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By Sheldon Spackman

6.9 per cent

Red Deer region’s unemployment rate drops in February

Mar 13, 2024 | 11:00 AM

The Red Deer region’s unemployment rate saw a significant drop last month.

According to Statistics Canada, the Red Deer region’s jobless rate was 6.9 per cent in February, down from 8.2 per cent in January, and 7.7 per cent in February 2023.

The Red Deer region’s unemployment rate is also no longer the highest in the province. The jobless rate in Lethbridge-Medicine Hat was the highest in the province at 8.2 per cent last month, compared with 7.0 per cent in Edmonton, 6.3 per cent in Calgary, 5.0 per cent in Wood Buffalo-Cold Lake, and 4.8 per cent in both the Camrose-Drumheller region, and Banff-Jasper-Rocky Mountain House and Athabasca-Grande Prairie-Peace River regions.

Alberta’s unemployment rate held steady at 6.2 per cent from January to February but was still higher than the 5.9 per cent seen in February 2023.

Canada’s unemployment rate came in at 5.8 per cent in February, up from 5.7 per cent in January, and 5. 1 per cent in February 2023.

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Minister of Jobs, Economy and Trade, Matt Jones, issued the following statement on the February 2024 Labour Force Survey from Statistics Canada:

“Alberta’s labour market continues to show strength, with more Albertans employed in February than at the same time last year. Employment rose to 2.5 million, up 17,400 month-over-month, which is a 4.1 per cent increase year-over-year. Full-time jobs also jumped to 2,070,699.

“While Alberta only accounts for 11.7 per cent of Canada’s population, our province leads the nation in net employment growth, with 42.8 per cent of the country’s employment gains. With a highly skilled workforce, business-friendly policies, diversified economy and affordable, exceptional lifestyle, Alberta continues to be the economic engine of Canada. Our province leads the nation in net employment growth and last week, the Canadian Survey on Business Confidence showed optimism among Alberta businesses was up considerably over the last 12 months, out-pacing the rest of the country.

“We are keeping this momentum going with Budget 2024, which maintains Alberta’s competitive advantage so businesses and industry can continue to innovate, thrive and create jobs. It also ensures Alberta’s economy can remain vibrant and resilient for years to come.

“Alberta continues to lead by example when it comes to jobs and the economy. Strategic investments, even greater diversification and a responsible budget means our province will remain a leader in Canada for investment and job growth.”

According to ATB Financial, February’s employment increase is the largest since October 2023, when employment reversed itself after an unusual drop in September.

The institution says, looking under the hood, the details are strong, noting almost all the gains were in the private sector (+17,000) and dominated by new full-time positions (15,900).

Officials say construction led the charge (+12,000)—a positive sign given elevated vacancies in the sector and the recent ramp up in home construction, followed by wholesale and retail trade and professional, scientific and technical services. This, says the institution, offset declines in education, health care and social assistance, and information, cultural and recreation.

Nathan Ip, Alberta NDP Critic forJobs, Economy and Trade issued the following statement in response to the the Labour Force survey:

“In the year that Danielle Smith has been Premier of this province, Alberta’s unemployment rate has risen from 5.9 to 6.2 per cent. We continue to experience higher rates of unemployment than the Canadian average, higher than the other western provinces.

“Alberta has among the worst employment rate in Canada for women aged 25-54, lagging behind the national average.

“People coming to Alberta are not able to find meaningful work once they get here. Our employment rate isn’t keeping up with our influx of people looking for opportunities. When they arrive, people will see the government hasn’t kept up essential services they need like health and education supports, which are woefully underfunded in this year’s budget.

“Danielle Smith’s ‘Alberta is calling’ campaign needs to come with an asterisk that says: *but there may be no job, health care or education when you get here.”

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