CHARLOTTETOWN, Feb. 19, 2014 /CNW/ - Keeping skilled workers at home will be a major priority for Prince Edward Island's construction industry to help counter rising retirement rates, according to BuildForce Canada.
The 2014-2023 Construction and Maintenance Looking Forward forecast released today by BuildForce Canada shows retirement losses cannot be entirely offset by young people entering the workforce for the first time.
"With as many as 1,500 workers retiring over the next ten years, attracting, training and retaining a skilled workforce is more important than ever for the local construction industry," said Rosemary Sparks, Executive Director of BuildForce Canada. "It will take real planning to replace the rising number of retirees."
BuildForce Canada's forecast also shows:
- Labour requirements will rise with new investment in industrial and utility projects, and commercial and institutional building, helping to reduce unemployment rates to below average levels in 2015 and 2016.
- While total employment by the end of the outlook period is virtually unchanged from 2013, with labour requirements met by the local workforce, this trend makes no allowance for workers finding jobs outside the province.
- A brief downturn in residential activity in 2014 is followed by increased activity over the medium term and brings investment back to current levels.
- "The real challenge will be encouraging skilled workers to stay, and convincing others to return home when conditions improve in 2015," added Sparks. "That's when retirement pressures really set in and the province will need a larger skilled workforce to draw on."
BuildForce Canada is a national industry-led organization committed to providing accurate and timely labour market data and analysis to assist in meeting workforce requirements and advancing the needs of Canada's construction industry. BuildForce consults with industry, including owners, contractors and labour groups to compile and validate its labour market information. Visit: www.constructionforecasts.ca.
Funded by the Government of Canada
SOURCE: BuildForce Canada
For further information:
Rosemary Sparks, Executive Director, BuildForce Canada