The Industries on the Rise in Canada

When it comes to global economics, Canada is a country that is often overlooked which is strange when you consider that it has the ninth-largest economy on the planet and a GDP of $2.14 trillion. Traditionally Canada has taken advantage of its huge natural resources, but in recent years, the country’s economy has begun to diversify.

Whilst mining, quarrying and gas and oil extraction still bring in enormous amounts of money, newer and more modern industries are beginning to contribute to the economy in a big way. In this article, we take a look at 5 up and coming industries that are driving the Canadian economy.

Clean Energy

Canada is a country that sums up the impending climate catastrophe almost perfectly. On the one hand, Canada is a beautiful country that draws visitors from all over the world in to view its amazing nature and landscapes.

On the other hand it is one of the biggest producers of fossil fuels on the planet which we know are hastening the climate catastrophe and threatening the country’s beautiful and awe inspiring nature. Fortunately to balance this Canada is investing heavily in the production of clean energy.

Currently Canada has one of the cleanest electricity grids on the planet, but by 2035 it aims to have a net zero electricity grid power homes and businesses throughout the length and breadth of the country.

This investment by the government has brought about the creation of thousands of jobs and will pump tens of billions into the Canadian economy.

Ecommerce

Everything is online nowadays. Go to the store to browse for new items for your wardrobe and you’ll likely be told by a store clerk that the item you’re searching for is out of stock and available online. That’s the way of the world now and Canada is no different in that regard, in fact it’s even more weighted to online shopping than other countries.

That’s because its home to Shopify, the world’s leading E-commerce Company and a company that has been at the forefront of convincing Canadians to shop online rather than in-store. This trend isn’t just confined to a retail environment either, in other industries such as gambling, customers are increasingly choosing to head online.

Rather than driving to their local casino, Canadian slots lovers are heading to sites like LeoVegas Canada for the very latest reel action. It’s the same for poker lovers and fans of more traditional casino games like roulette who are finding it more convenient to play on their phone than in bricks and mortar casinos.

Artificial Intelligence (AI)

Ten years ago AI was seen as either the stuff of science fiction or the ramblings of mad scientists. Now however it is on the verge of taking over the world, in fact it was responsible for writing this article! We jest of course, our job has yet (emphasis on the yet) to be taken by AI but that day will almost certainly come.

That’s not a cry for help either, that’s just a statement of fact and it’s the same for a number of other industries too. AI will not only take over the writing of articles but it will also take research roles, customer service positions and many other professions.

All of this is currently generating huge money for the Canadian economy, but will the bubble burst and see AI actually taking away from the economy in the long-run? We’re not quite sure yet.

Cannabis

It’s not something we could have imagined writing twenty years ago, but cannabis is a growing industry in Canada and a legal one too! Since the federal government announced the legalization of recreational and medicinal cannabis use in 2018 the legal marijuana industry has taken off – or as some might say, it’s gone sky high…

Recent research suggests that cannabis has added $43.5 billion to Canada’s GDP since legalization in 2018 and that figure is set to increase exponentially as the industry begins to cement itself in the coming years.

Health and Wellness

Depending on who you speak to the previous industry could be categorized under the same heading as this one, but for now, we’ll stick to the old-fashioned mantra that smoking marijuana isn’t particularly good for your health.

Since the pandemic, there has been a growing emphasis placed on health and wellness, not just in physical health but in mental and spiritual wellbeing too.

Here in Canada hundreds of millions of dollars are spent each year on products ranging from gym memberships for physical health to mindfulness retreats that prioritise mental and spiritual wellbeing.

If industry experts are to be believed, we can expect to see people spending even more money on health and wellness in the coming years.