Northwest Territories

A land of remarkable beauty and tremendous economic opportunity

The Northwest Territories are the site of intense economic activity, as savvy investors capitalize on incredible opportunities and a rich and diversified resource base. The Northwest Territories’ expanding industrial sectors include diamond mining, oil and gas industries, the production and sale of energy, a superior fur trade, planned pipeline construction and an exciting tourism industry. The abundance of diamonds in this Territory makes it the third largest producer of rough-cut diamonds in the world, an industry worth $1.7 billion. It is no wonder that this province boasts the highest employment rate in Canada and is an attractive business investment world wide.

Business Environment

  • Oil industry exports are valued at $552 million with a GDP contribution of $226 million for oil and gas extractions alone for 2007
  • Proposed pipeline will allow natural gas production to soar to $2.2 billion annually
  • Diamond and oil industries alone are responsible for contributing $2 billion to the provinces’ economy along with countless jobs and opportunities
  • One of the lowest tax rates and fastest growing GDPs in Canada
  • Federal and territorial financial incentive programs for business and investment

Workforce

  • Highest average income in Canada
  • Among lowest tax rates in Canada
  • Highest employment and lowest unemployment rates in Canada
  • Education spending three times national average per student

Other Key Advantages

  • Sales of wild fur from NWT have increased 71% from 2003 to 2006 and are considered among the very best in the world
  • 1.60 billion barrels of oil and 12.2 trillion cubic feet of natural gas have been discovered in the NWT
  • Tourism industry attracts over 60,000 visitors annually, generating over $113.6 million
  • Host to one of the largest sources of petroleum in North America

Sector Strengths

  • Agriculture
  • Diamonds
  • Energy
  • Fisheries
  • Fur
  • Mining, Oil and Gas
  • Tourism