Indigenous Economic Impact in Thunder Bay
Indigenous Economic Impact in Thunder Bay: Understanding the Numbers and Opportunities
Thunder Bay is home to a thriving Indigenous business community that contributes significantly to the local economy. Understanding the scope and impact of this contribution is essential for policy development, business growth, and community engagement. In a recent episode of The Prosperity Podcast, Brian Davey spoke with Jamie Taylor, CEO of the Thunder Bay Community Economic Development Commission (CEDC), about the city's first Indigenous Economic Impact Analysis.
WHAT IS THE CEDC AND THE STUDY ABOUT?
The CEDC acts as the Economic Development Corporation for Thunder Bay, focusing on community development, business growth, and tourism. As part of their strategic plan under the “Strengthening Community” pillar, they identified the need to better understand the Indigenous economic impact in the city.
The resulting study, conducted in partnership with Indigenous organizations including the Anishinaabe Development Fund, the Anishinaabe Business Professionals Association, and Fort William First Nation, provides a comprehensive look at Indigenous business contributions, community engagement, and spending patterns in Thunder Bay.
KEY FINDINGS OF THE REPORT
The report analyzed direct, indirect, and induced spending by Indigenous businesses and community members, revealing impressive economic contributions:
- Direct economic impact: $1.55 billion to Thunder Bay's economy (based on 2020 data).
- Direct spending: $411 million, accounting for approximately 6.5% of the city's GDP.
- Job creation: Over 3,000 full-time positions supported by Indigenous economic activity.
- Labor income: $148 million generated from this economic activity.
To put these numbers in context, for every $1 million in Indigenous spending:
- $2.09 million in total output is created
- $900,000 contributes to GDP
- $550,000 goes to labor income
- $480,000 flows into wages
- 7 full-time equivalent positions are supported
The report also highlighted the use of Thunder Bay as a hub for education, healthcare, conferences, and commerce, demonstrating the city's importance to Indigenous communities across the region.
WHY THIS STUDY MATTERS
The Indigenous Economic Impact Analysis isn't just a set of numbers—it's a tool for raising awareness and informing policy. By understanding how Indigenous spending and business activity influence Thunder Bay's economy, decision-makers can:
- Enhance internal procurement policies to support Indigenous business growth
- Promote inclusive economic development strategies
- Recognize and celebrate positive contributions that may be overshadowed by negative media narratives
The study also serves as a baseline, with the expectation that repeating this analysis in the future will demonstrate significant growth in Indigenous economic contributions.
NEXT STEPS AND COMMUNITY ENGAGEMENT
CEDC plans to continue promoting the findings of the report through marketing initiatives, presentations to city council, and outreach to community partners. A QR code and PDF of the full report are available on the city's website for those interested in exploring the data.
Partnerships remain a cornerstone of this initiative, with opportunities for additional stakeholders to join the conversation and contribute to ongoing efforts to measure and amplify Indigenous economic impact.
KEY TAKEAWAYS FOR ENTREPRENEURS AND COMMUNITY LEADERS
- Indigenous businesses contribute significantly to Thunder Bay's economy, supporting jobs, wages, and GDP.
- Collaborative studies like this provide actionable insights for policy and business strategy.
- Awareness and promotion of Indigenous economic contributions can strengthen community engagement and growth.
- Continued tracking and future studies will help identify trends and opportunities for further economic development.
FINAL THOUGHTS
The Indigenous Economic Impact Analysis highlights the vital role of Indigenous businesses and communities in shaping Thunder Bay's economic landscape. As Jamie Taylor emphasized, sharing these results fosters positivity, collaboration, and informed decision-making that benefits the entire community.
To access the full report, visit thunderbay.ca and explore the PDF.
When we recognize and support Indigenous entrepreneurship, we create stronger, more resilient economic opportunities for Northern Ontario.