Indigenous economic contribution in Thunder Bay reaches $1.55 billion

Thunder Bay - A study shows Indigenous people and businesses have a $1.55 billion impact on Thunder Bay's economy, and the co-sponsor and author of the study hopes this number will help change the narrative.

Michael Fox, President and CEO of Indigenous Community Engagement, said the idea behind the study was to establish a baseline.

It's also important to show the significance of Indigenous people and businesses to communities like Thunder Bay.

"Sometimes we focus on the social image of Indigenous people, rather than the economic image of Indigenous people. I think we want to show another side of the Indigenous community in our city and region, and how they support the local economy," Fox said.

The $1.55 billion represents about 7% of Thunder Bay's overall economy.

Fox said, "Indigenous people are not just consumers of goods and services, they are actually producers of goods and services, and I think that's what this report is all about."

He added that this report may be an eye-opener for many in Thunder Bay. And business organizations, such as the Community Economic Development Commission, which co-sponsored the study with Fort William First Nation, the Anishinabek Business Professional Association, and the Nishnawbe Aski Development Fund, are keenly aware of the importance of Indigenous people and businesses to the community.

He said others may not be.

ABPA President Jason Raysevich said the number is impressive, and the report can be used to support Indigenous businesses in gaining a stronger position and help them grow in the coming years. It's also an opportunity to bring a positive impact to the Indigenous community, letting the public know how important the Indigenous community is to the local economy.

"What we see in the media and from the public are issues based on systemic problems and discrimination against Indigenous people, and a lack of support. Now we are seeing a start to improve the narrative, focusing on the contributions of Indigenous people to the city," Raysevich said.

"When we think about some of the issues we faced related to the local and regional economy during the COVID-19 pandemic, it's clear that Indigenous spending supported some of these industries and businesses from going bankrupt."

The numbers are the latest, measuring the economic impact in 2020.

Jamie Taylor, CEO of the Community Economic Development Commission, said today they could be much larger.

Taylor said, "Based on the trends in our community, they may continue to grow."

"From CEDC's perspective, I think we want to show a different narrative, that Indigenous people contribute to our economy. It's easy to talk about negative things, but sometimes it's hard to talk about positive things, and this is a very positive thing for our community."

Looking at specifics, public administration spending was $376 million, construction and manufacturing spending was $232 million, other unlisted industries spending was $234 million, retail spending was $76 million, wholesale trade spending was $25 million, education spending was $86 million, agriculture and mining spending was $76 million, finance, insurance, and real estate spending was $101 million, and accommodation, food, arts, and entertainment spending was $75 million.

Source: https://www.tbnewswatch.com/local-news/indigenous-economic-impact-in-thunder-bay-is-155-billion-10149187