Ottawa’s unemployment rate drops to lowest level since 2009

New data from Statistics Canada, cited by The Ottawa Citizen, has shown that the unemployment rate in Ottawa-Gatineau has dropped to 4.8% in March, down 0.3% from February.

The 2,600 jobs gained through March saw the regional unemployment rate dropping to its lowest level since January 2009 – the only time previous to March that it has dropped below 5%.

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During this time, Ottawa’s job market has significantly changed.

Statistics Canada shows that during the course of the past decade, the regional workforce has grown approximately 9.5%, similar to increase in the number of jobs added during this period. However, the working age population has grown 17%.

This reflects that the number of Ottawa residents seeking work has dropped significantly, now 68% compared to the 72.5% ten years ago, with many opting for alternative options such as early retirement, schooling and alike.

The 4.5% equates to what would now be a 52,000 difference in the total workforce number.