Canola Contributes $15.4 Billion to Canadian Economy
A report released today by the Canola Council of Canada (CCC) demonstrates that canola’s contribution to the Canadian economy has grown to $15.4 billion annually — about $1.4 billion more than when last measured.
"The canola industry has grown and so has our contribution to the Canadian economy," said CCC president JoAnne Buth. "Our industry provides jobs, wages and economic benefits across a number of sectors."
The report, called The Economic Impact of Canadian Grown Canola and its End Products on the Canadian Economy was released at the Canola Council of Canada annual convention in Saskatoon. It was developed by LMC international, a leading agri-business research firm.
The study is based on 2007/08, 2008/09 and 2009/10 data while the last CCC study of economic benefits of canola to Canada was based on data to 2008. The former study pegged economic benefits at $14.1 billion.
The new study also estimates the canola industry is responsible for 228,000 jobs, which translates into $8.22 billion in wages. That’s up by 12,000 jobs from the last report.
The report was prepared as part of the Canola Market Access Plan, under Agriculture and Agri-Food Canada’s Agriflexibility funding.
A summary fact sheet of the report can be found here. The full report is available here.
Source: Canola Council of Canada