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Canadian Engineering Shortages
According to a new Engineers Canada labour market projection report,there are currently labour shortages in a number of engineering occupations,particularly civil,mechanical,electrical,and electronic engineers,as well as a shortage of computer engineers at both the provincial and national levels.Occupation data sourced from the Canadian National Household Survey and the Canadian Labour Force Survey indicate that engineering occupations' employment and wages are increasing faster than in other occupations.Unemployment is very low,less than one percent for many engineering occupations,relative to historical data and to other occupation data.Replacement demand for engineers will be particularly relevant over the next decade as the baby boom generation retires.Economic activity is generating a stronger demand for engineers in Western Canada than in Eastern Canada.
Out of the fourteen different engineering occupations,the forecast for civil engineers is particularly high.It is projected that there will be an average of 2 500 job openings for civil engineers annually over the next five years.Growth in industries that employ civil engineers will generate about 1 000 of these openings each year.Another 1 500 of these job openings will be related to the replacement of retiring workers,given the high average age of 48 years old for civil engineers.
The situation described in this scenario can be referred to as a tight labour market.What occurs in a tight labour market?
Wells Serviced
The number of oil or gas wells undergoing maintenance, inspection, and repair within a specified timeframe.
Spending Variance
Spending variance is the difference between the actual amount spent and the amount budgeted or expected to be spent.
Budgeting
The process of creating a plan to spend your money, setting forth projected revenues and expenses for a future period.
Planning Budget
A financial plan that estimates the revenue, costs, and resources required over a certain period, often used for guiding business strategy and operations.
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