Business Councils in the western provinces have published a list of policy recommendations ahead of the federal election call. A jointly-released paper from B.C., Alberta, Saskatchewan, and Manitoba called Untapped Potential: Driving Canadian Prosperity Through Natural Resources characterizes a critical choice facing the next federal government: continue with policies that limit investment, development and growth, or create a competitive environment that allows the resource sector to thrive.
The report emphasizes the critical role of Canada’s natural resource sectors – oil and gas, mining, forestry, agriculture, and aquaculture – in driving economic growth. Despite Canada’s rich resource base, the country has failed to capitalize on its natural advantages due to restrictive regulations, inefficient approval processes, and lack of policy support. The report calls for strategic policy changes to enhance competitiveness, attract investment, and promote sustainable development.
Canada’s natural resources sector is a cornerstone of its economy, contributing significantly to GDP, employment, and exports. In 2023, the sector added $464 billion to real GDP, representing 21% of the national total, and supported 3 million jobs, accounting for 15% of employment. Notably, wages in this sector were $25,000 above the national average, and its productivity was 2.5 times greater than that of the overall economy. Despite these strengths, the sector faces challenges such as regulatory uncertainty and underinvestment, which hinder growth and competitiveness.
Additionally, the paper acknowledges the skilled labour shortage, especially in the mining market, as the demand for skilled workers outpaces supply – partly due to high retirement rates. As in the construction sector, the full potential of Canada’s valuable mineral market cannot be realized without a workforce equipped to extract, transport, and process it. As mining companies plan for expansion and new developments, securing a highly trained domestic workforce of tradespeople like heavy-duty mechanics, electricians, and millwrights will be essential to keep the industry stable.
Ultimately, this report presents a roadmap for expanding Canada’s natural resources sector while emphasizing the need for skilled trades workers. By streamlining regulations, investing in workforce development, and improving infrastructure, Canada can unlock job opportunities in the trades and drive economic prosperity.
Read the full report here.
