According to the Conference Board of Canada (the country’s foremost independent, not-for-profit applied research organization) and their report, “The Role of Natural Gas in Powering Canada’s Economy,” natural gas investment and production is expected to add nearly $1 trillion to the Canadian economy and generate an average of 260,000 jobs annually, over the next 24 years.
Natural gas production in Canada already supports nearly 130,000 jobs and generates over $24 billion in economic activity per year. Accounting for about 38% of Canada’s primary energy supply, natural gas satisfies about 31% of energy demand, and makes up 42% of Canada’s energy exports.
Fuel of Tomorrow
It’s estimated that natural gas production will contribute another $576 billion to Canada’s economy between 2012 and 2035, and support an additional 129,000 jobs per year. In all, Canada’s natural gas industry is expected to add a cumulative $940 billion to Canada’s economy over the next 24 years, and generate roughly 6.2 million person-years of employment.
The Province Wins
Ontario benefits by both direct investment in its economy and increased demand for manufactured goods and services. The province will receive 18% of the resulting employment and 16% of the total increase in labour income. This means that, over the 24-year horizon, natural gas investments will help create 560,000 person-years of employment in Ontario.
How do you feel about the forecasted impact of natural gas on the Ontario economy? Feel free to share your thoughts with us in the comments section below.