Skilled Trades IndustryJuly 16, 2020 2020-07-16 4:30
Skilled Trades Industry
SKILLED TRADES INDUSTRY OUTLOOK
Over the next decade, one million skilled tradesmen and women will be needed to keep Canada’s growing economy strong. With increasing economic growth and a shortage of skilled trade workers, we are looking at a very promising future for those in trades.
SHORTAGES OF SKILLED TRADES = BETTER EMPLOYMENT OPPORTUNITIES
Based on the “Taking Action on Skilled Trades” research report published by the Ontario Chamber of Commerce, Ontario will face a shortage of about 100,000 skilled trade workers in the manufacturing and building sectors over the next 15 years, due to retirement. This forecast does not include the void created as a result of growth in the industry.
If these 100,000 retiring skilled workers are not replaced over the next 15 years the provincial and federal government would stand to lose between $1.2 billion and $1.3 billion in combined taxation revenues. The impact to Ontario’s economy will be cumulative loss of some $43 billion by 2020.
The forecast losses stated above could double or triple within this time frame as the construction trade continues to grow and prosper in Ontario, resulting in astounding job creation in the skilled trades sectors.