In the latest release of Economic and Social Reports, a comprehensive analysis sheds light on the evolving landscape of Canada’s economic and social sectors. Key findings delve into the ramifications of increased remote work, corporate debt vulnerabilities, and the integration of various refugee admission programs.
The study “Working from home and public transit use in Canada, 2016 to 2023” reveals that the surge in remote work due to the COVID-19 pandemic has significantly reduced the number of urban public transit commuters in Canada. With a potential decrease ranging from 290,000 to 780,000, the study emphasizes the complexity of attributing these changes solely to remote work, given other pandemic-related factors affecting commuting behavior. The proportion of urban commuters using public transit dipped from 14.8% in 2016 to 9.3% in 2021, rebounding to 11.8% in 2023.
A spotlight on the corporate sector in “Risks to Canada’s corporate sector as interest rates rise” warns that increasing corporate debt, coupled with rising interest rates, poses a threat to the Canadian economy. The report indicates a significant acceleration in corporate debt growth from 2010 to 2022, reaching 160% of Canada’s GDP by Q2 2023. This debt level is notably higher than the 2000-2019 average of 125%. Canada’s corporate debt to GDP ratio was the third-highest in the G7 by the end of 2022, raising concerns about potential insolvencies, bankruptcies, and their broader economic repercussions.
“The short-term labour market outcomes of blended visa office-referred refugees” explores the integration of refugees under the Blended Visa Office-Referred (BVOR) Program. BVOR refugees, combining elements of government-assisted and privately sponsored programs, exhibited higher employment rates and earnings than Government-Assisted Refugees (GARs) but lagged behind Privately Sponsored Refugees (PSRs) in the initial years post-immigration. The study underscores the influence of private sponsors on refugees’ integration into the labor market.
An analysis of economic immigrants reveals that high-skilled two-step immigrants, selected from a pool of temporary foreign workers, consistently outearn their one-step counterparts. The study “Earnings of one-step and two-step economic immigrants: Comparisons from the arrival year” suggests that the two-step selection process enhances the alignment between immigrant skills and labor market demands. Two-step immigrants admitted through the Federal Skilled Worker Program between 2010 and 2014 had significantly higher median earnings compared to one-step immigrants, even after accounting for sociodemographic differences.
Two additional articles focus on the transition of low-skilled foreign workers to permanent residency in the accommodation and food services, as well as the food manufacturing industries. These workers face greater challenges in transitioning to permanent residency compared to their high-skilled counterparts. The sociodemographic characteristics and retention rates within these industries after immigration are explored in detail.