Labour market information
How it works
The market is an economics term that refers to any place where things are bought and sold. Just as there are markets for computers, stocks and real estate, there are markets for labour.
Like other markets, the labour market involves supply (those looking to sell) and demand (those looking to buy).
In the labour market:
- supply means people looking to supply their skills, talent and labour
- demand means organizations and employers looking to hire
The Victoria labour market has:
- a high demand for information technology specialists and government workers
- a low demand for border security workers and air traffic controllers
Supply and demand shifts over time and can be affected by changes in the economy, population demographics, government/policy decisions, funding, technology advancements and more.
For example:
- a damaging earthquake would increase the demand for construction workers
- a new department store would increase the demand for retail workers
- a school closing would decrease the demand for teachers
- a growing population of seniors would increase the demand for care workers
What LMI includes
LMI can include things like:
- job postings or contract opportunities
- employment rates
- labour market statistics
- economic reports
- emerging industries
- industry and occupational classifications
- academic research papers
LMI gives you information about:
- job prospects
- salaries and working conditions
- industry and employment trends
- economic outlook by region
Where to find LMI
LMI comes from many sources and gets organized in different ways for different audiences. Federal government agencies are primary sources of LMI, but provincial and regional governments, colleges, industries, and other organizations also share information about jobs, training, salaries, working conditions and more. Lots of LMI is readily available online.
National & international sources
- Canadian Occupational Projection System (COPS): find information about opportunities by occupation or industry
- Job Bank – Government of Canada: resources for your job search, exploring careers and job market trends
- National Occupational Classification (NOC): NOC 2016 is the authoritative resource on occupational information in Canada
- it describes and categorizes types of work to help professionals and job seekers understand the jobs in Canada's labour market
- GoinGlobal: research tool providing country-specific resources (Subscription sponsored by UVic Co-op and Career)
Provincial sources
BC, Alberta and Ontario examples are listed below. For other provinces and territories, you can search online.
Local & regional sources
Municipal governments, regional districts, chambers of commerce and other community-based organizations often publish reports related to economic growth and strategic plans. These can be a rich source of LMI and help you find growing industries and organizations that are creating employment.
Here are some examples to get you started. To find more for your community, try searching your city/region + economic development.
- City of Victoria – Economic Development
- Local Government Management Association of BC
- City of Vancouver Economic Plan
- Vancouver Economic Commission
- Calgary Economic Development
- Toronto Region Board of Trade
Sector & industry-based sources
Some sectors and industries create organizations to support their economic growth. Talk to a career educator or search online to discover organizations like these for other industries.
Using LMI for your career
LMI is useful for many different purposes, whether you’re considering future career options or looking for a job now.
Let’s say you’re ready to search for a job. You could start searching for postings and applying for jobs right away, or you could research the job market first to find out what types of jobs are out there and where those jobs might be. Enter LMI!
LMI research is an important piece of your overall career exploration and job search strategies. When you consider that your ideal career sits at the intersection between your passions, competencies and opportunities, LMI can help fill in the opportunities side.
Exploring LMI while you’re still pursuing your degree can help shape and sharpen your career trajectory. The new information you discover may create new questions and fuel further research into other sectors, careers, locations and more.