The resource sector boom has paid off for Canada’s aboriginal population.
According to a TD Economics report published Friday, the aboriginal labour force has made a “major” shift toward the oil and gas and mining sectors in the last decade, allowing it to cash in on high commodity prices that have spurred resource projects throughout the country.
TD estimated the total income of aboriginal households, businesses and government sectors will total $24 billion this year, double the amount tallied in 2001.
That number is expected to increase to $32 billion by 2016.
TD economist Sonya Gulati said because B.C. is home to 17% of Canada’s aboriginal population, the province’s First Nations have enjoyed an “outsize” gain in economic activity in the last decade when compared with other provinces.
More importantly, Gulati said the size of the aboriginal market in Canada proves there are plenty of opportunities for aboriginals and non-aboriginals to form business partnerships.
“By putting a number out there and showing the aboriginal income is actually exceeding that of Newfoundland and Labrador and Prince Edward Island combined, it shows you how important these individuals are to the national economic outlook,” Gulati said.
Clint Davis, president and CEO of the Canadian Council for Aboriginal Business, lauded the report.
He said it’s proof that Canada’s aboriginal population is not only stronger than it was a decade ago, but that its economic clout also continues to grow.
“I think what it says is that there’s been just radical change and growth over a very short period of time, which means even though you have issues around income disparity, other social issues, capacity challenges, for the most part aboriginal people are living up to their potential, living up to their promise,” said Davis.
Joel McKay