Niagara’s jobless level the lowest since 2001
Survey results peg region’s unemployment rate at 4.7% in December
Niagara’s unemployment rate dropped to 4.7 per cent in December — the lowest it has been in almost two decades.
Niagara Economic Development research and analysis manager Blake Landry said he has never seen the region’s unadjusted unemployment rate that low.
“I don’t think it’s been this low since the data has been available,” Landry said.
“It got nearly this low in 2001, but didn’t actually get there,” he added, referring to September of that year when the unemployment rate dropped to 4.9 per cent.
He said the Labour Force Survey results published Friday by Statistics Canada reflects the strength of Niagara’s economy.
“Niagara/Hamilton is one of the fastest-growing economies across the country right now. We’re just seeing a whole lot of pressure from the Greater Toronto Area, and even in Hamilton, pushing this way,” Landry said.
He attributed much of the increased investment in Niagara to companies running out of room to expand in the GTA.
“We’ve helped to facilitate an environment that is conducive to economic development, and the economy is very strong. We’re seeing a ton of investment. There are many positive indicators, exports are up, investment in industrial and commercial building construction is up. Everything is on a positive trajectory right now.”
The growth, he added, is happening in communities throughout Niagara, and industrial sectors “across the board” are being impacted — construction, manufacturing, agribusiness, tourism, health care and research.
Landry, however, added: “That’s not to say we don’t have challenges.”
There are, for instance, a lot of low-paying, part-time jobs among the increase, he said.
Although month-over-month statistics show an increase in part-time jobs in the region, Niagara Workforce Planning Board operations and research manager Adam Durrant said year-over-year statistics show the bulk of new jobs are full time.
He said there were 3,400 more people working in full-time jobs in December 2019, compared to a year earlier, while
part-time employment increased by 1,600 jobs.
Along with the dropping unemployment rate, Niagara’s employment rate increased to 57.5 per cent from 57.2 per cent from November to December, while the participation rate rose to 60.4 per cent from 60.1 per cent.
“And anytime we see the unemployment rate go down with the employment rate and the participation rate going up that means we have more people in the workforce and more people successfully finding work who are living within Niagara,” he said.
“That’s an ideal state of affairs to see data like that.”
Durrant is cautiously optimistic the overall trend will continue in 2020.
“Given consistent numbers and consistent trends, it looks good. There’s grounds for optimism,” he said.
“The fact that we’re seeing month-over-month gains in goods production, manufacturing, those are some fairly strong indicators that are telling us that we’re seeing consistent growth and that’s likely going to mean jobs here in Niagara as well as jobs that people are commuting to as well.”
Nevertheless, Landry said the region cannot rest on its laurels.
“We have to be responsive and when we see these opportunities, we really have to make sure that we’re there to support them.”