Indigenous communities in Alberta are making growing contributions to the province’s economy, according to a new report by ATB Financial and MNP. The findings underscore both the progress and the ongoing challenges faced by Indigenous people in fully participating in Alberta’s economic growth.
The report, Opening the Door to Opportunity II, highlights the economic potential of Alberta’s Indigenous population, which grew by approximately 12 to 15 per cent between 2019 and 2023. The population of Indigenous people in the province is estimated to be between 350,000 and 360,000, representing about 7.5 per cent of Alberta’s total population.
Key data from the report indicates that the Indigenous economy in Alberta reached an estimated GDP of $9.2 billion in 2023, up from $6.74 billion in 2019. This accounts for roughly 3 per cent of the province’s total GDP. Increased participation in the labour market could further boost Alberta’s GDP by up to three percentage points, equivalent to $11 billion, according to the report.
“Advancing economic reconciliation is not only the right thing to do but also a strategic imperative for Alberta’s future,” said Patrick Twinn, Director of Indigenous Relations at ATB Financial. Twinn emphasized the importance of fostering an inclusive environment where Indigenous workers and entrepreneurs can thrive, unlocking “significant economic potential” for the province.
The report also revealed that Indigenous governments, businesses, and households contributed an estimated $16.76 billion to Alberta’s total economic output in 2023. This figure includes $4.62 billion in labour income, 81,600 full-time jobs, and $2.04 billion in tax revenue.
While the economic growth is promising, the report stresses that systemic barriers still prevent many Indigenous individuals from accessing higher-skilled, better-compensated roles. The income gap remains a significant challenge, and closing it could generate an additional $3.2 billion in household spending, supporting the creation of up to 14,000 jobs each year.
Mark Parsons, Chief Economist at ATB Financial, pointed to the report’s findings as evidence of the “immense opportunity” in boosting Indigenous participation in the workforce. “Increasing Indigenous participation in the labour market would significantly boost Alberta’s economic potential,” he said.
The report also calls for greater investment in education and skills development to address these challenges. “Access to quality education is paramount for empowering Indigenous individuals and communities to reach their full economic potential,” said Susan Mowbray, Partner at MNP. She stressed the importance of collaboration among businesses, governments, and communities to create a more inclusive and supportive environment.
The report concludes with a call to action for Alberta to embrace the opportunities within the Indigenous economy, emphasizing that doing so is essential to building a more diversified and equitable future for all residents of the province.
