Labour Market Outlook
2015 Labour Market Forecast
Slower growth in the population is resulting in slower labour force growth. The working age population is expected to increase slightly by 1,800 (+0.2%) in 2015 from 2014. Consequently, the labour force is projected to show a slight increase of 300 (+ 0.1%) and employment is expected to grow by 2,500 (+0.6%) jobs. The expectation of a relatively stable labour force and modest employment gains suggests that the provincial unemployment rate will decrease from 9.0% in 2014 to 8.5% in 2015. The labour force participation rate is not expected to change significantly from the current level and is projected at 62.7% in 2015.
Long-Term Labour Market Forecast
Nova Scotia’s population growth has been limited in recent years. Net international migration has been offsetting declines associated with natural population change and net interprovincial movement. As the baby boom cohort ages into traditional retirement years, they are expected to participate less in the labour market. Over the next five years, Nova Scotia’s labour force is expected to peak in 2016 after which it is expected to decline due to demographic challenges facing the province. As a result, employment levels are also expected to decline, resulting in a significant change in the role that labour plays in production in Nova Scotia.