Canola generates $11.2 billion in wages for Canadians
By Canola Council of Canada
Canola’s value to the Canadian economy has tripled over the past decade to $26.7 billion a year, according to a new independent analysis released March 2, by the Canola Council of Canada. The report shows the canola industry generates a total of 250,000 jobs and $11.2 billion in wages for Canadians, and those benefits are felt from coast to coast.
The report was developed by LMC International and the calculations were based on data from three crop years: 2012/13, 2013/14 and 2014/15. This is the third time LMC has done an analysis of this kind on the canola value chain.
The latest study shows how dramatically canola’s impact has grown since 2005/06:
- The total economic impact has increased by 250 per cent.
- The total wage impact has doubled.
- Domestic canola processing and refining have expanded significantly and now generate four times the economic impact.
- The number of jobs generated by canola has increased by 41 per cent.
The growth of the industry’s impact is driven by a number of factors. Canadian canola production has increased as growers continue to achieve record yields. As the crop is researched, grown, handled, processed and then distributed to customers around the world, more jobs are created within the canola value chain and in sectors that provide goods and services to the industry. When the wages from these jobs are spent, a wide variety of other industries and sectors are stimulated, from real estate to manufacturing to arts and entertainment.