A lack of skilled trade workers is making the cost of living in Canada even worse, industry experts say, as the shortage makes a variety of services and goods more expensive.
Everyone will feel the effects of the shortage, said Simon Gaudreault, chief economist and vice president of research for the Canadian Federation of Independent Business. Whether it’s a shortage of transportation mechanics that affects bus fares or a lack of cooks that increases the prices of restaurant foods, “this is all interconnected in ways that sometimes people underestimate,” he said.
A report from his firm in 2022 found that labor shortages caused small businesses in Canada lose $38 billion in business opportunities. Construction companies were most affected.
