Industry Lens: Utilities—September 2022

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Industry Lens: Utilities—September 2022

Industry Sector Economics
8 min read

Author: The Conference Board of Canada


This report examines the short- and medium-term economic and profitability outlook for Canada’s utilities industry.

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The utilities sector is set to grow again after two years of weakened demand. We expect output to increase by 3.2 per cent in 2022, followed by increases of 1.9 per cent in 2023 and 2.7 per cent in 2024.

United States demand for clean energy will be beneficial to the growth of Canada’s utilities sector over the medium term. But the electric utilities subsector is facing hurdles trying to penetrate the U.S. market.

The sector is facing a labour shortage, and employment growth will slow beyond 2022. Failing to attract new workers will likely constrain future growth in output.

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