The real estate segment’s employment strength more than made up for the roughly 24,000 Canadian jobs lost in July, according to latest figures from Statistics Canada.
Combined, the real estate and construction sectors generated over 30,000 jobs last month.
Much of what fuelled this strength is the fact that both industries, along with other crucial segments, have seen historic highs in their employment numbers. This fundamental robustness countered whatever job losses other parts of the economy might have suffered.
In its analysis of the StatsCan numbers, Better Dwelling noted that the FIRE sector (finance, insurance, and real estate) accounted for 1,199,100 Canadian employees in July.
“Even though the general economy shed jobs, this sector saw an increase,” Better Dwelling emphasized, adding that FIRE is seeing its workforce continuously grow at a healthy clip, with a 0.45% increase month-over-month and 1.58% annually.
The construction industry’s employment figures also registered a record-high 1,474,100 employees in July. The sector grew by 1.73% from June, and by 2.67% from last year.
Notably, this was a major recovery from the construction sector’s rather sluggish May, which had a knock-on effect upon the number of jobs nationwide during that month.
The ADP Canada National Employment Report covering May recorded the loss of 11,223 construction jobs, which was “the largest decline over the past seven years.”
Taken as a whole, the FIRE and the construction segments now represent 14.04% of all Canadian workers, Better Dwelling stated.