The Canadian Government had a commitment to admit 255,000 newcomers to Canada as permanent residents for 2006. This is an increase of 10,000 projected new permanent residents admitted for 2005. The Government is planning for continuous increases in the number of new immigrants each year until 10% of Canada's population or 325,000 immigrants are admitted to Canada annually in five years time. This would represent an annual increase of 100,000 new permanent residents over current immigration levels. On a per capita basis, this level of immigration ranks among the highest in the world.
The Canadian Economic Observer has released their summary report on Canada's economy for the year 2006. Its findings emphasize the ability of Canadians to adapt in this time of rapid change. The report states that Canada's economic strength and stability is shaped largely by this ability to adapt and cites the migration of people to a booming Alberta from other provinces as a standout example of such adaptation.
Many experts had predicted an economic fall-out after the growth of 2005. However, the anticipated threats, including a slumping housing market, rising exchange rates, Middle-Eastern instability and the high-tech burst, failed to trigger a recession in the country. This was due, in large part, to the countering effects of a booming resource sector- most notably the oil sands in Alberta. The province's 2005 economic surge spilled across into the other provinces for 2006.
The continued strength of Alberta attracted over 57,000 migrants from across Canada. The province had the lowest unemployment rate at 3.4%. British Columbia also experienced significant economic growth, boasting a competitive unemployment rate as well (under 4%). Pressures on the labor market were also eased by the increase in women and youth entering the labor force.
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