PROVINCIAL ECONOMIC PROFILE
Nunavut Economic Overview
$4.0b
GROSS PROVINCE PRODUCT
Growth Rate 2019-24
Province
Growth Rank
3.7%
2
40,721
POPULATION
Growth Rate 2019-24
Province
Growth Rank
1.0%
11
922
BUSINESSES
Growth Rate 2019-24
Province
Growth Rank
-0.3%
12
Overview of the Nunavut Economy
In 2024, the province of Nunavut has a population of 40,721, having grown an annualized 1.0% over the five years to 2024, which ranks it 11th out of 13 provinces and territories by growth rate. Nunavut's gross domestic product (GDP) in 2024 reached $4.0b, with growth of 3.7% over the 5 years to 2024. Businesses in Nunavut employed a total of 13,521 people in 2024, with average annual employment growth over the past five years of %. The top three sectors by total employment are Mining, Public Administration in Canada, Healthcare and Social Assistance,
What is Nunavut's Gross Domestic Product (GDP)?
In 2024, Nunavut's GDP reached $4.0b, representing an increase of 3.7% from 2023. Nunavut's GDP has grown at an annualized rate of 3.4% over the five years to 2024. Moreover, Nunavut's trailing five-year GDP growth ranks it 2nd 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
Nunavut Industry Trends
What are Nunavut's Largest Industries by Revenue?
The largest industries by revenue in Nunavut are Scheduled Air Transportation, Iron Ore Mining and Gasoline & Petroleum Wholesaling, which generated $1.2b, $1.0b and $990.2m in 2024.
PROVINCIAL ECONOMIC PROFILE
Top Companies in Nunavut
Top 10 Companies in Nunavut by Employment
The largest companies by employment in Nunavut are Government of Nunavut, Agnico Eagle Mines Limited and Makivik Corporation, which employed 6,600, 1,000 and 1,000 people in 2024.
PROVINCIAL ECONOMIC PROFILE
Nunavut Sector Statistics
In Nunavut, 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 Nunavut's GDP by Sector?
The Mining, Public Administration in Canada and Healthcare and Social Assistance sectors contributed the most to Nunavut's GDP in 2024, representing a combined 66.2% 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 Nunavut's Employment by Sector?
The Transportation and Warehousing, Retail Trade and Healthcare and Social Assistance sectors contributed the most to employment in Nunavut in 2024, representing a combined 53.2% 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
Nunavut Employment Trends
13.5k
EMPLOYMENT
Growth Rate 2019-24
Province
Growth Rank
0.2%
13
What Employment Trends are Impacting Nunavut's Economy?
The province of Nunavut employs 13,521 people in 2024, which ranks it 13rd out of 13 provinces and territories. Employment in Nunavut has grown at an annualized rate of 0.2% over the five years to 2024, underperforming the national average of 1.5%. Major sectors by employment in Nunavut include Transportation and Warehousing, Retail Trade and Healthcare and Social Assistance, which employed 3,473, 2,351 and 1,367 people in 2024, respectively. Nunavut's unemployment rate is in 2024, which ranks it 0 out of 13 provinces and territories. Nunavut's 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 Nunavut, and compare them to the Canadian economy.
$100.2k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
Province
Growth Rank
-1.4
13
What is Nunavut's 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. Nunavut's DPI in 2024 was $100.2k, compared to the Canadian average of $101.1k, which places it 13rd 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
Nunavut Construction & Building Trends
$3.8m
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
Province
Growth Rank
-24.1%
1
$2.9m
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
Province
Growth Rank
-17.0%
1
20
BUILDING PERMITS
Growth Rate 2019-24
Province
Growth Rank
-35.3%
1
What can construction trends tell you about a state’s economy?
In Nunavut, non-residential construction was $3.8m in 2024, which ranks it 1st out of 13 provinces and territories. Residential construction was $2.9m in 2024, which places Nunavut 1st out of 13 provinces and territories. The number of building permits issued in Nunavut in 2024 was 20, representing a -35.3% 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
Nunavut Demographics
Education Level Nunavut
Nunavut 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 227 Nunavut Industry Reports.
