Thread by @ArmineYalnizyan

Have been crunching numbers on the relative size of the #CareEconomy in Canada, re paid work and contribution to GDP.
First, definition: health services (includes eldercare, home care, long-term care, social assistance) and education services (from childcare through PSE).

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Why include education services? Because it develops the potential of our youngest citizens, labour market entrants, and those with jobs or displaced from jobs.
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Pre-pandemic (2019) the Care Economy's % of GDP: 12.3% [health 7%, educ 5.3%]. Was 12.25% in 2020.

cf
Real estate: 12.7% (13.7% in 2020)
Manufacturing: 10% (9.5% in 2020)
Construction: 7.2% (7.3%)
Finance/Insurance: 6.9% (7.6%)
Oil and Gas: 5.6% (5.6%)
Retail: 5% (5.2%)

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The Care Economy's contribution to GDP rivals any of the main drivers of the economy.
It also dwarfs all sectors in terms of jobs.
I'll use all mining, quarrying, oil and gas re jobs below, which accounted for 7.9% of GDP pre-pandemic 7.55% in 2020 (mostly O&G, 5.6% both yrs)
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Pre-pandemic (2019) the Care Economy's % of jobs: 20.3% [health 13.1%, educ 7.2%]. (21% in 2020)

Retail: 11.6% (11.5.% in 2020)
Manufacturing: 9.2% (9.3%)
Construction: 7.7% (7.6%)
Finance/Insurance: 4.4% (5%)
Real Estate: 1.9% (1.8%)
Mining, quarrying, Oil&Gas: 1.4% (1.3%)
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So the Caring Economy is a bigger contributor to GDP than all the other main drivers in the economy (incl real estate; and even comes close to the combo of manufacturing and O&G)
*and*
it accounts for 1 in 5 jobs, almost double the closest comparator (retail).

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At over 12% of GDP and 21% of all jobs, the Caring Economy has the potential to be the #cdnecon powerhouse for recovery, and a major source of good jobs.
It could play the role that the manufacturing sector played in creating the middle class from 1950s-70s.
#FutureOfworkers
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The Care Economy will expand anyway because of population aging. By policy design or market forces?
We could improve the way we deal with the pandemic and lay the foundation for post-pandemic recovery.
If only we stopped discounting the value of the sector, re GDP and jobs!
~fin