After a whirlwind year for the economy of Canada, the only thing that is certain is that fundamental changes are afoot. Over the course of the past year or so, GDP growth has fallen to news lows and highs, while entire industries have shuttered and new ones have spawned in their wake.
Traditional heavyweights on the Toronto Stock Exchange are giving way to upstart new companies, as the entire composition of Canada’s economy changes. But what are some of the emerging industries that are spearheading Canada’s long-term growth? Read on to find out.
Clean Energy
It’s no secret that Canada is a global energy sector titan. The biggest contributors to Canada’s economy have often been oil and mining giants such as Enbridge, Suncor, and Teck. However, it seems that the dominance of the fossil fuel sector is slipping and may even be on track to be overtaken by Canada’s booming renewable energy sector, which has grown by a staggering 61% over the decade according to cbc.ca and now employs 218,000 more people than it did in 2010.
Online Gambling
Canada’s entertainment industry has never been a heavyweight to the national economy. However, new tech trends mean that the online gambling sector, which encompasses online games such as poker, slots, and blackjack, is fast becoming a highly profitable industry. According to the experts at thecasinoguide.ca, gambling now generates $13 billion a year in Canada, making it one of the most lucrative parts of the entire entertainment sector. As online gambling continues to grow, thanks in part to the rise in secure mobile gaming apps, expect these numbers to reach new heights.
Healthcare
Canada has always received admiration for its high-quality, universal healthcare, but did you know that Canadian health is also becoming a big global business? The Canadian health and bioscience sector is on track to export $17 billion worth of products and services per year, with the size of the sector almost doubling in a decade. Much of the growth is now being driven by dynamic Canadian tech companies such as Bausch and Advanz Pharma, which are producing billions of dollars worth of nanotechnology, medical devices, and life-saving drugs for a global market.
Cannabis
It should come as no surprise that the Canadian cannabis industry has absolutely exploded since legalization. Sales of cannabis products grew by more than 60% in 2020 alone and Forbes.com estimates that this represents around $2.6 billion in annual revenues. In addition, more than 10,000 people now work in the Canadian cannabis industry, a figure that has quadrupled just since 2018. The epicenters of the Canadian cannabis industry are Ontario and British Columbia, which are home to some of the country’s (and the world’s) major marijuana vendors, including Aphria, OrganiGram, and Canopy Growth, which collectively produce over one billion dollars in revenues.
These are the Canadian industries that are currently experienced breakneck levels of growth and contributing to a boom in job creation and tax revenues. If you want to see what the future of the Canadian economy truly looks like, then these are the sectors to keep an eye on.
