Economic Scan - Yukon, Northwest Territories and Nunavut: 2024
Demographics
Highlights
- In 2024, the total population of Canada's three territories reached 132,594, an increase of 1.3% (+1,750) compared to the previous year.
- Yukon's population grew 2.7% (+1,241) to 46,704 in 2024, the largest increase among the territories. Its median age of 38.4 years is the oldest of the three territories.
- The population of the Northwest Territories (NWT) increased by 0.1% (+50) to 44,731 from 2023 to 2024. The median age in the NWT is 36 years.
- Nunavut's population grew 1.1% (+459) to 41,159 year-over-year. The territory has the youngest population in Canada, with a median age of 26.8 years.
132,000 people lived in Canada's three territories (Yukon, Northwest Territories and Nunavut) in 2024.
According to the 2021 Census, 60,235 people representing 51.0% of the three territories' total population identified as Indigenous. Labour force participation among the territories' Indigenous population is much lower compared to the non-Indigenous population due in large part to lower levels of educational attainment. The Indigenous population in Nunavut had the lowest labour force participation rate in Canada (52.3%).
Black, Indigenous, and people of colour make up 60.5% of the population in the territories, almost twice as much as the national average (30.9%). Indigenous people are the largest group of racialized Canadians in the territories, representing 51.0% of the total population, well above the national average (4.9%).
The number of immigrants arriving in the territories rose considerably in 2023/2024 compared to the previous year. The Yukon recorded a significant increase of immigrant inflows, up 32.2% to 895 between 2023 and 2024. In the Northwest Territories, 366 immigrants arrived in 2024 compared to 282 in 2023. Nunavut also recorded a 24.4% increase in immigration, with 56 immigrants arriving.
About 26% of the territories' population aged 15 years and over self-identify as having a disability, a lower proportion than the national average (27%) in 2022. The Yukon has a higher disability rate than the NWT and Nunavut. The differences in the prevalence of disability among the three territorial populations may be due to their different age compositions. Nunavut has the highest proportion of youth of all the provinces and territories and the lowest disability rate in the country.
Source: Statistics Canada - Canadian Survey on Disability (CSD) 2022.
Labour Market Conditions
In 2024...
Labour Force increased moderately (+0.7%)
Employment rose considerably (+1.8%)
Unemployment rate decreased moderately (-0.9pp)
| Yukon | |
| Northwest Territories | |
| Nunavut |
Show data table
| Year | Yukon | Northwest Territories | Nunavut |
|---|---|---|---|
| 2014 | 5.1 | 8.1 | 14.7 |
| 2015 | 6.0 | 9.0 | 15.7 |
| 2016 | 6.6 | 7.9 | 14.6 |
| 2017 | 4.3 | 7.4 | 15.0 |
| 2018 | 3.9 | 7.8 | 13.9 |
| 2019 | 4.1 | 7.0 | 14.0 |
| 2020 | 5.6 | 9.7 | 15.7 |
| 2021 | 6.1 | 6.1 | 10.4 |
| 2022 | 4.4 | 5.0 | 14.1 |
| 2023 | 3.5 | 6.0 | 13.2 |
| 2024 | 4.3 | 5.8 | 8.3 |
- The combined employment in the three territories increased 1.8% to 63,800 between 2023 and 2024. Employment losses in the Northwest Territories were offset by gains in the Yukon and Nunavut.
- In 2024, the unemployment rate for the combined territories fell by 0.9 percentage points to 5.8%. The Northwest Territories' unemployment rate dropped slightly by 0.2 percentage points to 5.8%, while Nunavut recorded a larger decline of 4.9 percentage points to 8.3%.
- The Yukon was the only territory to record an increase in its unemployment rate, up 0.8 percentage points to 4.3%.
Economic Conditions
Territories' Economic Drivers in 2024
Lower interest rates
New mining projects
Vast mineral potential
Source: The Conference Board of Canada E-data. February 2025.
Show data table
| Year | Yukon | Northwest Territories | Nunavut |
|---|---|---|---|
| 2024 | -1.6% | -2.6% | 9.5% |
| 2025 | -2.3% | -0.5% | -0.8% |
| 2026 | 2.1% | -2.1% | 5.9% |
| 2027 | 2.4% | 4.6% | 1.1% |
Reviewing 2024...
