Canada’s Growing Industries: What Investors Should Look Out For

Among the G-20 countries that come together for economic and political strength, Canada has been recognized several times as one of the most favourable nations to investors. Besides being close to the United States geographically, the North American country is blessed with a highly skilled and multicultural workforce that any investor may wish to have.

Almost all startups thrive in the country once entrepreneurs follow laid down rules and know their onions. However, some industries, by virtue of the goods and services they provide, are up the ladder than others. In this piece, we will look at the fastest-growing industries in Canada. Nevertheless, let’s briefly consider why Canada is an investment hub among the comity of nations.

Why Canada is A Leading Investment Destination

Canada’s designation as a top investment-friendly country is by no means an accident. In 2024 alone, the construction industry has raked in a sum of 160.97 billion CAD to the country’s GDP while other sectors are equally bringing in investments in billions. The US is the largest trading nation, accounting for more than 40% of the Foreign Direct Investment (FDI) into Canada, but it isn’t without reasons. Below are the real reasons everyone wants to invest in Canada

Economic and Political Stability

Measured in terms of financial soundness, market sophistication, political stability, and low corruption index, Canada is always 1st, 2nd, or 3rd among the G-20 nations. According to Invest in Canada,

“Canada ranks #2 among G7 countries for political stability and #1 in the G20 for fiscal soundness. This stability, combined with our low levels of corruption, makes Canada an attractive destination for global investments.”

Skilled Workforce

Successful investment depends on the strength and skills of the labor required.

Thanks to a high literacy rate and a competitive immigration policy, Canada has attracted many skilled and experienced foreign workers who are ready to deploy their expertise in almost all sectors of the economy.

Flexibility & Innovations

While other nations may be foot-dragging on approving certain lines of business, Canada with a keen eye for the future often leads in giving its nod for such business niches. For instance, it’s one of the first nations to approve the use of medical marijuana, just like it’s also among the leading countries to okay casinos. Today, several casinos abound in Canada, contributing to the country’s robust economy.

Fastest Growing Industries in Canada

Based on the IBISWorld rating, the following are the fastest-growing industries in 2024

What Industries Are Growing in Canada?

Besides the industries listed above, a couple of others are also making quantum leaps, attracting local and foreign investors. One such is the gambling industry. In 2021, it contributed a whopping $5.5 billion to the country’s GDP and employed over 32,000 people. Besides just thriving, the industry is also resilient, withstanding the pressures pushed at it by the COVID-19 pandemic. Online casinos are one of the offshoots of the gaming industry, driving the growth of this sector.

The payment methods available at online casinos, their versatility, convenience, and privacy are reasons many Canadians now fall in love with these online gaming platforms like a new bride.

Consequently, many investors are setting up facilities for online casinos to expand the sector. Since payment is a critical aspect of the game, the easier, more versatile, and transparent an investor can make these happen, the more competitive advantage they have.

What Investors Should Know

As investors grapple with what industries are growing in Canada, there are critical things they must consider when they finally find the answer and settle down to invest. These things are more motivations to invest, but some of them caution staying on the right side with relevant authorities.

• Regulations: The Canadian economic sector is highly monitored and regulated by government agencies. As such, a free flow of investment will require commitments to extant laws guiding such. Some of these regulations are taxes, registration, workers’ remuneration, minimum wage, and others. Would-be investors must familiarise themselves with relevant provisions or consult an expert to help out.
• Tax Incentives: Canada offers tax cuts and benefits for research and development, especially those that focus on developing clean energy and technology.
• Massive Gambling Population: Up to 70% of Canadians gamble in a way. As such, online casinos, lottery outlets, and sports games will continue to thrive in the country.
• Skilled Workforce: There will hardly be any need to worry about the workforce if Canada is the investment destination. The country has one of the most educated, diversified, and experienced workforce in the OECD.

Conclusion

So, what industries are growing in Canada? The answer is very clear from this piece. The tourism and hospitality sectors lead, but entertainment, science, and renewable energy aren’t slacking either. Online casinos are the future of the entertainment and gaming industries going by their numerous advantages.