Edmonton's economy is on steady rise, Stats Can report reveals
More than 6,700 new jobs in Edmonton in October, city economist says
Edmontonians can breathe a sigh of relief — the city's economy is holding steady despite these recessionary times.
Statistics Canada's October jobs report released Thursday reveals Edmonton is in better shape than Calgary and Red Deer, where job losses (energy, manufacturing, logistics) have taken place.
"A very good report in terms (of) number of new jobs," said John Rose, the city's chief economist, during CBC's radio show Edmonton AM on Thursday.
"(There have been) over 6,700 new jobs in the past month. That brings us to about six months in a row where we've seen employment growth within the region go up."
Rose added Edmonton's unique economy has spurred slow but steady growth.
"What we're seeing here in Edmonton is continued strength in our construction sector, continued strength in education, public administration and health care. And that's really what's pushing us through this.
"Our labour force and our working-age population are continuing to grow very rapidly at just under four per cent, which is quite remarkable."
Rose's analysis also reveals that Calgary's unemployment rate has accelerated much faster than Edmonton's. Calgary's rate stands at 6.8 per cent, while Edmonton's sits at six per cent.
While Edmonton has not experienced job losses, Rose said in the months ahead the unemployment rate will rise slightly, likely to 6.5 per cent, as more people seek work in the city and region. On the downside, some full-time people are seeing their hours reduced, which affects consumer spending.
Rose said Edmonton's job diversification is a huge factor in keeping the city's economy on course.
By exporting health-care, post-secondary educational and engineering services, Edmonton continues to thrive. Combined these services comprise one in four jobs here, Rose said.
His hope is the Alberta government will continue to expand job diversification, helping Edmonton to stay prosperous during this economic slump.