Economic Development Strategy and Action Plan - Perth County

2 Labour Market Analysis Summary of FindingsA Labour Market Analysis (LMA) was completed for the partner communities. The LMA identifies theskills base in the region and determines the competitive position of the labour force in relation tosouthwestern Ontario and the Province. In addition, this project identifies key considerations andopportunities to build and strengthen the labour force and draws conclusions that require action for labourforce retention and development.Demographic, labour force and business data was collected for the 2001 to 2009 period. The followingtable provides the key findings from the analysis, a positive or negative indication for the future economyand an implication for the future economy.Figure 2 – Key Findings from Labour Market AnalysisPositive and/orFindingNegative FindingImplication for the FutureEconomyCommunity Demographics and HouseholdsThe region is not attracting immigrantscompared to the rest of southwestern Ontarioand Ontario. Immigrants can be either othersfrom outside of the region or new Canadians.In addition, the local visible minority populationis actually declining. Given that immigration isthe primary source of population and labourforce growth in Canada, this will haveimplications for the region’s future labourforce.Compared to the province and southwesternOntario, the region has a lower percentage ofhouseholds earning greater than $100,000.Lower disposable income impacts the region’scapacity for retail/personal services business.The region is experiencing modest populationgrowth. The City of Stratford accounts formuch of this growth.The region experiences higher participationrates and lower unemployment rates thansouthwestern Ontario and Ontario suggestingthe region has more successfully weatheredthe recent economic recession.There is a high proportion of residents in theregion working in the region (low commuterout flow of labour).Labour ForceOther people in Ontarioneed to be attracted to orback to the region.Immigration supportservices and programsneed to provide effectiveservices to integrateimmigrants into the region’slabour force.Retail and personal servicebusinesses need tobecome less dependent onthe local population base.If trends continue, Stratfordwill be driving futurepopulation and labour forcegrowth.History of economicresiliency is a marketableaspect of the region.Excellent opportunities forgrassroots skillsdevelopment programs.Perth, St. Marys and Stratford Economic Development Strategy and Action Plan 8 | P age