Emerging Sectors in Canada
In Canada, the services sector accounts for more than 80% of the economy and employs almost three-quarters of the entire country. It is the backbone of the country’s economy and employs a majority of the country’s population.
Between 2010 and 2015, the construction sector saw an average 3.4 percent increase in payrolls.
The professional, scientific and technical services sector saw an average payroll increase of 2.1 percent.
With a 2.1 percent payroll increase annually, Healthcare and social assistance sector are also rapidly growing.
In many ways, emerging companies in Canada are quite diverse. They represent a vast array of industries, regions & size. They all fall in the same bucket of demonstrating aggressive & exponential growth. Here are some of the emerging sectors in Canada –
- Clean Energy
The clean energy sector in Canada is growing faster than the economy as a whole. Statistics Canada data state that in 2017, there were nearly a hundred thousand more Canadians working in clean energy business, than in the traditional quarrying, mining, and oil & gas extraction industries.
Accounting for an approximately 80% of Canada’s gross domestic product (GDP) and employing nearly 75% of the country, is the service sector. Within the sector itself, industries like business, education, retail, and health account for the largest portions. Although the ever-increasing strength of the Canadian dollar has hurt tourism, Canada still has a thriving tourism industry with most of its international coming from the U.S. In fact, Canada’s retail sector, which is directly related to tourism, accounts for 12% of the GDP, which is steadily on the rise.
Canada’s technology industry is one of the strongest in the world. Thanks to the Canadian Start-up Visa, a government initiate aimed at bringing in new tech companies from across the globe, Canada will be a leading player in changing the world’s technological landscape. The government Visa will undoubtedly bring the brightest global minds to the Country of the Maple Leaf, and give places like Silicon Valley and India a run for their money. Canada’s technology industry is currently thriving the most in the digital media, wireless infrastructure, E-commerce, and general Internet service sectors.
- Cannabis Industry
Since Health Canada opened up the medicinal cannabis production to more players back in 2013, the industry has grown by leaps and bounds, as operators invest more in production capabilities and capacities, and produce high quality products. However, the primary driver of the industry boom has been the legalization of recreational cannabis in 2018. As consumers shifted towards the licensed recreational market, the industry expanded significantly, and is expected to grow 68.3% in 2020 alone.
- HR Services
The Global HR and Recruitment Services industry primarily reliant upon organizations' demand and outsourcing of recruitment processes and HR management activities. Industry performance largely depends on strong economic conditions in major markets, and propelling effect these conditions have on demand for labour. Labour market regulation, particularly relating to temporary employees, is also important to industry performance. While the liberalization of labor laws in developed nations has historically been essential to industry growth, large players have now focused on emerging international markets.
- Health & Medicine
Over the past decade, employment jobs at the offices of health practitioners other than doctors and surgeons – chiropractors, optometrists, and mental health professionals, for example – rose 49.6 percent, much higher than the national employment growth across all occupations.