Non-permanent residents are force in Canadian economy

Interesting take from CIBC on the economic contribution of non-Permanent Residents:

The most powerful demographic and economic impact is not in the tight labour markets of Alberta and Saskatchewan, but in British Columbia and Ontario, Tal found.

The number of non-permanent residents tripled in Ontario between 2006 and 2013. If those people hadn’t arrived, the province would have lost 120,000 people in the important cohort that is forming households and powering economies.

In B.C., the number in the 25-44 age group would have been flat if the non-permanent residents total hadn’t doubled.

“It is not a coincidence that those two provinces are also the ones to experience long-lasting strong housing market activity,” Tal said in his analysis.

The implication is that any new federal policies to alter the status of TFWs should take into account their importance as spenders in the Canadian economy.

“The main issue is to take into account the economic impact of such large numbers. The number is big enough to change the trajectory,” Tal said.

He said the 2013 numbers, which he drew from Statistics Canada, may underestimate the number of non-permanent residents in Canada compared to more recent figures from Citizenship and Immigration Canada.

He points to a 14 per cent growth in new permits for TFWs and nine per cent growth in extensions in 2014. There is very little evidence such workers are returning to their home countries, he said.

Non-permanent residents are force in Canadian economy: CIBC – Business – CBC News.