Most Successful Income Generating Industries In Canada
The Canadian economy might not be the best in the world in terms of stability and growth but it is steadily progressing to the top. There are a number of industries in Canada that have contributed to the economic growth of the nation, thriving even in the worst climates. Apart from offering lucrative investment opportunities, these income generating industries have created jobs for the Canadian population. Whether you live in Canada or you are looking to relocate and establish a career there, you need to know the right sector to seek employment.
Here are the top five leading industries.
The energy sector accounts for almost 10% of Canada’s GDP. The main sources of energy in Canada include oil, natural gas, hydroelectricity, coal, nuclear (uranium) and not too long ago solar and wind were added to the list. Canadian cities like Saskatchewan, Quebec, and Ontario are known to use some of the largest amount of hydroelectric energy in the world. The abundance of oil and natural gas in the country has made it the fifth largest energy producer in the world. This sector has not only employed thousands of people, it also pays one of the highest salaries per week.
Canada boasts of one of the best healthcare systems in the world. Not only do they have abundant healthcare facilities they also have functional and modern medical equipment to treat and manage different kinds of ailments. Plus they have an abundance of medical professionals. With the impressive state of Canada’s health sector, millions of foreigners come into the country yearly to get quality health care and this means more money in the sector.
Making up for 14% of Canada’s GDP is the manufacturing sector. This income generating industry consist of different categories including clothing, electronics, chemical, machinery and automobile manufacturing. It is noteworthy that the automobile manufacturing industry in Canada has recorded tremendous growth in recent years, attracting foreign investment from the American and Japanese auto industries.
The agricultural sector in Canada accounts for 8% of the country’s GDP.
The modernized farming practices adopted by farmers in Canada has yielded positive results, putting the country on the list of the largest suppliers of agricultural products in the world. America and Japan are among Canada’s major trade partners and some of the products exported to these markets include wheat, soybeans, corn, canola and pork.
Apart from encouraging research development, Canada is focused on providing standard education for its population and that is why every year, thousands of people from around the globe seek admission into Canadian schools. In 2013 alone, this sector contributed a total of $85 billion to the aggregate provincial GDP.
These income generating industries have undoubtedly strengthened the Canadian economy. If you want to improve your financial status, you can consider investing or starting up a career in any one of these sectors. Do you know of other industries in Canada with great potentials? We will like to hear your thoughts in the comment section.