As discussed in our new Alberta Economic Outlook released yesterday, the job vacancy rate* in Alberta has been coming down from the highs seen in 2022. A new trend has, however, emerged: Alberta’s vacancy rate has moved above the national average since August—that hasn’t happened since March 2016.

New quarterly estimates from Statistics Canada add to this picture by showing where these hiring challenges may be arising.

Of the six economic regions reported on by Statistics Canada, the Lethbridge-Medicine Hat area had the lowest job vacancy rate in the fourth quarter of 2023 at 3.3% compared to 3.8% for Alberta as a whole (see the first chart below).

The area running along the length of Alberta’s western border** had the highest job vacancy rate at 5.0%.

Variation is also evident across industries, pointing to pockets where hiring challenges remain more acute.

At 6.5%, accommodation and food services had the highest job vacancy rate in the fourth quarter (see the second chart below), but it was down from 8.3% two years earlier.

The provincial construction sector, which is trying to keep up with strong demand for new housing, is second on the list at 5.6%—higher than the same quarter in 2021 when it was 5.2%.

Lowest on the list is the utilities sector with a vacancy rate of just 1.1%.

The easing of the job vacancy rate suggests employers in Alberta are having a relatively easier time finding workers overall, but with some sectors finding this more difficult than others.

At the same time, the aging of the population will continue to put upward pressure on the rate as experienced workers age out of the labour force.

*The job vacancy rate is the number of job vacancies expressed as a percentage of labour demand; that is, all occupied and vacant jobs.

**This area is known as the Banff-Jasper-Rocky Mountain House and Athabasca-Grande Prairie-Peace River region.

Answer to the previous trivia question: A sea can is otherwise known as an intermodal freight container.

Today’s trivia question: A hotel in which country hired a “professional sleeper” to test the comfort of their beds.