A new analysis released today shows that canola’s total annual impact on the Alberta economy has risen to $7.1 billion – a record amount that reflects significant investment by the whole value chain.
The analysis was developed for the Canola Council of Canada by LMC international, a leading agri-business research firm. LMC used best practices to estimate the total benefits rippling through the economy as Canadian-grown canola is developed, grown, processed and marketed. The latest report was based on data from three crop years: 2012/13, 2013/14 and 2014/15.
“Albertans know that canola is an important crop, but they may not realize that part of their own livelihood is linked to it,” said Brian Innes, the Canola Council’s vice president of government relations. “In fact, the canola value chain generates a substantial amount of revenue and investment, and the benefits are felt throughout Alberta’s economy.”
The new report shows that canola accounts for about 72,500 Alberta jobs, including employment on the farm, in related industries and in other sectors stimulated by the income these jobs create. About $3.5 billion in wages are generated by these jobs.
Jobs are stimulated by all parts of Alberta’s canola value chain, but the greatest number – more than 39,000 – are generated by the business of canola farming. Growing canola creates jobs related to things such as seed development, equipment, crop inputs and farm management services.
LMC also found that Alberta benefits significantly from the use of canola meal in livestock feed. The cost savings and dairy yield boost from using this efficient source of protein have a $64 million impact on the Alberta economy.
In total, canola’s contribution to the Canadian economy as a whole now surpasses $26.7 billion a year – more than triple the impact of the industry a decade ago.
“The canola value chain is working hard to grow these economic benefits by continuing to increase yields, expand into new markets and build on the advantages of our exceptional products,” says Innes. “Canola’s benefits reach across Canada. It’s a source of great pride for our industry.”
The Canola Council of Canada is a full value chain organization representing canola growers, processors, life science companies and exporters. Keep it Coming 2025 is the strategic plan to ensure the canola industry’s continued growth, demand, stability and success – achieving 52 bushels per acre to meet global market demand of 26 million metric tonnes by the year 2025. The Canola Council will celebrate its 50th anniversary at the annual Canola Council Convention, March 7-9, 2017 in Winnipeg, MB.
Source : Albertacanola