- The territories' economies faced challenges in 2024. While inflation and interest rates eased in the latter half of 2024, food, transportation and energy costs remained high in the North.
- The territories also face significant socioeconomic and political challenges, including labour shortages, an ongoing lack of infrastructure, a shortage of affordable housing, climate change, and the U.S. imposition of tariffs on Canadian imports.
- The territories' economic outlook is less optimistic in the short-term, with all three territories forecast to experience negative economic growth. Uncertainty surrounding U.S. tariffs is expected to have negative impacts on the territories' economies.
- The Northwest Territories' GDP is forecasted to decline moderately by 0.5% in 2025, while Nunavut's GDP will drop 0.8%. The Yukon's GDP is projected to experience the largest decline, falling by 2.3% in 2025.
Risks to the Territories' Economy in 2025
- U.S. tariff uncertainty is expected to negatively impact the territories' economies.
- Inflationary pressures may further hamper household spending.
- The lack of infrastructure in the northern territories is a barrier to investment.
- A tight labour market across the three territories will continue to present challenges to business growth in 2025. A lack of workers in key sectors may result in higher prices as demands on a limited labour pool remain high.
Regional Issues
Migration
Net inter-provincial migration was negative in the NWT and Nunavut over the past five years, driven largely by residents seeking better employment opportunities in southern provinces. In Nunavut, 5,334 residents left the territory between 2019/2020 and 2023/2024, while 10,259 opted to leave NWT during that period
Between 2019/2020 and 2023/2024, the Yukon experienced positive net inter-provincial migration, with 6,660 people leaving and 8,099 choosing it as their new home. This trend likely reflects the Yukon's strong economic performance in recent years.
Industry Trends
Show data table
| Industry (NAICS) | Employment Change ('000s) | Percent Change (%) |
|---|---|---|
| Public administration | +0.7 | +4.7 |
| Trade | +0.5 | +7.4 |
| Accommodation and food services | +0.4 | +19.0 |
| Other services | +0.2 | +8.7 |
| Health care and social assistance | +0.2 | +2.2 |
| Business, building and other support services | +0.1 | +8.3 |
| Professional, scientific and technical services | +0.0 | +0.0 |
| Finance, insurance, real estate and leasing | +0.0 | +0.0 |
| Manufacturing | +0.0 | +0.0 |
| Forestry, fishing, mining, oil and gas | +0.0 | +0.0 |
| Utilities | -0.1 | -11.1 |
| Educational services | -0.2 | -3.1 |
| Transportation and warehousing | -0.3 | -7.9 |
| Construction | -0.4 | -8.3 |
| Information, culture and recreation | -0.5 | -17.2 |
- The territorial public administration sector gained 700 jobs in 2024. Increased public investment in training and recruitment initiatives, especially in the Yukon and Nunavut, is expected to support sector growth in the short term
- The territories' construction sector will experience steady growth in the short-term, driven by housing initiatives, particularly in the Yukon and Nunavut. In Nunavut, 350 housing units are completed, with 500 more currently under construction. The Nunavut government aims to build 3,000 new housing units by 2030, with a $2.6B investment.
- In the short term, the territories' health care and social services sector is expected to grow, supported by increased government funding for hospitals and daycares. Construction of the new $11M daycare facility in Sanirajak, Nunavut, is slated to be completed by January 2026. The daycare is anticipated to create dozens of jobs.
Regional Economic Conditions
- From 2023 to 2024, the Northwest Territories was the only territory to record a decrease in its employment, down 3.4% (-800) to 22,900.
- The decline in employment in the Northwest Territories is mainly due to limited private sector investment and reduced output from the territory's diamond mines in 2024.
- Employment in the Yukon increased by 6.0% (+1,500) to 26,500, while employment in Nunavut advanced more moderately by 2.1% (+300) to 14,300 between 2023 and 2024.
Employment Change by Economic Region, 2024
Show data table
| Economic Region | Percent Change (%) | Employment Change ('000s) |
|---|---|---|
| Yukon | +6.0 | +1.5 |
| Nunavut | +2.1 | +0.3 |
| Total Territories | +1.6 | +1.0 |
| Northwest Territories | -3.4 | -0.8 |
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