What Impact will the current Economic Climate have on the Engineering Profession?

The economy is an issue for everyone and as the Voice of Ontario’s Engineers OSPE has a responsibility to address the recent global financial challenge through the perspective of the entire field of engineering. We are currently gathering information, so we do not yet have any analytical data specific to our profession. This is why we need your assistance.

OSPE believes that many, if not all, facets of the engineering profession will be affected by this economic contraction and we intend to research its impact as it relates to the labour market, credit availability, company/plant/project closures and downsizing. We will keep you informed so that trends can be identified and you can make informed analyses and decisions of the economic changes in Ontario as they relate to engineers.

Dwight Duncan, Ontario Minister of Finance and Revenue, in his October 22nd statement to the legislature regarding the 2008 Ontario Economic Outlook and Fiscal Review confirmed the provincial government’s commitment to key engineering issues including infrastructure, research and innovation.

“This year’s projected deficit will allow us to maintain our important investments in Ontario’s economic future as we work through the real challenges that confront the world today,” said Minister Duncan. “In taking this approach, we acknowledge the importance of infrastructure investments which create jobs and improve competitiveness for tomorrow. We see, very clearly, the potential economic growth associated with research and innovation, and we understand the positive impact of targeted tax cuts.” With continued investment in the short-term, the strongest effects may not be felt for some time.

OSPE researchers will cull data to create impact statements. We will look at both provincial and federal government actions; Ontario-specific data from the Engineers Canada Labour Market Study; focus groups and information sessions. Combined, these will help inform our position.

OSPE may also create a task force or, at minimum, form a pool of expertise that we can draw from to inform all of us about the issue. We will publish updates and articles periodically – on this web site and in the media.

If you have specific comments related to this current downturn or you would like to get involved, we need to hear from you. Please click here to share your specific experiences related to the recent global financial challenge.