The city released a multi-year forecast of Calgary's labour market. Here's what it found

Calgary's labour market is expected to cool over the next couple of years before staffing challenges are projected to re-emerge in the next budget cycle — but labour shortages in certain sectors could persist for the next decade.

That's according to the City of Calgary's new labour market outlook, which forecasts supply, demand and imbalances in Calgary's labour market from 2024 to 2033.

The report, which is an extension of the city's biannual economic outlook, is believed to be the first analysis of its kind at the municipal level, said the city's website.

City economist Stanley Kongnetiman, who's also the city's manager of corporate economics and regulatory affairs, said its main purpose is to help Calgary employers and workers better prepare for the future.

"It will help businesses and governments to have the information available to make decisions in terms of where to invest, so that they have the right people with the right skills available," said Kongnetiman.

"For people that are leaving school, people that are entering the workforce, this will be a good reference for them to take a look at and focus on the skills that are in high demand."

According to the report, Calgary's aging population mixed with a post-pandemic surge in demand for workers led to a tighter labour market in recent years. But record numbers of people moving to Alberta started to cool the market last year, a trend that is expected to last until about 2026.

However, the market is predicated to narrow once more in the next budget cycle — from 2027 to 2030 — unless governments take action, said Kongnetiman. 

"It's going to be a combination of economic expansion as interest rates moderate, coupled also with the slowdown in population growth which will lead to a slowdown in job seekers and a surge in job openings."

For some industries, despite the market's ups and downs, staffing challenges are forecasted to persist over the next decade.

The report said construction, retail, education, and hospitality come out on top of long-term labour shortages.

Kongnetiman said that could be an opportunity for people who are looking for work in Calgary.

"If you want to re-enter the labour market or leave school, maybe you should look at some of these occupations," he said.

On the other hand, in the same time frame, the report outlined some projected labour surpluses.