New Study Highlights $1.55 Billion Contribution of Indigenous Economy to Thunder Bay
Thunder Bay, ON – January 29, 2025: A landmark study measuring the economic impact of Indigenous businesses, organizations, and communities in Thunder Bay has been completed. The report, produced by Indigenous Community Engagement (ICE) in collaboration with the Thunder Bay Community Economic Development Commission (CEDC), Fort William First Nation, the Anishnawbe Business Professional Association (ABPA), and the Nishnawbe Aski Development Fund (NADF), quantifies the substantial economic contributions of Indigenous peoples to the region.
“Thunder Bay is a hub of Indigenous economic activity. Many Indigenous people live and work here, while others travel from surrounding communities to access healthcare, education, and commerce. First Nations, Tribal Councils, the Métis Nation of Ontario, and other Indigenous organizations maintain offices, host events, and contribute to our city’s vibrancy. This analysis underscores the critical role of Indigenous economic activity in Thunder Bay and serves as a foundation for future collaborative efforts to foster economic growth and opportunity.”
— Jamie Taylor, CEO, Thunder Bay CEDC
Key Findings from the Report
Using robust input-output (I-O) modeling, the study quantifies the direct, indirect, and induced impacts of Indigenous spending and employment in Thunder Bay.
🔹 Direct Economic Impact (2020): $742 million in output and $411 million in GDP.
🔹 Total Economic Impact: $1.55 billion in output and $673 million in GDP, reflecting the combined effects of direct spending, as well as indirect and induced activities.
“The Fort William First Nation (FWFN) recognizes the significance of participating in the study on the impact of Indigenous businesses on the City of Thunder Bay. Understanding the contributions of Indigenous business to the city’s economy is essential for measuring its effects on economic development, identifying the goods and services provided, and addressing poverty levels in the region. With this knowledge, we can work towards creating inclusive pathways to training, capital, and support, ultimately breaking down systemic barriers. This effort will contribute to building a stronger, more resilient community for all.”
— Cheryl St. James, Economic Development Officer, Fort William First Nation
Strengthening Economic Reconciliation
The study highlights how Indigenous economic activity is deeply integrated into the broader Thunder Bay economy. Indigenous businesses, Tribal Councils, and First Nations organizations are key contributors to job creation, business development, and long-term prosperity.
“This report is a significant step forward in recognizing the vital role Indigenous businesses, Tribal Councils, and First Nations organizations play in Thunder Bay’s economy. The ABPA is proud to have contributed to this important initiative, which will help drive economic growth and prosperity for all. This report clearly showcases how supporting Indigenous businesses isn’t just good economics; it’s a crucial component of reconciliation.”
— Jason Rasevych, President, ABPA, Member of Ginoogaming First Nation
The report also serves as a tool to dispel misconceptions about Indigenous contributions to the local economy, providing hard data that highlights their role in strengthening regional economic stability.
“The Indigenous Economic Impact Analysis provides tangible data that will inform our efforts to advocate for and support Indigenous business development, employment, education, and training. This report certainly confirms the positive economic impact of Indigenous people on our community and ought to demystify any lingering misconceptions about the significant contributions of Indigenous peoples locally and regionally. ABPA will rely on this report to guide its initiatives and focus on fostering inclusivity and prosperity for all people in Thunder Bay and surrounding areas.”
— Rachael Paquette, Vice President, ABPA, Member of Mishkeegogamang First Nation
Supporting Sustainable Growth
NADF, as a key Indigenous financial institution, has long recognized the strength of Indigenous businesses and entrepreneurship. The study validates what many in the sector have already seen firsthand.
“Drawing on our success as a developmental lender, NADF anticipated the findings of this report and is pleased to see them validated. The analysis highlights the economic impact of Indigenous spending and employment in Thunder Bay, reflecting the significant contributions of Indigenous communities and businesses. Readers can leverage this information to support initiatives that drive sustainable growth and strengthen partnerships. We are proud to have been part of this important initiative.”
— Brian Davey, CEO, Nishnawbe Aki Development Fund
Looking to the Future
The completion of this analysis marks a major milestone in recognizing and leveraging the economic potential of Indigenous communities. Indigenous businesses and organizations are not just a part of the Thunder Bay economy—they are a driving force behind its continued growth and success.
“Indigenous & Community Engagement (ICE) Inc. is proud to highlight the incredible growth in Indigenous economic contributions. This study demonstrates how Indigenous businesses, organizations, and partnerships have become a cornerstone of Thunder Bay’s economy, generating over $1.55 billion in total economic output. This growth is a testament to the vision, resilience, and dedication of Indigenous leaders across all sectors, and we are excited to support the continued journey toward prosperity for all.”
— Michael Fox, President & CEO, Indigenous & Community Engagement
Next Steps
The findings from this report will serve as a foundation for strengthening partnerships, shaping policy, and ensuring that Indigenous businesses continue to thrive. To read the full report, visit:
🔗 Click Here
