Release of The Study on the Economic Impact of the Co-operative Sector in Canada in 2015

GUELPH, Ontario, June 25, 2019 (GLOBE NEWSWIRE) -- During Co-operatives and Mutuals Canada (CMC)’s Congress 2019, Scott Banda of Federated Cooperatives Limited and Guy Cormier of Desjardins Group released the Study on the Economic Impact of the Co-operative Sector in Canada in 2015. Led by Dr. Fiona Duguid in partnership with George Karaphillis, the study confirms that co-operatives are an economic driver that contributes to the development of the Canadian economy.

Conducted earlier this year using data collected in 2015 from 5,730 co-operatives, this study is one of the most comprehensive ever done, and provides a comprehensive portrait of Canadian co-operatives. Among other things, it presents descriptive statistics for 2015, five and ten-year trends, and the economic impact of the sector on the Canadian economy.

Commenting on the study, Claude Gauthier, GROWMARK, Inc. executive director Ontario operations, stated: “Co-operatives need to be recognized as a sustainable democratic business model. The agriculture co-operative network in Ontario has served its farmer-owners for more than 100 years, and today, FS Co-operatives account for more than one billion dollars to the Ontario economy.”

GROWMARK, Inc. is regional agriculture co-operative that provides agriculture-related products and services to farmers and rural residents in Ontario and the United States through local FS branded member co-operatives and GROWMARK subsidiaries. FS branded and related products and services include crop inputs, crop protection, seed, grain marketing, energy products and services, feed and animal health as well a variety of consumer related products for farm, home and garden, through its more than 70 sites throughout rural Ontario. Visit: www.growmark.com or www.fssystem.com to learn more.

Co-operatives and Mutuals Canada (CMC) is a member-driven association that supports, promotes and unites co-operative and mutual organisations. CMC strives to advance the co-operative economy by organizing co-op development, advocating with government and conducting research to improve public policy. CMC serves as a common table for co-operatives and mutuals in Canada. The co-operative and mutual movement in Canada comprises more than 31.8 million memberships from approximately 8,000 co-operative and mutual enterprises. To learn more about CMC, visit www.canada.coop

HIGHLIGHTS OF THE STUDY

Co-operatives

• In 2015, there were 5,730 co-operatives that reported in Canada.
• Their volume of business was $85.9 billion, with assets of $503.2 billion. This represents 20.9% growth in volume of business and 42.5% growth in assets.
  
• Memberships totalled 31.8 million, and the number of reported full-time equivalent employees was 182,253. This represents a 13.3% increase in membership and a 2.5% increase in the number of employees.

The economy

• The co-operative sector in Canada contributes $61.2 billion yearly to Canada’s GDP, an increase of 12% since 2010.
• The sector injects $34.3 billion in taxes to all orders of government, an increase of 11.1% in five years.
• The contribution of the co-operative sector to Canada’s GDP in 2015 was estimated at $61.2 billion, representing 3.4% of the national figure of $1,813.9 billion.

To view complete study, click here.

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