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Calgary & Alberta Economy

darwink said:
Graduated into the world financial crisis and natural gas collapse—this is very much worse but will also turn faster as the excesses on the international student boom pass.
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I wonder also about the number of TFWs and the affect on graduates finding jibs. Back in other times, it was more common to hire graduates in my line of work. These days I see a lot more people applying from abroad and getting on as a TFW, as the company can use the excuse that the TFWs have more experience than a graduate and thus can justify being able to hire them.
The companies are sort of justified, but personally IMO they are taking the quick easy route, when in many cases hiring a graduate and helping them grow into the position would be better. Often times the workers from abroad have alleged experience or education that doesn't always live up to the expectations, and even if they live up to expectations, they often have one foot out the door.
 
Albertasaurus said:
The unemployment situation is a bit complicated: Alberta still has the highest workforce participation rate in the country, so even with our higher unemployment rate, we still have a higher share of people working than any other province. We are also by far the fastest growing province, which means lots of people relocating here and then looking for work. We have our problems and are far from perfect, but I still see Alberta as a place with an exciting future.

That said, I really feel for young people here, and across the country. They are getting it from both ends, with exorbitant housing and living costs and few job opportunities. I'm Gen X, and graduated into a shit job market with few opportunities, but i think the current crop of young people have it worse. Generally we want to see each generation have it a bit easier than the last, but its been a long time since a generation of young adults have been given such a raw deal.
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The unemployment situation right now affects young people the most, and AB has one of the youngest population, highest participation, which is why we are high in unemployment. The unemployment rate for those 15-24 is 17%, while it's about 7% for those over 25. The high unemployment is driven mostly by new employees entering the workforce rather than any mass layoffs. Obviously still a problem, but more of a country wide thing than an Alberta-only issue.

This is also why the Alberta Pension Plan the province is peddling would appear to be so beneficial, since more Albertans are paying into the system than taking out, relative to other provinces. Obviously that doesn't account for the fact that many Albertans retire to difference provinces.
 
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