Wholesale and retail trade sector loses the most jobs but the education sector sees rapid growth
In Q4-2024, the wholesale and retail trade sector (NAICS 41-42; 44-45) lost more small business jobs than any other sector, 23,000 in total, with a quarterly decline of 2.10%. The latest available sales data published by Statistics Canada suggests wholesale businesses in this sector could be the primary drivers of this decline. Monthly wholesale sales declined by 0.2% in November to $83.7 billion while monthly retail sales remained flat at $67.6 billion.
As noted above, the largest and fastest increases in small business employment in Q4-2024 were in the health care and social assistance sector (NAICS 62) and the adjacent education sector (NAICS 61). Together, these sectors accounted for more than 92% of all small business jobs created by sectors with net growth last quarter. The education sector has only seen faster quarterly growth four times since 2015, when the Small Business Index records begin. See table above for details.
Employment falls in Ontario, Québec and the Atlantic region but rises in British Columbia and the Prairies region
Regionally, it was a mixed picture, with Ontario, Québec, and the Atlantic region showing declining small business employment in Q4-2024 while British Columbia and the Prairies region both show growth. Ontario had the largest decrease, losing 51,700 jobs. The Prairies region (Manitoba, Saskatchewan, Alberta) had the largest increase, adding 18,300 jobs. The Small Business Index does not currently track small business employment in the Northern Territories region (Nunavut, Northwest Territories, Yukon Territory).
