WINNIPEG – The number of businesses in Manitoba is growing slower than the national average.
That’s according to a lengthy study by the Business Development Bank of Canada, which looked at the growth of companies across the country since 2001.
Nationally, the number of businesses grew by 20 percent compared to just above 12 percent in Manitoba.
Pierre Cleroux, chief economist of BDC tells 680 CJOB despite the slower growth, Manitoba’s economy is strong.
“Manitoba really is benefitting from the fact that it’s very diversified,” says Cleroux. “So when the oil sector is not doing so well, [then] the manufacturing sector is doing well. That’s really helping the economy.”
Additionally, Manitoba’s economy is expected to grow much more compared to the national average, partly thanks to a strong manufacturing sector and high demand from the United States.
Michael Benarroch, dean of the Asper School of Business tells 680 CJOB we need to highlight the number of young entrepreneurs who’ve set up shop recently in Manitoba.
“Just in the last five years and especially over the last two years, look at the number of students coming to the business school and the number of students going to university who actually want to start their own businesses when they graduate,” says Benarroch. “Some of them are starting businesses while they’re in school.”
The study also found that only one in one thousand companies grew past 100 employees, a 40 percent drop from 2001 while only one in 50 businesses exceeded 500 employees.