Looking ahead to 2025, employment in Calgary is expected to grow by about 2%, with gains in sectors like construction, retail, healthcare, and education. At the same time, a slowdown in migration is likely to ease the growth of the labor force, helping to reduce unemployment rates by the end of 2025.

In 2024, Calgary's unemployment rate rose due to high levels of migration, which led to a quicker expansion of the labor force than job growth could keep up with. However, this increase in unemployment mostly affected younger people and newcomers, so it hasn’t had much of an impact on demand for housing.

Calgary’s job market in 2024 outperformed expectations, with strong growth in manufacturing, followed by accommodation and food services, transportation and warehousing, and information, culture, and recreation sectors. As migration slows down in 2025, the city’s employment levels are expected to continue on an upward trend, which should help stabilize the job market and improve employment rates.