Q4 2024 Labour Force Analysis
SREDA’s Quarterly Labour Force Analysis offers a comprehensive overview of the Saskatoon Region’s labour market, providing insights into employment trends, workforce dynamics, and key economic indicators. By leveraging data from Statistics Canada and other trusted sources, this report delivers valuable context on the Region’s economic health and trajectory.
In analyzing the Q4 2024 data, several key takeaways are seen:
1. Labour Market Leadership Maintained: The Saskatoon Region continues to lead nationally, with Canada’s highest employment rate at 67.9% and labour force participation rate at 71.7%. The Region’s unemployment rate of 5.1% underscores a strong labour market and active workforce participation.
2. Employment Growth Accelerates: The Saskatoon Region saw a 4.6% year-over-year rise in employment, adding 2,900 new jobs in Q4. This growth was fueled by part-time positions and strong performance in industries such as Health Care and Social Assistance, Transportation and Warehousing, Construction, and Education.
3. Wage Growth Challenges Persist: Saskatchewan’s Q4 wage growth of 3.7% lagged behind the national average of 4.3%. This ongoing disparity signals potential economic challenges, including diminished competitiveness and risks to talent retention.
This analysis explores these trends and their implications for the Saskatoon Region’s economic landscape.