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 more than the economy as a whole and is rivalling with some better-known industries. Statistics Canada data says there were nearly 100,000 more Canadians working in clean energy than in mining, quarrying and oil-and-gas extraction in 2017.
Accounting for an incredible 80% of Canada’s GDP and employing nearly three quarters of the entire country is Canada’s service sector. And, within the sector itself, industries like retail, business, education, and health make up the largest portions. Although the strength of the Canadian dollar has hurt tourism numbers, Canada still has a strong tourism industry with most of its international travellers hailing from the United States. In fact, Canada’s retail sector, which directly relates to tourism, accounts for 12% of the GDP and that percentage is steadily growing.
Although it’s for the most part undervalued, Canada’s technology industry is one of the strongest in the world. And, in part thanks to the Canadian Start-up Visa, which is a government Visa aimed at bringing in new tech companies from all over the world, Canada will continue to change the world’s technology landscape. The government Visa will undoubtedly bring the brightest minds to Maple Leaf Country and give places like Silicon Valley and India a run for their technology. Canada’s technology industry is currently prospering the most in areas such as digital media, wireless infrastructure, E-commerce, and general Internet services.
- Cannabis Industry
Since Health Canada opened up medicinal cannabis production to more players in 2013, the industry has grown continuously as operators invest in production capabilities to produce quality products. However, the legalization of recreational cannabis in 2018 has been the primary driver of the industry boom during the period. As consumers shifted from illegal cannabis purchases to the licensed recreational market, the industry grew significantly and is expected to grow 68.3% in 2019 alone.
- HR Services
The Global HR and Recruitment Services industry relies on organizations' demand for and outsourcing of recruitment processes and human resource (HR) management activities. Industry performance largely depends on economic conditions in major markets and the effect these conditions have on demand for labor worldwide. Labor 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, far more than the national employment growth for all occupations.