Regina’s labour market crunch is resulting in significant unrealized income for workers and governments alike, according to the latest report from Economic Development Regina (EDR) titled “The State of the Labour Market in the Greater Regina Area.”
“With 10,000 more people working in the region than this time last year, Regina’s labour market is firing on all cylinders,” EDR CEO Chris Lane said. “Despite that growth, the demand for skilled workers is greater than ever, and our ability to fill existing and upcoming vacancies will have a very real impact on our economy.”
Among the key findings in the report, EDR notes that leaving more than 4,400 current vacancies in Regina unfilled will result in $428 million in unrealized employment income for workers, and another $54 million in unrealized tax revenues for provincial and federal governments. Add to that the broader impact of those earners, and the boost to Regina’s economy is more than $878 million.
Lane notes that a critical factor in filling current and future vacancies will be closing the “mismatch” between skills and competencies of jobseekers and available vacancies. This mismatch can be seen in Regina’s job vacancy rate of 3.6% – up from the 2.1% seen from 2017-2020.
Key contributing factors to this mismatch include demands of new technologies and economic sectors, international immigration, demographic factors (i.e., a comparatively young population combined with an aging labour force), and post-pandemic pressures.“Bridging this mismatch is a pressing concern from businesses and workers to educational institutions and government – all economic agents working together to create long-term economic growth and workforce sustainability that benefits everyone,” Lane said.
In the report, EDR investigates labour market trends, examines key factors, and explores potential implications on the GRA’s labour market today and into the future. Filling the labour gap by attracting and retaining talent in Regina is a key focus in EDR’s strategic plan.
An executive Summary of the report is available here.