Canola Worth $26.7 Billion to Canada’s Economy
Over the last 10 years, canola’s value to the Canadian economy has nearly tripled to reach $26.7 billion, according to the Canola Council of Canada.
A report compiled by LMC International concludes that the economic impact of Canada’s canola industry has grown by 250 percent since 2005/06. Additionally, over this time period, its total wage impact has doubled, the number of jobs the industry has generated has increased by 41 percent, and the economic impact of Canada’s domestic canola processing sector has quadrupled.
Furthermore, the report states that the jobs associated with the industry bring higher wages than average, at $62,000 per year compared to $50,000.
Behind this growth is record yields leading to more R&D, and more handling, processing, and distributing – all creating more jobs and generating salaries that are spent among other industries. This economic benefit is most notable in the Prairies, however, canola has been found to have an impact of $1.48 billion in Ontario, $1.06 billion in Quebec, $554 million in British Columbia, and $120 million in the Maritime Provinces.