University enrolment is up across Canada.

The economic downturn is pushing people out of the labour market

October 28th, 2009

Across the country, enrolment in universities has increased by the greatest amount seen since the double-cohort in Ontario.  The Association of Universities and Colleges of Canada reported a 4.1% increase since last year, and a 7.2% increase for full-time students. 

The 870 000 new full-time students, of which 733 500 are undergrad and 136 500 are graduate, are particularly pressured by the current economic downturn.  The greater economic uncertainty has closed off the labour market to more young people than any other cohort, but that hasn’t necessarily meant students and recent grads are falling behind.  Many students have taken the opportunity to invest in themselves and in their own career development.  By building new skill sets and expanding personal academic portfolios, these students are better positioning themselves for when the economic conditions recover.  "There’s every indication that the economy will demand those skills in the future", said Herb O’Heron, a senior adviser from the AUCC. 

"Students and their parents know higher education leads to better job prospects.  In the last twelve months, there have been more than 60 000 new jobs for university graduates, while there were 390 000 fewer jobs for those without higher education," added Paul Davidson, President of the AUCC.

These trends apply to both young people, as well as recently laid off service and trades workers.  For parents of young adults, don’t be surprised if the labour market appears daunting.  While there are still some jobs available, it is particularly hard for people with no post-secondary training.  Similarly, if you are also facing a difficult prospect in finding employment in the deteriorating labour market, you should also consider the advantages of spending a few years expanding your own skills and educational experience.  Another helpful incentive that is a product of the tough economic times: near-zero prime.  Although for exactly how long is unknown, interest rates on loans like student lines of credit are near all-time lows. 

For more information on the growing enrolment rates, see http://www.aucc.ca/publications/media/2009/enrolment_10_22_e.html and http://www.universityaffairs.ca/enrolment-up-again-across-Canada.aspx.