In this article, we take a look into the fastest growing and thriving industries in Canada that drive the country’s economy and global leadership.
Amidst the irreversible impact of the pandemic in global trade, Canada remains to be one of the world’s leading economies– thanks to its top three largest industries namely real estate and rental and leasing; manufacturing; and mining, quarrying, and oil and gas extraction. In 2020, Canada was the world’s ninth-largest economy, recording an annual gross domestic product (GDP) of $1.64 trillion in current USD.
For aspiring individuals eyeing a student pathway to Canada, we have listed some of the hottest industries in Canada for you to envision a future in.
Real Estate and Leasing
In 2019, the real estate and leasing industry’s GDP rose 2.7% and employs 0.3 million people. The industry includes real estate management; selling, renting, or buying real estate for others; appraising real estate; rental and leasing of tangible assets such as automotive equipment; and leasing of nonfinancial intangible assets such as copyrighted works.
Canadian Apartment Properties REIT, RioCan REIT, and Allied Properties REIT are some of the top companies in this industry.
Energy and Natural Resources
As the second-largest country in the world by area with abundant natural resources, it is no surprise that the energy and natural resources sector is one of the top industries that drive Canada’s economy and global trade. The industry is centered on mining, quarrying, and oil and gas extraction– primarily engaged in the extraction of naturally occurring minerals. Nutrien Ltd., Barrick Gold Corp., and Teck Resources Ltd. are among the top companies in this industry.
In addition, Canada’s Natural Gas Distribution industry, composed of gas distribution utilities, gas marketers, and brokers, is expected to rebound over the five years. The $25bn industry is engaged in utility natural gas distribution, natural gas processing, and wholesale natural gas brokering and marketing. Enbridge Gas Inc. and Energir LP are two of the top key players in this industry.
Ranging from manufacturing food, chemicals, petroleum, fabricated metal products, machinery through transportation equipment, Canada’s manufacturing industry is focused on the physical or chemical transformation of materials or substances into new products. ATS Automation Tooling Systems, Ballard Power Systems Inc., and NFI Group Inc. are some of the top manufacturing enterprises in Canada.
Moreover, the SUV and Light Truck Manufacturing industry in Canada is expected to rebound in the next five years, coming from its decline in 2020, as automakers invest to produce electric vehicles including SUVs and vans. Toyota Motor Manufacturing Canada Inc., FCA Canada Inc., Ford Motor Company of Canada Limited, Honda Canada Inc., and General Motors of Canada Company are the top manufacturers in Canada.
Travel and Leisure
Adapting to the changing travel and tourism landscape, the Canadian travel industry continues to thrive in recent years.
The Scheduled Air Transportation industry in Canada is anticipated to rebound following the COVID-19 disruption on tourism and is expected to resume its growth over the five years, to achieve 161.2% revenue growth in 2021-2022. The industry includes air transportation for passengers and cargo over regular routes and on regular schedules. Air Canada and WestJet Airlines Ltd. are the key players in this industry.
The Campgrounds and Recreational Vehicle (RV) Parks industry in Canada is poised for growth over the five years (2021-2026) driven by the anticipated increase in the number of baby-boomer retirees– the industry’s most important customer base– and favorable consumer conditions such as rising levels of disposable income. This sector is expected to achieve 129.6% revenue growth in 2021-2022.