If you live in Canada and want to know about the profitable industries, this list of 11 most profitable industries in Canada will help you a great deal. Even if you belong to another country and are looking for an opportunity to establish your career in North America, this list will tell you why Canada should be your first choice. Canada has been progressing quite fast and different industries have been flourishing day in and out, offering lucrative investment and job opportunities to the people.
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There are different ways to refer to the facts and figures offered by the government authorities. Moreover there are different ways to determine the profitability of industries. From investors’ perspective, high rate of return and low risk may be the factor to determine the profitability of any particular industry. From common man’s perspective, if he’s getting products and services at affordable prices, he would consider that the industry is quite stable.
Government takes into account the contribution of different industries in GDP and offer opportunities to improve its performance. However, there are many other factors that government considers while determining the future of any particular industry.
If you’re a student or a job seeker, you’ll be keen to know which sector offers better salaries and other related perks. This information helps you with choosing the right kind of subjects and fields for specialization in future.
Before you go through the list, it is important to understand the ranking criteria. Moreover, if you want to compare these Canada-based industries with other the ones in America, you can refer to this list of most profitable industries in America.
Insider Monkey looked into two major factors to choose and rank the 11 most profitable industries in Canada. First and foremost, we considered the contribution of each product-based or service-based sector to GDP. We also considered hourly wages and weekly wages paid to the employees. In this context, we also looked into the present trend of each industry before ranking. In order to help you explore different fields within the same industry, we combined closely related niches and analyze them as one industry.
Now let’s get started!
11. Transportation Industry
Categories: Transport and warehousing
Average weekly salary: $1,027.29
Transportation industry has been showing positive GDP growth in past 5 years. For people with no significant academic qualification, this industry offers reasonably good salary package of over $25 per hour.
10. Educational Services
Categories: kindergarten, pre-primary, college level, higher
Average weekly salary: $ 1,039.74
You can earn $26 per hour on average, if you have a diploma or degree in teaching field. You can also offer part-time tutoring service and improve your standard of living. This industry contributed $85 billion to the aggregate provincial GDP of Canada in 2013.
9. Manufacturing Industry
Categories: food, textile, clothing, chemical, machinery, electronics, electrical equipments, and more.
Average weekly salary: $1068.18
Manufacturing sector is quite diversified in terms of skills and expertise. This industry has contributed more than $166 billion dollars in the country’s GDP in 2013.
8. Agriculture and Forest Industry
Categories: agriculture, forestry logging and other support
Average weekly salary: $1076.11
This is another profitable industry in Canada with an impressive GDP growth of 7.1% during the period 2009 – 2013. The industry offers sufficient earning of $26 per hour or more.
7. Finance and Insurance
Categories: All financial transactions, fund management, lending/borrowing; and insurance services
Average weekly salary: $1,194.59
This particular industry showed decline until 2013, but has been flourishing ever since. You don’t need to worry, because this industry has been paying handsome salaries to its employees on average.
6. Public Administration
Category: political, legal, managerial, occupational
Average weekly salary: $1226.49
This particular service has been transformed into an industry, thanks to the impressive GDP growth. You can expect hourly remuneration between $26 and $35 in this particular industry.
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5. Construction Industry
Categories: industrial, commercial and residential construction
Average weekly salary: $1241.13
There has been some serious construction work in Northwest territories, Nunavit, Newfoundland and Labrador, in the past few years. Due to highly positive GDP growth rate, construction industry secures 5th spot in the list of 11 most profitable industries in Canada.
4. Professional Services
Categories: legal, accounting, architectural, designing, media and advertising and more.
Average weekly salary: $1,306.5
This service sector remains consistent and smooth-paced. As the demand for these services remains high throughout the year, you should expect an hourly pay around $33.
3. Management Services
Categories: company and enterprise management
Average weekly salary: $1435.92.
This sector is also consistent and offers high remunerations like professional services.
2. Utility Industry
Categories: electric, water, gas, sewage
Average weekly salary: $1,827.30
Present facts and figure indicate that this particular industry has quite a few opportunities to grow and contribute to the overall economy.
1. Mining Industry
Categories: mining, oil and gas extraction
Average weekly salary: $1999.67
Mining industry is without doubt the fast-growing industry in Canada. People related to this industry are paid highest salaries per week.
Now, it’s up to you to join any of the 11 most profitable industries in Canada and give yourself a chance to improve your life style.
