EDR Reports Almost $500 Million Worth of Unfilled Jobs in Regina Due to 'Skills Mismatch'

14 Nov, 2023

EDR Reports Almost $500 Million Worth of Unfilled Jobs in Regina Due to 'Skills Mismatch'

A recent examination conducted by Economic Development Regina (EDR) has illuminated the substantial economic implications resulting from vacant positions in Regina and its adjacent areas. As of mid-2023, the report identifies roughly 4,400 job openings, indicating an estimated loss of approximately $428 million in potential employment income and around $54 million in forfeited tax revenue each year.

Expressing concern, Chris Lane, the CEO of EDR, emphasizes the "significant gap" existing between employer requirements, the local job market, and the skill sets possessed by the current workforce. Regina's unemployment-to-vacancy ratio is nearly three times the national average, with four individuals competing for each available job.

Despite the ongoing economic expansion and job creation, Regina grapples with challenges such as competition, interprovincial migration, and skill mismatches within the labor pool. Lane underscores that this issue extends beyond Regina and is prevalent in numerous major urban centers.

The report anticipates that if Regina's current economic trajectory continues, over 62,000 new jobs will materialize by 2026. However, challenges persist, particularly in sectors such as construction, retail, and healthcare, where substantial job vacancies endure.

Lane stresses the necessity of addressing the labor shortage through a comprehensive strategy involving attraction, retention, and training initiatives. The report suggests harnessing immigration and improving the quality of life in Regina to mobilize all available labor resources.

Recognizing the favorable influence of impending ventures such as the Cargill and Viterra canola crush facilities, Lane acknowledges that these significant projects will impose additional demands on Regina's workforce. The report underscores the importance of taking proactive measures urgently to establish sustainable solutions for the persisting labor challenges.

In conclusion, Economic Development Regina advocates for a multifaceted approach to bridge the skills gap, emphasizing that a combination of immigration, reskilling, and workforce activation is crucial for sustained economic growth in the region.