Seeking for industrial spaces for rent in the province of The Northwest Territories? Explore the listings above and find the perfect space for you.The Northwest Territories (NWT) of Canada is an expansive region in the north of Canada, with a population of just over 43,000 people. As such, it is a sparsely populated area, but still has a thriving economy with several industries that provide employment and economic stability.
The primary industries in the Northwest Territories are mining, oil and gas, and tourism. Mining is the single largest contributor to the NWT's GDP, and accounts for over half of the region's GDP with more than 3,000 workers employed in the sector. Oil and gas is the second largest industry in the NWT, employing more than 2,000 people and contributing more than 25% to the region's GDP. Tourism is also an important industry in the NWT, with more than 500,000 visitors to the region each year.
When it comes to labor, the NWT has a relatively low unemployment rate, with only 4.9% of the population unemployed in January 2023. (https://www.statsnwt.ca/indicators/employment_unemployment/)
The majority of the population is employed in the industries mentioned above, with the mining industry employing the most people in the region. In terms of wages, the average wage in the NWT is slightly higher than the Canadian average, and has been steadily increasing over the past few years.
The economic trends in the Northwest Territories have been mostly positive in recent years. GDP growth in the region has been steady, although it has been lower than the national average. The region is also becoming increasingly diversified, as new industries such as renewable energy and technology are beginning to develop. In terms of economic rankings, the NWT is ranked as one of the top 10 regions in Canada for GDP growth, with the region's GDP growing at a rate of 4.8% between 2020 and 2021.(https://www.statsnwt.ca/economy/gdp/)
Overall, the Northwest Territories has several industries that provide employment and economic stability. Mining is the largest industry in the region, followed by oil and gas and tourism. The labor market in the NWT is relatively strong, and wages are slightly higher than the Canadian average. The region's economy is becoming more diversified and is performing well, as evidenced by its ranking in the top 10 regions in Canada for GDP growth.