Alberta Farmer Express recently published an informative article called “Canola’s impact shown throughout the Canadian economy,” and the Access Prosperity team thought it was worthy of sharing with our audience.
The article contained some enlightening facts and statistics, including the following provided by agribusiness research firm LMC International:
“Canola’s value to the Canadian economy has tripled over the past decade to $26.7 billion a year…”
“…Canola had a direct annual impact on the Canadian economy of $10.9 billion during the 2012-2014 period studied.”
Canola’s total value to the Canadian economy ($26.7 billion a year) is measured by both the direct impact of $10.9 billion (farmers growing crop, processors, elevators, transportation, seed companies, etc.) and the indirect impact of $15.8 billion (sectors that sustain the value chain, such as engineering).
Alberta’s economic benefits from Canola are quoted at $7.1 billion.
Some interesting employment statistics include:
The sector is responsible for 250 thousand jobs, 74 thousand directly involved in the canola industry.
Average salary is $62,000/year, compared to $50,000 national average.
I recommend checking out the original article on the Alberta Farmer Express website. Kudos goes to Phil Franz-Warkentin for writing this interesting piece.
Investment Attraction Officer
Central Alberta: Access Prosperity