Why Retail, Health Care, and Technology are Thriving in CANADA

Despite a tumultuous year, 76% of Canadian employees and business owners say their company is growing, according to a QuickBooks survey conducted in December 2020. In fact, 20% say their business is growing more than expected. The industries expected to see the most growth in 2021 and beyond are those that connect us and care for us. We’re talking about technology, health care, and retail trade.

2020 was a surprisingly good year for retail trade

The lasting effects of the COVID-19 pandemic are partly responsible. While consumers sheltered in place, many of them turned to e-commerce and retail trade for solace and entertainment. Furniture sales skyrocketed in 2020, along with building material and gardening equipment, according to year-end data released by Statistics Canada.

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Consumers stuck at home simply spent more time and money “spiffing up.” Electronics, sporting goods, book, and music sales were also up as consumers sought home-based forms of entertainment.

This growth is reflected in the data: 72% of managers and workers in retail trade say their business is growing. Less than 10% say their company is moving in the wrong direction in terms of growth.

COVID-19 paired with changing demographics caused the healthcare industry to soar

Experts believe that the growing popularity of the healthcare industry can be attributed in part to changing demographics and the aging population of Canada. Years of medical advancements have boosted our life expectancy, increasing the senior population. And 1 in 4 health care workers say demographic shifts drove the most change within their industry, according to survey data.

Of course, the COVID-19 pandemic played a role as well. More people were more likely to reach out to their primary care doctors in 2020 than in previous years. And that isn’t changing anytime soon. More than 72% of health care workers say their industry is growing, and only 6% say their business is shrinking.

Technological advancements drove growth for software developers

The growth of the technology industry isn’t a surprise, given Canada’s history of technological investments. Canada boasts the world’s highest-educated workforce and is home to more than 2.8 million STEM graduates. With more than 41,000 tech companies across the country, Canada is the sixth most represented country in terms of developer talent.

39% of survey respondents in the software development field said that new technology is driving change and growth for their industry. And what’s more, they believe it will continue to do so over the next decade. 82% of workers in this industry say their company is growing.

This optimism is reflected in Canada’s overall projections for job and sector growth. The Canadian healthcare industry is working to double the number of health and bioscience firms by 2025. Likewise, technology-related jobs are expected to grow between 15% and 22% by 2027, while retail is predicted to increase jobs by about 20% by 2028.

 

 

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