Biggest Industries by Employment in Canada in 2022
1. Hospitals in Canada
Employment number for 2022: 651,335
The Hospitals industry in Canada, which includes medical and surgical hospitals, has exhibited stable growth between 2016 and 2019. Canada’s healthcare system is predominately public, with 70.4% of funding coming from the public sector and the remainder from the private sector, according to the “National Health Expenditure Trends 2020” report by the Canadian Institute for Health Information (CIHI). Therefore, the industry is heavily dependent on both federal and provincial funding, which is mostly allocated via global budgets systems, where a fixed payment amount is allocated to a provider to cover operating expenses for a period of time.
2. Full-Service Restaurants in Canada
Employment number for 2022: 531,399
The Full-Service Restaurants industry in Canada has experienced an overall decline in performance over the five years to 2021 as the COVID-19 (coronavirus) pandemic erased several years of steady growth. Prior to the pandemic, rising levels of per capita disposable income and consumer spending drove industry expansion. The pandemic, however, created an unprecedented and precipitous fall in industry revenue, which led to widespread layoffs and closures. While remaining operators have adapted to unfavourable operating conditions by offering takeout and delivery options, depressed sales and rising costs have led to poor profitability among industry establishments.
3. Supermarkets & Grocery Stores in Canada
Employment number for 2022: 431,287
The Supermarkets and Grocery Stores industry in Canada has continued growing over the five years to 2021, even during the COVID-19 (coronavirus) pandemic. While rising levels of consumer confidence and slight growth in per capita disposable income provided an optimal business environment, the spread of supercentres has stifled industry revenue as it increased price-based competition and provided customers with a one-stop shopping experience. Many consumers sought cost savings at grocery stores, stocking up on promotional items or trading down to private-label brands. In response to growing demand for affordable options, retailers expanded their private-label product lines to appeal to price-conscious
4. Fast Food Restaurants in Canada
Employment number for 2022: 402,477
The Fast Food Restaurants industry in Canada has expanded over the five years to 2021, despite mounting internal competition, the COVID-19 (coronavirus) pandemic and changing consumer tastes. Higher consumer spending and product innovation by fast food restaurants have renewed consumer interest in fast food. Products with higher profit, such as coffee, smoothies and salads, have become more prominent at traditional fast food restaurants, leading to an increase in average industry profit. Furthermore, meal customization and high-quality ingredients have become increasingly popular in recent years, inducing major players in the industry to reconsider their overall strategy and menu offerings.
5. Colleges & Universities in Canada
Employment number for 2022: 321,838
The Colleges and Universities industry in Canada has grown over the five years to 2021 despite the declining role of government funding and the spread of COVID-19 (coronavirus) in Canada. During the period, tight budgets have constrained federal and provincial funding for postsecondary education, causing certain institutions to implement hiring and salary freezes to reduce expenses. At the same time, total enrolment has grown modestly, with most institutions also raising tuition rates. Overall, industry revenue is estimated to increase an annualized 2.2% to $42.7 billion over the five years to 2021, including an increase of 3.2% in 2021.
6. IT Consulting in Canada
Employment number for 2022: 320,499
The IT Consulting industry in Canada is composed of companies that help private businesses and public sector agencies design, implement and manage information technology (IT) systems. Demand for industry services is positively affected by growth in corporate profit and business sentiment. As these drivers strengthen, companies increase expenditure on industry services. Over the five years to 2021, there has been a significant degree of technological change due to the increasing prevalence of cloud-based services, mobile apps and other cutting-edge software. These technological changes have been a significant driver of growth in the industry, while also responsible for declining industry-relevant revenue.
7. Commercial Banking in Canada
Employment number for 2022: 281,293
Despite low interest rates and some hiccups in economic growth, the Commercial Banking industry in Canada has expanded over the five years to 2021. Banks have done an exceptional job of diversifying revenue streams and overcoming limits imposed by low interest rates and increasing regulations. The industry primarily generates revenue through interest income sources, such as business loans and mortgages, but it also generates income through noninterest sources, which include fees on a variety of services and commissions. Consequently, industry revenue is expected to grow an annualized 5.5% to $221.4 billion over the five years to 2021, including an increase.
8. Engineering Services in Canada
Employment number for 2022: 195,828
The Engineering Services industry in Canada is expected to grow as a result of improved downstream demand from several key markets. This industry provides consulting, design, feasibility studies and technical services for a variety of projects that require a deep understanding of the principles of engineering. Prior to the five years to 2022, industry revenue reached an all-time high in 2014 as increased corporate profit fuelled greater investment in nonresidential construction. Over the past five years, the low price of crude oil between 2017 and 2020 is expected to limit growth.
9. Janitorial Services in Canada
Employment number for 2022: 191,252
The Janitorial Services industry in Canada is expected to experience a moderate level of revenue volatility over the five years to 2021. Industry operators are largely dependent on the cleaning needs and budgets of downstream businesses and property owners, as most revenue stems from the commercial sector. Furthermore, due to the cyclical nature of the industry, operators are typically affected by economic trends. Moreover, due to the COVID-19 (coronavirus) pandemic, IBISWorld estimates that industry revenue declined in 2020 as nonessential businesses were forced to shut down during the peak of the pandemic. Conversely, IBISWorld projects industry revenue to increase at.
10. Pharmacies & Drug Stores in Canada
Employment number for 2022: 188,396
Over the five years to 2021, the Pharmacies and Drug Stores industry in Canada has benefited from the fact that pharmaceuticals currently comprise one of the largest health expenditure categories in Canada. Although increasing pharmaceutical prices have bolstered industry revenue over the five years to 2021, many provincial drug programs have restricted their prescription prices to cut healthcare costs to consumers, hurting industry operators in the process. For example, many territories have required generic drugs to be marked down by a percentage of the patent drug equivalent, limiting revenue growth and hindering more robust industry profit growth. British Columbia’s reference-based.