A recent economic report by the Ontario Construction Secretariat (OCS) revealed that employment and labour force cooled in December 2024, and unemployment rose to 6.0 per cent from the 3.9 per cent in November.
Despite the industry having winded down from the record highs of 2023, the labour market remains strong overall. Females aged 25 to 54 and youth aged 15 to 24, in particular, actually increased year-over-year from December 2023.
Employment and labour force were both down in December, -3.1 per cent year-over-year and -2.9 per cent year-over-year respectively. This continued the trend of 2024’s cooler construction labour market relative to 2023.
The unemployment rate rose from 3.9 per cent in November to 6 per cent. This unemployment rate was higher than the last several Decembers, with the exclusion of 2020.
The year 2024 was still a strong year overall, with still near record high average employment and labour force, and a relatively low unemployment rate.
Female employment was up 3.9 per cent year-over-year and labour force was up 6.0 per cent year-over-year. For females aged 24 to 55, employment was up 12.2 per cent year-over-year and labour force was up 14.1 per cent. Females aged 55 and over saw a decline of -26.6 per cent year-over-year.
Those aged 15 to 24 recorded an employment gain of about 21.7 per cent year-over-year and labour force increase of 24 per cent year-over-year, whereas those aged 55 and over saw a decline of -13.1 per cent and -12.5 per cent respectively.
