A report released today, March 2, shows that canola’s value to the Canadian economy has tripled over the past decade to $26.7 billion a year. The canola industry generates a total of 250,000 jobs and $11.2 billion in wages for Canadians, and those benefits are felt from coast to coast.
The report was developed by LMC International, with results based on data from three crop years: 2012-13, 2013-14 and 2014-15. This is the third time LMC has done an analysis of this kind on the canola value chain.
The latest study shows how dramatically canola’s impact has grown since 2005-06:
–Total economic impact has increased by 250%.
–Total wage impact has doubled.
–Domestic canola processing and refining have expanded significantly and now generate four times the economic impact.
–The number of jobs generated by canola has increased by 41%.