It seems like overnight many Edmontonians found themselves jobless. Since Alberta has built its economy upon the usually prosperous energy sector, job loss has reached far beyond just oil rig workers. Any company even affiliated with the energy sector has had to lay off employees, which has led to many cuts to administrative positions. Edmonton’s job market has suffered some set-backs as of late, but it’s not hopeless.
There are still many industries hiring, and for most people that’s good news. Although they likely won’t be seeing the incomes they’re used to, ex-oil and gas workers are still able to find jobs in industries such as construction and fabrication, even warehouse work and labour jobs. Most Albertan’s are staying fairly positive and viewing the changes in Edmonton’s job market as ‘fat trimming’ for the time being, the only problem is deciphering just how long it will go on.
The energy sector’s strength over the years has been responsible for fueling every other market in the province, including construction, real estate, retail and technology. Although some of these industries have seen a slow-down in production, many of them are still trucking along at a healthy pace. Economists are saying that although the problem could persist for the better part of a year, or more, Alberta is perfectly poised to weather the slackened pace and should not see too much damage to any major market, overall. Edmonton’s job market will recover.
And when it does, and the energy sector is running at full steam again, there is bound to be an impressive uptake in business, population and employment opportunities, as is usually the case in situations like this. Some advice to live by? Hang in there. Hold onto to those investments, your homes etc., things in Edmonton’s job market are going to turn around in no time.