PROVINCIAL ECONOMIC PROFILE
Northwest Territories Economic Overview
$4.4b
GROSS PROVINCE PRODUCT
Growth Rate 2019-24
Province
Growth Rank
0.0%
12
44,741
POPULATION
Growth Rate 2019-24
Province
Growth Rank
0.1%
13
2,151
BUSINESSES
Growth Rate 2019-24
Province
Growth Rank
-0.4%
13
Overview of the Northwest Territories Economy
In 2024, the province of Northwest Territories has a population of 44,741, having grown an annualized 0.1% over the five years to 2024, which ranks it 13rd out of 13 provinces and territories by growth rate. Northwest Territories' gross domestic product (GDP) in 2024 reached $4.4b, with growth of 0.0% over the 5 years to 2024. Businesses in Northwest Territories employed a total of 21,915 people in 2024, with average annual employment growth over the past five years of %. The top three sectors by total employment are Public Administration in Canada, Mining, Real Estate and Rental and Leasing,
What is Northwest Territories' Gross Domestic Product (GDP)?
In 2024, Northwest Territories' GDP reached $4.4b, representing an increase of 0.0% from 2023. Northwest Territories' GDP has grown at an annualized rate of 1.2% over the five years to 2024. Moreover, Northwest Territories' trailing five-year GDP growth ranks it 12th out of 13 provinces and territories.
Provincial GDP is a measurement of a province's output, or the sum of value added from all industries in the province. It is a common indicator used to track the health of a provincial economy.
PROVINCIAL ECONOMIC PROFILE
Northwest Territories Industry Trends
What are Northwest Territories' Largest Industries by Revenue?
The largest industries by revenue in Northwest Territories are Gasoline & Petroleum Wholesaling, Gasoline & Petroleum Bulk Stations and Electric Power Transmission, which generated $2.1b, $1.5b and $716.0m in 2024.
PROVINCIAL ECONOMIC PROFILE
Top Companies in Northwest Territories
Top 10 Companies in Northwest Territories by Employment
The largest companies by employment in Northwest Territories are The Government of Northwest Territories, Rio Tinto PLC and The Washington Companies, which employed 5,000, 1,880 and 1,800 people in 2024.
PROVINCIAL ECONOMIC PROFILE
Northwest Territories Sector Statistics
In Northwest Territories, certain sectors drive a higher share of provincial GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Northwest Territories' GDP by Sector?
The Public Administration in Canada, Mining and Real Estate and Rental and Leasing sectors contributed the most to Northwest Territories' GDP in 2024, representing a combined 46.7% of provincial GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the provincial economy, in addition to how the provincial economy is evolving over time.
What is Northwest Territories' Employment by Sector?
The Healthcare and Social Assistance, Retail Trade and Transportation and Warehousing sectors contributed the most to employment in Northwest Territories in 2024, representing a combined 45.6% of provincial employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the provincial economy as a whole.
PROVINCIAL ECONOMIC PROFILE
Northwest Territories Employment Trends
21.9k
EMPLOYMENT
Growth Rate 2019-24
Province
Growth Rank
1.0%
6
What Employment Trends are Impacting Northwest Territories' Economy?
The province of Northwest Territories employs 21,915 people in 2024, which ranks it 12th out of 13 provinces and territories. Employment in Northwest Territories has grown at an annualized rate of 1.0% over the five years to 2024, underperforming the national average of 1.5%. Major sectors by employment in Northwest Territories include Healthcare and Social Assistance, Retail Trade and Transportation and Warehousing, which employed 3,744, 3,373 and 2,876 people in 2024, respectively. Northwest Territories' unemployment rate is in 2024, which ranks it 0 out of 13 provinces and territories. Northwest Territories' unemployment rate has trended downwards at a rate of over the five years to 2024, underperforming the Canada economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets. You can track unemployment trends in Northwest Territories, and compare them to the Canadian economy.
$152.3k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
Province
Growth Rank
4.5
3
What is Northwest Territories' Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Northwest Territories' DPI in 2024 was $152.3k, compared to the Canadian average of $101.1k, which places it 3rd out of 13 provinces and territories.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
PROVINCIAL ECONOMIC PROFILE
Northwest Territories Construction & Building Trends
$8.1m
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
Province
Growth Rank
11.1%
12
$2.6m
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
Province
Growth Rank
-14.8%
2
101
BUILDING PERMITS
Growth Rate 2019-24
Province
Growth Rank
9.7%
11
What can construction trends tell you about a state’s economy?
In Northwest Territories, non-residential construction was $8.1m in 2024, which ranks it 12th out of 13 provinces and territories. Residential construction was $2.6m in 2024, which places Northwest Territories 2nd out of 13 provinces and territories. The number of building permits issued in Northwest Territories in 2024 was 101, representing a 9.7% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services.Therefore, construction trends are important indicators of the health of an economy.
PROVINCIAL ECONOMIC PROFILE
Northwest Territories Demographics
Education Level Northwest Territories
Northwest Territories Province Industry Reports
IBISWorld Province Industry Reports help you quickly understand how an industry performs at the province level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 276 Northwest Territories Industry Reports.
