As we set new records for immigration in this country, economists are starting to look past the actual head count of new arrivals to what it means to the broader economy and our ability to actually provide a welcoming landing to these new residents.
Over at ScotiaBank, for example, the economics unit dissected job growth through the immigration lens. Conventional wisdom suggests we have a shortage of people to fill all the vacant jobs so immigration is a viable solution. But the bank’s analysis shows 85 per cent of the new hires were actually born here or arrived more than 10 years ago.
They also point out that Canada’s immigration push – which could bring as many as half a million new residents by next year – is an experiment that other countries are watching….and if it works, we should expect them to follow suit and heighten competition for labour.
At TD Bank, meanwhile, the economists there are reminding public policy makers of the importance of infrastructure and social systems capable of handling these new people which could make an already tight housing market even tighter.
