As the role of the Indigenous community in the economy becomes more evident, StatsCan has developed a study to determine just how significant that role has become. And they found that this community has made headway but is still tracking slightly behind the broader mainstream business community.
Here are some of the facts the agency identified: The study determined that First Nations and Metis entrepreneurs are equally likely to set up a business. Second, they are most likely to be in construction followed by professional services.
Third, the highest percentage of business owners who identify as Indigenous are between the ages of 45 and 54. And more than two-thirds of these business owners are men.
On operational metrics, these enterprises are likely to deliver weaker financial performance than their non-Indigenous counterparts, tracking about 2.5% lower on revenue and more than 7-percent behind on labor productivity.
The agency says some of these could be the result of location – often these enterprises are in smaller or remote communities – plus they must contend with institutional constraints such as property rights.
