Key Developments
Recent data from Trucking HR Canada and Statistics Canadashow that the trucking industry's jobs vacancy rate hit new record highs, even before the impact of domestic and border vaccine mandates. The vacancy rate in truck transportation hit 8 percent in the third quarter of 2021, which was the second-highest industry vacancy rate behind accommodations and food services. The number of openings for truck drivers increased to a record 22,990, representing a 20-percent surge over the second quarter of 2021.
Following a recent federal supply chain summit, the Canadian Trucking Alliance (CTA) called for increased government program support to alleviate the growing truck driver shortage. The proposals call for “known employers” to tap into immigration channels, increased funding for training, and a streamlined application process for Labor Market Impact Assessments needed to access the Temporary Foreign Worker Program.
According to LoadlinkTechnologies, Canada’s spot market closed 2021 on a record high note, with December load volumes soaring 120% year over year and up 20% from a record November.
Be sure to check out the latest perspectives from BMO economists on the Canadian macro outlook (page 6).
