Bank of Canada research showed indigenous Canadians collectively contribute to the economy more than three provinces.According to Blacklock’s Reporter, analysts drew these findings despite the data gaps, such as Statistics Canada's lack of tracking the employment rate on First Nations reserves.“Statistics Canada excludes on-reserve communities from its monthly Labour Force Survey and the Consumer Price Index,” said a bank report. “Often data on some small communities are suppressed for privacy reasons or excluded for lack of participation or inconsistent definitions of who falls into categories such as First Nations.”According to the report An Overview of the Indigenous Economy in Canada, there are a total of 1.8 million indigenous people in the country. This includes 735,000 First Nations individuals living off the reserve, 624,000 Metis, 313,000 First Nations people residing on the reserve and 71,000 Inuit.“The indigenous population is younger, growing faster and more likely to live in rural areas,” said Overview. “The indigenous population grew by 19% from 2011 to 2016 and 9% from 2016 to 2021. This exceeds the growth in the non-indigenous population.”Researchers estimated the combined economic output of indigenous communities amounts to $48.9 billion annually. This figure includes a wide range of sectors, including consulting, construction and retailing. It involves the operation of approximately 37,000 indigenous-controlled businesses.The figures were higher than the provincial GDP of some provinces, including Prince Edward Island at $8.6 billion, Newfoundland and Labrador at $37.9 billion and New Brunswick at $42.6 billion.“Data are lacking to measure traditional activities indigenous peoples use to supplement their income and for barter in communities such as hunting, fishing and making clothes or artwork,” said Indigenous Economy. “Such activities not only help meet the basic needs of households but also play an important role in maintaining ties with the land, community and traditional knowledge. Official statistics may thus understate the extent of indigenous economic activity.”The bank pointed out the indigenous gross national income amounted to $31 billion annually. Despite apparent shortcomings, First Nation government revenues reached $13.6 billion per year.“Property rights restrictions under the Indian Act are often cited as an important hindrance to economic development within First Nations communities because they raise transaction costs and impede access to capital,” wrote the bank.“Although bands have rights to exclusive use and occupation of their reserve lands, the legal title remains with the Crown and thus any formal land transaction must be approved by the band council and the federal government,” wrote researchers. “Furthermore, reserve land is communal and cannot be seized by legal process, mortgaged or pledged to non-band members. These property ownership restrictions mean First Nations operating under the land management provisions of the Indian Act often lack the necessary collateral to access business loans.”
Bank of Canada research showed indigenous Canadians collectively contribute to the economy more than three provinces.According to Blacklock’s Reporter, analysts drew these findings despite the data gaps, such as Statistics Canada's lack of tracking the employment rate on First Nations reserves.“Statistics Canada excludes on-reserve communities from its monthly Labour Force Survey and the Consumer Price Index,” said a bank report. “Often data on some small communities are suppressed for privacy reasons or excluded for lack of participation or inconsistent definitions of who falls into categories such as First Nations.”According to the report An Overview of the Indigenous Economy in Canada, there are a total of 1.8 million indigenous people in the country. This includes 735,000 First Nations individuals living off the reserve, 624,000 Metis, 313,000 First Nations people residing on the reserve and 71,000 Inuit.“The indigenous population is younger, growing faster and more likely to live in rural areas,” said Overview. “The indigenous population grew by 19% from 2011 to 2016 and 9% from 2016 to 2021. This exceeds the growth in the non-indigenous population.”Researchers estimated the combined economic output of indigenous communities amounts to $48.9 billion annually. This figure includes a wide range of sectors, including consulting, construction and retailing. It involves the operation of approximately 37,000 indigenous-controlled businesses.The figures were higher than the provincial GDP of some provinces, including Prince Edward Island at $8.6 billion, Newfoundland and Labrador at $37.9 billion and New Brunswick at $42.6 billion.“Data are lacking to measure traditional activities indigenous peoples use to supplement their income and for barter in communities such as hunting, fishing and making clothes or artwork,” said Indigenous Economy. “Such activities not only help meet the basic needs of households but also play an important role in maintaining ties with the land, community and traditional knowledge. Official statistics may thus understate the extent of indigenous economic activity.”The bank pointed out the indigenous gross national income amounted to $31 billion annually. Despite apparent shortcomings, First Nation government revenues reached $13.6 billion per year.“Property rights restrictions under the Indian Act are often cited as an important hindrance to economic development within First Nations communities because they raise transaction costs and impede access to capital,” wrote the bank.“Although bands have rights to exclusive use and occupation of their reserve lands, the legal title remains with the Crown and thus any formal land transaction must be approved by the band council and the federal government,” wrote researchers. “Furthermore, reserve land is communal and cannot be seized by legal process, mortgaged or pledged to non-band members. These property ownership restrictions mean First Nations operating under the land management provisions of the Indian Act often lack the necessary collateral to access business loans.”
