Local businesses in Edmonton play a significant role in contributing to the Canadian economy. Let’s explore their impact:
- Employment and Workforce:
- In 2022, businesses with 1 to 99 employees comprised 98.0% of all employer businesses in Canada.
- These smaller businesses employed 10.7 million individuals, which is almost two-thirds (63.0%) of all employees in the country.
- By comparison, businesses with 100 to 500 employees employed 3.6 million individuals (21.0% of employees), and businesses with more than 500 employees employed 2.7 million individuals (16.0% of employees) in Canada1.
- Smaller businesses are essential in providing jobs and shaping the Canadian workforce.
- Gross Domestic Product (GDP):
- Local companies, especially small ones, contribute significantly to Canada’s GDP.
- In 2018, the small business sector contributed 37.5% of Canada’s GDP, while medium-sized businesses added another 14.4%.
- The combined contribution from companies employing up to 500 members of staff reached 51.9% of the total GDP2.
- In summary, local businesses in Edmonton are not only engines of economic growth but also vital components of the Canadian identity. Their contributions extend beyond financial figures—they create jobs, foster community connections, and shape the nation’s prosperity.
