled worker shortages. This underscores the importance of adapting to market demands by acquiring relevant skills and qualifications. For both experienced professionals and new entrants to the workforce, staying abreast of these trends is vital for career success. Embracing change, continually investing in skill development, and aligning with the most in-demand professions can open the door to rewarding career opportunities in 2024 and beyond
Source: Canadian Occupational Projections System – ESDC
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