After some sluggish months for the Canadian economy, April saw record numbers of jobs created not seen since 1976 with 106,000 new jobs, far exceeding economists’ expectations. Canada added over 426,000 jobs in the last 12 months and though many had forecast an imminent recession, it now appears that may not be in the cards. Perhaps more indicative of a better economy is a stronger wage growth component of 2.5% increase. Perhaps salaries are finally catching up with the increase in jobs and we’re seeing the effects of an overall tightening labour market.
As we look at the Quebec Employment numbers, we confirm what we have seen both operationally and practically in the market. Quebec continues its run of strong labour numbers with the second lowest unemployment rate in the country (second only to BC provincially) and, at 4.9%, it’s over a full point lower than neighboring Ontario. Montreal continues to have a lower rate of unemployment than Toronto. Drilling down further, we know that theNationalrate of unemployment for technology hovers at less than half the broader rate, at slightly above 2%. However, in Technology Urban Centres like Montreal with a burgeoning Video game sector, AI sector and Financial sector it is likely very close to 0% which is what we at Eagle are currently seeing play out in the marketplace.
Canada has bet big on AI with centres in Toronto and Edmonton but Montreal also has a thriving and burgeoning AI ecosystem. In addition to the Federal funding in AI investment, the city benefits from a huge Province of Quebec investment, similar to what the Province invested in attracting big video gaming players to Montreal. Swedish giant Ericsson, French Tech Consultancy Axionable and Samsung are just some the global giants to have recently opened AI accelerator/Labs in the city of Montreal. In addition to Montreal already being a North American gaming hub, clearly it is becoming an AI hub as well. Over the past couple of years, global behemoths Google, Facebook and Microsoft have set up shop in Montreal in the hopes of taking advantage of the much sought after talent developed as a result of these new thriving hubs and tech ecosysytems.
Traditional sectors such as Telecom, Financial Services and Aerospace who are already fighting to attract the talent they need now have to out-hustle these “sexy ” giants of tech industry. Talent in Montreal have multiple options and clients now need to be certain they are quick to hire, have compelling stories to sell, competitive salaries and are working hand-in-hand with their talent partners in what is now a very heated market.
Hot roles in Montreal include Mobile Developers, DevOps/Middleware, BI Specialists, Security Specialists and all things Java.