CPABC in Focus November/December 2014 | Page 21

Projected occupational employment growth Since the 2009 economic recession, both BC and Alberta have seen signs of improvement in their economies and labour markets. Employment in British Columbia grew by a modest 0.8% in 2011, reaching 2,274,000 workers and surpassing the pre-recession level.5 Employment grew by another 1.7% in 2012, and then contracted by 0.2% in 2013. In Alberta, the total number of employed workers in 2011 was estimated at 2,094,000, surpassing its pre-recession level of 2,053,700 (2008).6 Alberta continued to lead the country in employment growth in 2012 and 2013, with growth rates of 2.7% and 2.9%, respectively. In 2011, the BC government projected that 1.03 million job openings would occur between 2010 to 2020 across all industries. Given the province’s aging workforce, it is expected that nearly two-thirds of these projected job openings will occur because employers need to replace staff who have either retired or passed away. The other third is expected to stem from expansion demand and increased economic activity. Between 2010 and 2020, the labour market is expected to grow at an average annual rate of 1.4%.7 The Alberta government, meanwhile, is projecting that a total of 366,000 new jobs will be created over the next 10 years due to increased economic activity, and it estimates that the total number of job openings (including new jobs and jobs to replace workers who are retiring or otherwise leaving the workforce) will surpass 1 million between 2013 and 2023. Overall, the labour market is expected to grow at an average 1.6% per year between 2013 and 2023.8 Demand for CPAs Between 2010 and 2020, the demand for CPAs in BC is expected to grow at the same rate as the overall workforce: 1.4% per year. Using this estimated growth rate, there will be 31,840 CPAs employed in BC by 2023, with the addition of 3,200 new positions. During that same period, an additional 8,390 positions will need to be filled as baby boomers retire. As a result, it is forecasted that there will be an average of 1,290 job openings per year for CPAs in BC between 2014 and 2023. Forecast: CPAs in BC will see an average of 1,290 job openings per year between 2014 and 2023. By comparison, a forecasted 25,340 CPAs will be employed in Alberta by 2023. This means that there will be 2,840 new openings for CPAs in Alberta between 2013 and 2023, and with the expected retirement of many current members, there will be another 7,570 job openings during that same time period. Therefore, it is forecasted that there will be 10,400 job openings for CPAs in Alberta between 2013 and 2023, signifying an average increase of 1,040 new positions per year. Expanding the roles of CPAs In preparing the report, RKA found that there’s an increasing demand for C Á