Press Release
The Conference Board of Canada has released two reports highlighting the Yukon’s promising economic and labour market outlook. Overall, the findings indicate that the Yukon’s economy remains strong, with positive indicators across many areas.
The Government of Yukon is building on this momentum by continuing to invest in Yukoners and delivering strong, sustainable fiscal management and addressing affordability concerns.
The first report, Learning From One Another: A Comparative Analysis of Labour Market Needs and Corresponding Skills in Northern Ontario, Yukon, and Nunavut, offers a comprehensive labour market analysis for these regions from 2024 to 2045. It identifies in-demand skills and key workforce challenges. The second report, A New Footing: Yukon’s 20-Year Outlook, projects sustained economic growth for the Yukon in the coming years, despite some short-term challenges.
The Conference Board forecasts that the Yukon’s workforce will expand by 10 per cent by 2045, driven by notable growth across several sectors. Overall, employment in non-commercial services is projected to increase by 14 per cent and commercial services will increase by 11 per cent. Health, education and service sectors are all expected to show strong demand for workers in the coming years.
The territorial outlook report indicates that the Yukon labour market will continue to support wage growth, robust population expansion and continued economic stability.
Despite a forecast of 3.2 per cent decline in real GDP in 2024 due to a reduced mining sector output, economic growth is expected with an average GDP growth rate of 2.1 per cent between 2025 and 2028. Continued growth in tourism and non-residential investment, along with inflation moderation and interest rate reductions will support stronger consumer spending and business investment, suggesting a growth environment for local businesses in the coming years.
These forecasts highlight our strong labour market and the overall vitality of the Yukon’s economy. It is important that we continue to implement policies that encourage economic growth, provide focused support to the labour market and empower Yukoners to take on new ventures and advance their ideas. Our government remains committed to supporting Yukoners, as we build a strong, resilient economy for communities today and generations to come.
Premier and Minister of Economic Development Ranj Pillai
The Conference Board’s reports underscore the resilience, stability and diversification of the Yukon’s economy, even amid challenges. With careful planning and continued investment in our people, we are working to ensure the Yukon’s economic and labour market growth benefits all Yukoners, supporting jobs, wage growth and sustainable development. These forecasts reaffirm our commitment to building a strong and prosperous future for the territory.
Minister of Finance Sandy Silver
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Media contact
Laura Seeley
Cabinet Communications
867-332-7627
laura.seeley@yukon.ca
Linnea Blum
Communications, Economic Development
867-332-2625
linnea.blum@yukon.ca
Eric Clement
Communications, Finance
867-393-6482
eric.clement@yukon.ca
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