There’s no doubt that industry plays and incredibly important role to the economy of Canada. Not only does industry make up more than 12% of this nation’s total workforce, but it also helps to contribute over $450 in sales every year.
Canadian Industry Facts and Statistics
Canadian industry activities make up about 6% of the country’s total value in goods and services every year.
The primary industries in Canada, or those that either extract raw materials from nature or harvest them, contributed more than half of this amount of economic output. Throughout the history of Canada, their primary industries have always played an essential role in the nation’s development. Some changes have been made, but more changes may need to be on the horizon.
3 Key Facts About the Canadian Industry
1. Because of the over-fishing the ravaged the shores of Canada in the 1990’s, commercial fishing has been reduced and aquaculture has increased.
2. Employment in the forestry sector is decreasing, as much as 33% in some specific areas. Even forestry-related jobs have declined on a 2% annual average since 2002.
3. The United States purchases 78% of the total forest product exports that Canada produces on an annual basis.
Takeaway: The issue that Canada is facing is that many of their primary industries are based on natural resources that weren’t properly managed during the initial extracting and harvesting process. Part of that is because the knowledge just wasn’t there when it first began, but another issue is a simple lack of conservation in the overall focus of the industry. Because of this, changes need to happen fast if Canada will continue to be a major global contributor to these traditional products they’ve always exported.
Other Facts to Consider About the Canadian Industry
1. The mining industry in Canada accounted for 21% of the total value of Canadian goods exports in 2010.
2. Exploration continues to be an industry revenue generator for this country, receiving nearly 20% of the total global investment in new natural reserves.
3. The mining industry alone paid over $8 billion in taxes and royalties, which was 65% above the year before.
4. The average weekly pay for a Canadian industry worker is about $1,000 per week. In mining, that amount exceeds $1,500 per week on average.
5. Eight sectors in industry today have managed to surpass pre-recession revenues.
Takeaway: Canadian workers endure some of the harshest conditions on the planet in terms of weather in order to extract the resources that makes Canadian industry such a major contributor to the economy. With a total value of over $500 billion, the future looks bright for this sector, especially in Alberta, where the rich resources have led to a massive 18% increase in total sales and outputs. As long as change is continually emphasized, Canada will succeed.