Business investment key to addressing Canada’s productivity crisis

The Bank of Canada’s senior deputy governor Carolyn Rogers recently raised the alarm on Canada’s productivity crisis, saying “it’s an emergency—it’s time to break the glass.” But to address Canada’s productivity problem, which is contributing to our stagnant living standards, we must first address Canada’s weak business investment.

While the federal and many provincial governments have prioritized immigration and bigger government in an effort to stimulate productivity growth and grow our economy, they’ve ignored business investment, which has significantly declined in recent years. From 2014 to 2022, inflation-adjusted total business investment—in plants, machinery, equipment, and new technologies, but excluding residential construction—in Canada declined by $34-billion.

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