Job outlook Industrial Relations Economist in Ontario
Job opportunities for Economists and economic policy researchers and analysts (NOC 4162) are good in Ontario over the next 3 years. This job outlook is also applicable to people working as an industrial relations economist.
Job opportunities in Ontario
The employment outlook will be good for Economists and economic policy researchers and analysts (NOC 4162) in Ontario for the 2019-2021 period.
The following factors contributed to this outlook:
- Employment growth will lead to several new positions.
- Not many positions will become available due to retirements.
- There are a small number of unemployed workers with recent experience in this occupation.
Economists and economic policy researchers and analysts are employed in all major industry categories in Ontario, but the leading shares are in public administration, primarily at the federal level, and finance and insurance services, largely in banks. The management, scientific and technical consulting services sector is another key employer.
The Ottawa economic region (primarily within the federal government), and the Toronto economic region (primarily within financial services), account for the majority of workers in this profession.
Economists and economic policy researchers and analysts should experience favourable demand during the forecast period. Many of the priority activities planned within the public and private sectors will increasingly rely on strong research and data evidence to support decision-making.
Among the initiatives, are federal and other public sector investments to expand and modernize programs and services in support of economic growth, while building efficiencies. In addition, markets are more connected globally, and significant organisational changes are becoming more common. Meanwhile, several companies are seeking new product and service opportunities, such as the financial services sector through digital transformation of its platforms. Generally, individuals with strong quantitative skills will be needed to forecast impacts, provide recommendations and monitor these new conditions and measures. A fair amount of job opportunities should also arise in banking particularly in relation to risk management.
Employers tend to express a preference for candidates who have a master's degree, and in a discipline such as economics, finance, statistics or business administration. Some positions also seek professionals with a doctoral degree in economics or a related field.
Individuals with advanced skills in dealing with large data sets and well-rounded knowledge of quantitative techniques in economic modeling, forecasting, and use of statistical analysis software should have improved job prospects. For example, in addition to Microsoft Office, some of the more common requirements include familiarity with software including EVIEW, MATLAB, R, SQL, STATA, and data visualisation tools such as Tableau. Some positions will also include the need for an understanding of computer programming languages such as Python.
Here are some key facts about Economists and economic policy researchers and analysts in the Ontario region:
- Approximately 9,300 people work in this occupation.
- Economists and economic policy researchers and analysts mainly work in the following sectors:
- Monetary Authorities - central bank and securities, commodity contracts and other intermediation and related activities (NAICS 521, 522, 523): 33%
- Federal government public administration (NAICS 911): 30%
- Provincial and territorial public administration (NAICS 912): 8%
- Other professional, scientific and technical services (NAICS 5414, 5416-5419): 6%
- Insurance Carriers and related activities (NAICS 524, 526): 5%
- The distribution of full-time and part-time workers in this occupation is:
- Full-time workers: more than 95% compared to 79% for all occupations
- Part-time workers: less than 5% compared to 21% for all occupations
- 75% of economists and economic policy researchers and analysts work all year, while 25% work only part of the year, compared to 63% and 37% respectively among all occupations. Those who worked only part of the year did so for an average of 31 weeks compared to 31 weeks for all occupations.
- Less than 5% of economists and economic policy researchers and analysts are self-employed compared to an average of 12% for all occupations.
Breakdown by region
Explore job prospects in Ontario by economic region.
|Hamilton–Niagara Peninsula Region||Good|
|Stratford–Bruce Peninsula Region||Undetermined|
You can also look at this data on a map. Go to LMI Explore
Labour market conditions across Canada
We expect that the labour supply and demand for Economists and economic policy researchers and analysts (NOC 4162) will be balanced in Canada over the next 10 years.
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