The rate of 55-65 year olds looking for work has increased significantly. At the same time, the growth in Toronto's population drove an increased demand in the construction, sales and retail, professional and financial services sectors.
Toronto is shifting from a manufacturing based economy to a service based economy. Between 2004-2009, employment in the manufacturing sector in Toronto declined by
32.5%. During the same period, the financial sector increased by 23.69%. Since 2001, Knowledge Worker Jobs have been the single largest category of employment in Toronto.
Toronto remains a destination of choice for newcomers to Canada, along with Montreal and Vancouver. Over one third of the newcomers who arrive annually in Canada chose to settle in some part of the GTA. Although newcomers arriving in Toronto are highly educated and skilled, many face barriers integrating into the local labour market.
Youth in Toronto aged 15-24 currently face an unemployment rate that is much higher than that of adults. Their labour market participation rate is only 58% - a rate that is almost 10% less than that of adults (Source: City of Toronto). This is most evident in the "inner suburbs" and the downtown core. In addition, high levels of illiteracy and lack of numeracy are also prevalent in the youth population in these areas.
Many more people in the skilled trades are retiring than are entering the system. By 2020, it is estimated that Canada could be short about 1
million
workers due to an aging population and declining birth rates (Conference Board of Canada, 2000). The hardest-hit industries will be manufacturing, construction,
petroleum production and transportation.
Although Toronto has a highly educated population, employers indicate that core skills such as, writing, speaking, detail orientation, presentational skills, critical
thinking and problem-solving, all need improvement.
The global transition to a green economy that is environmentally conscious, low-carbon and sustainable, is transforming traditional jobs in many sectors of Ontario’s economy and across the globe.
