ATB's Second Economic Indigenous Report: Progress and Opportunities

EDMONTON, AB, Sept. 25, 2024 /CNW/ - ATB Financial and national professional services firm MNP have released a second report highlighting the growing economic contributions of Indigenous people in Alberta. An estimated 350,000 and 360,000 Indigenous people lived in Alberta in 2023, representing about 7.5% of the province's population – a growth of approximately 12 to 15 per cent since 2019.

"Opening the Door to Opportunity II" underscores the significant economic potential of Alberta's Indigenous population and their vital role in the province's growth and diversification. Building on previous findings, the report indicates positive progress in narrowing the economic gap, but also underscores remaining challenges. While increased labour market participation is important, the report emphasises the necessity of transitioning into higher-skilled, better-compensated roles and bolstering Indigenous entrepreneurship to fully realise economic inclusion for Indigenous people.

"This report serves as a powerful reminder that advancing economic reconciliation is not only the right thing to do but also a strategic imperative for Alberta's future," said Patrick Twinn, Director, Indigenous Relations, ATB Financial. "By fostering an inclusive environment where Indigenous entrepreneurs and workers can thrive, we unlock significant economic potential for the entire province."

Key Findings:

• The Indigenous economy in Alberta saw significant growth, reaching an estimated GDP of $9.2 billion in 2023, accounting for roughly 3 per cent of the province's total GDP, a notable increase from $6.74 billion in 2019.
• ncreasing Indigenous participation in the labour market could boost Alberta's GDP by between 2 and 3 percentage points ($8 billion to $11 billion).
• Closing the income gap could generate an additional $3.2 billion in household spending, supporting 13,000 to 14,000 jobs annually.
• The total economic contributions of Indigenous governments, businesses, and households to Alberta's economy in 2023 were estimated to be $16.76 billion in total output, $9.17 billion in total GDP, $4.62 billion in total labour income, 81,600 FTEs of total employment, and $2.04 billion in total tax revenue.

"The report highlights the immense opportunity of the Indigenous economy in Alberta. Increasing Indigenous participation in the labour market would significantly boost Alberta's economic potential," said Mark Parsons, Chief Economist, ATB Financial.

While progress has been made, the report highlights that achieving full economic participation for Indigenous Peoples requires addressing systemic barriers and investing in education and skills development.

"Access to quality education is paramount for empowering Indigenous individuals and communities to reach their full economic potential," said Susan Mowbray, Partner at MNP. "By collaborating to create a more inclusive and supportive environment, we can ensure a prosperous future for all Albertans."

The report calls on businesses, governments, and communities to work together to advance Indigenous economic reconciliation. By embracing the opportunities presented by the Indigenous economy, Alberta can build a stronger, more diversified, and more equitable future for all.

Download the full report here.

About ATB Financial

With $62.0 billion in assets, ATB Financial is a leading financial institution that started in Alberta with the focus of putting people first. Our success comes from our more than 5,000 team members who love to deliver exceptional experiences to over 820,000 clients across our Personal and Business Banking, ATB Wealth Management and ATB Capital Markets businesses. ATB provides expert advice, services and products through our many branches and agencies, our 24-hour Client Care Centre, four entrepreneur centres and our digital banking options. ATB powers possibilities for our clients, communities and beyond. More information about ATB can be found at atb.com.

About MNP

MNP is one of the largest national professional services firms in Canada, providing client-focused accounting, taxation and consulting advice. National in scope and local in focus, MNP has proudly served individuals and private and public companies for over 60 years. Through the development of strong relationships, MNP provides personalised strategies and a local perspective to help them succeed. For more information, visit www.mnp.ca.

For more information or interview requests, please contact:

ATB Financial, Media Relations [email protected]

SOURCE ATB Financial