Opening the Doors to Opportunity

Indigenous Peoples are integral to the future economic prosperity of Alberta. The current economic impact of Indigenous Peoples in Alberta is significant. However, Alberta will not be able to reach its maximum potential without growing stronger together. To move forward together, there must be an understanding of where we are and what the opportunities are.

A comprehensive assessment of the economic footprint of Indigenous Peoples in Alberta was not available until ATB and MNP partnered to produce such a report in 2021. The collaboration came from our shared desire to support our clients and advance reconciliation by fostering a wider understanding of how Indigenous Peoples in Alberta contribute to the economy.

That report found:

• The Indigenous economy in Alberta generated $6.74 billion of GDP in 2019 (two percent of provincial GDP), which is equal to the GDP generated by Alberta’s agricultural sector
• Indigenous-owned businesses’ spending of $2.3 billion was estimated to have generated $1.27 billion in direct GDP, and $500 million of indirect GDP in 2019
• Total employment among Indigenous population was equivalent to 88 percent of the direct employment of Alberta’s tourism sector in 2019
• The average income of an Indigenous person in Alberta is $44,232, compared to $63,853 for the non-Indigenous population. Closing the income gap could increase household spending by up to $3 billion annually — supporting up to 14,000 jobs and generating annual tax revenues of between $500 and $600 million.

Keeping the conversation going

In 2024, ATB and MNP released a follow-up report, Opening the Doors to Opportunity II, to assess how circumstances have evolved from our initial study and benchmark progress toward economic reconciliation.

We discovered:

• The Indigenous economy in Alberta saw significant growth, reaching an estimated GDP of $9.17 billion in 2023, accounting for roughly three percent of the province's total GDP, a notable $2.43 billion increase from 2019.
• Increasing Indigenous participation in the labour market could boost Alberta’s GDP by between two and three 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 full-time equivalents of total employment, and
• $2.04 billion in total tax revenue.

The opportunity

In 2021, we discovered the significant potential of closing the Indigenous employment and entrepreneurship gaps and how that would contribute to Alberta’s long-term prosperity.

In 2024 we see that we are getting closer to turning the economic corner and seeing significant benefits for Indigenous and non-Indigenous Albertans. With that said, continuing the significant progress we have seen over the past three years cannot mean more of the same.

While boosting Indigenous participation in the workforce remains an important goal, we also need more investment in Indigenous entrepreneurship and mentorship — and more efforts to transition Indigenous employees into higher-skilled and higher-paid roles.

How we frame the path forward is critical. Given the significant potential productivity gains, both the private and public sectors could benefit immensely from promoting greater Indigenous participation in the workforce. These efforts would be a decisive step forward on the path to reconciliation. Moreover, they would unlock considerable long-term economic and social benefits for the prosperity of all Albertans.

Actions need to follow

The increased economic inclusion of Indigenous Peoples will not occur without decisive changes to the status quo. Along with increased advocacy, we also need to see continued improvements to infrastructure, education, and healthcare for Indigenous Peoples and Indigenous communities.

The 2024 report confirms that the economic impact of Indigenous Peoples is significant and expanding. Investment needs to follow aspiration if we are going to see measurable progress and see the opportunities ahead of us. We need to build a system that promotes inclusion and empowerment. This system needs to demonstrate the opportunity for all Albertans and the collective benefit of achieving impactful reconciliation.

Alberta will not reach its full potential without growing stronger together. Understanding where we are today and recognizing the opportunities ahead is critical. Indigenous Peoples are integral to the future economic prosperity of Alberta—through taxes, job creation, and contributions to the overall GDP.

View 2021 report: Opening the Doors to Opportunity

View 2024 report: Opening the Doors to Opportunity II

About the Report Artist

Kevin Cardinal is a visual artist with a deeply spiritual artistic practice influenced by his culture and experiences. We are proud to display his artwork throughout this report.