Conference Board of Canada forecasts a strong labour market and Yukon economy in two recent reports

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

Quick facts

• The Learning From One Another project, undertaken for Canada’s Future Skills Centre, engaged Indigenous, government and post-secondary partners from Northern Ontario, the Yukon and Nunavut.
• The Conference Board of Canada’s provincial and territorial forecasting models were used to produce economic forecasts and create high, low and baseline scenarios for Northern Ontario, Nunavut and the Yukon from 2024 to 2045.
• The Learning From One Another report is complemented by the Territorial Outlook report, released by the Conference Board of Canada on November 6, 2024, which provides an economic forecast specific to the Yukon’s outlook.
• Despite some uncertainty in the mining sector, the Conference Board expects the Yukon’s job market to remain strong, with employment projected to rise by 3.5 per cent in 2024.
• The Conference Board expects the Yukon’s population to reach 50,000 by 2030, with an annual growth rate of 1.7 per cent to 2030, above the national average of 0.9 per cent for the same period.
• The Conference Board projects that the Yukon’s economy will benefit from increased tourism, with visitor numbers expected to approach record levels by the end of 2024.
• For temporary media access to the territorial outlook report, please contact media@conferenceboard.ca.

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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