Life goes on in Edmonton. The Edmonton job market has taken a hit in recent months, but all is not lost. Companies that have relied solely on the energy sector for employment contracts have been hit hard, but lots of companies branch out into multiple industries, and therefore have suffered a bit but aren’t destroyed. Employment in the oilfields, however, has declined greatly.
Not all industries have been affected, yet, and if the situation rights itself in a reasonable amount of time, many industries won’t feel the pinch. Some of the industries hit the hardest in the Edmonton job market by the oil crash have been the transportation sector and the fabrication sectors.
Many companies in Edmonton focused a great deal of their workload on fabricating parts for oilfield operations, or transporting oil itself. For these companies and workers, the loss has been great.
As expected, this slowdown in some of the major industries has effected the Edmonton housing market, not just because fewer people are in a position to buy, but also because the drop in demand has affected construction companies. Despite the Edmonton job market, however, single family homes have continued to sell fairly well.
It’s tough to say what is real and what is not, in terms of the effect the oil situation is having on the province. There are clear indications of financial and economic stress, but there is an argument to be made that the media is exacerbating the situation and causing a greater slowdown out of fear, then we might otherwise see. The Edmonton job market has suffered, but the city is chugging along just fine, all the same.