Study looks at impact of cattle and beef industry
A 2021 study is updating the overall economic impact of the cattle and beef industry.
Called “Economic Impacts of Livestock Production in Canada – A Regional Multiplier Analysis”, the study takes into account the industry’s total economic impacts, including direct, indirect and induced impacts from primary production as well as backward and forward linked industries with related economic activities.
It was funded by the Beef Cattle Research Council.
Some of the findings include; during the 2018-20 period, the cattle sector had $51.6 billion in goods and sales and contributed $21.8 billion to Canada’s gross domestic product at market prices; for every worker employed in the sector, another 3.9 (based on indirect and induced impacts) workers are employed elsewhere in the economy; and for every $1 of income received by workers and farm owners, another $6.22 are created elsewhere.
The first multiplier study was completed in 1992 and was updated in 2012.
The 2021 update was to incorporate the structural changes that have occurred in the industry over the last decade.