November 2024
In October 2024, the Hamilton CMA saw a consecutive 0.2% increase to their population, amounting to a population of 706,900. While the population grew, Hamilton’s labour force saw a slight decline, with -0.1% in persons in the labour force, compared to a stabilization seen in October. Participation among the region followed a declining trend in November. With the participation rate declining by 0.1% to 64.1%. Of note, was the jump in unemployed persons captured in November. Hamilton’s unemployment rate increased by 0.6% to 6.8% – and the number of unemployed persons in the labour market increased by 6.9% to 30,700 persons. With a decline in Hamilton’s employment rate by 0.6% to 59.7%. By employment type (seasonally unadjusted), the Hamilton CMA had a decline of people working full-time (-2%), which was followed by increases in part-time employment (+7%). Participation remained relatively stable, with a slight decline to 64.1%. Much of the increases in unemployment can be attributed to the increases in migration.
Unemployment Rate
Following national trends, Hamilton’s unemployment increased to 6.8%. With the national unemployment rate at 6.8% and provincial rate at 7.1%. Of note, with the increase to 6.8% nationally, marks the highest rate since January 2017. By age groups, the age group which saw increases to unemployment were those aged 55 or older, with an increase of 400 unemployed persons and an increase of 0.5% to their unemployment rate (4.2%).
Shifting Demographics
Using July 1st as a benchmark date, population in the Hamilton CMA has grown by around 2% from a yearly perspective. With most age groups experiencing modest increases to their populace. Divided by age groups, working age individuals saw the largest increase of 3%. Of interest, was the 5-year changes in demographic trends. There were modest increases to most age groups. With most of the increases due to organic factors. However, those approaching retirement age outpaced every other age bracket in terms of population growth. Despite a 7% increase in the working age group – which is attributed to the increase in economic immigrants – Hamilton is experiencing an aging population. Wherein, this population has increased by 10% within the past five years. This demographic trend is not localized to just Hamilton. An aging population has been a nation-wide occurrence. It is estimated that within the coming years the ratio to new workers to retirees will decrease to just 2 new workers for 1 retiree.
Industries
Following a tumultuous year for Hamilton’s Utilities sector, the sector finally saw large increases in employment in November. With employment growth of 24%, following consecutive declines prior. A three-way tie for second largest growing industry, Hamilton’s Other Services, Transportation and Warehousing, and Accommodation and Food Services sector all saw a 5% increase in employment growth. Business, Building and Other Support Services further saw a 3% increase in their employment as well. The largest decline industry for November in Hamilton was Agriculture, with a decline of 17% in employment. Second was Finance and Insurance with a decrease of 7%, and Hamilton’s Professional, Scientific and Technical Sector by 4%.
Occupations
From Workforce Planning Hamilton’s Job Board, the top in-demand job for November 2024 were Retail Salespersons with 177 job postings. Following were Home Support Workers (165), Cooks (163); Registered Nurses (158); and Store Clerks (129).
The top hiring employers were McMaster University (374), the City of Hamilton (200); Outlier (88); Kijiji Employers (85); and St. Joseph’s Health Care Hamilton (83).
Migration in Hamilton
From Tax-filer data, the City of Hamilton had the largest net migration for core working age individuals, or those aged 25-44, with a net migration count of over 23,000. In-migration exceeded out-migration in Hamilton, with a total net migration count of 36,727. Compared to the time period of 2016-2022, the City of Hamilton experienced more net-migration into the region, spearheaded by increases to the core-working age group.