The Care Economy: A Lifetime of Economic Opportunities
EDITOR’S NOTE
This abridged preview introduces a forthcoming in-depth article on the Care Economy. It highlights a new series of stories from the Community Economic Development and Employment Corporation (CEDEC). The series is scheduled to begin in June/July 2025. The stories will feature insights from experts and practitioners leveraging opportunities related to the themes of the Collaborative Economic Development Dialogues (CEDDs) held from November 2024 to June 2025.
To subscribe to CEDEC’s mailing list and receive these articles, please email communications@cedec.ca.
The upcoming article on this subject highlights the significant economic potential of the care economy, encompassing childcare, elder care, and support services for individuals with special needs. It argues that investing in care services is not just a social imperative but also a powerful engine for economic growth and prosperity.
Statistics Canada highlights the growing interest in the care industry. It encourages the development of comprehensive frameworks to better define its scope. While current research reveals a range of definitions, there is an exciting opportunity to establish greater clarity and consensus in the field.
The care economy is a key component of Canada’s social safety net. It is also an economic development engine, creating businesses and social enterprises, providing good jobs, and supporting workforce development. The care economy includes:
- Child care – Access to quality, affordable childcare enables parents to participate in Quebec’s workforce.
- Elder care – As populations age, the demand for elder care services is rising. Investment in home care, assisted living, and other support services is crucial for seniors to age with dignity and maintain their independence.
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Caregiver support – Supporting caregivers is crucial. Many organizations are identifying and filling service gaps, for example, respite services.
The care economy is an investment in human dignity, leading to healthier, happier, and more productive individuals, families, and communities
THE CARE ECONOMY SELECT INDICATORS
The Canadian Centre for Caregiving Excellence indicates that the economic value of caregiving work is immense. Caregivers in Canada spend 5.7 billion hours each year supporting others and are estimated to contribute the equivalent of 4.2 per cent of GDP or $97.1 billion annually to Canada’s economy.
The World Economic Forum predicts that the care economy will be worth at least six times what the space economy is expected to yield in 2035.
The Gates Foundation predicts that childcare and universal long-term care could generate nearly 300 million jobs by 2035.
Examples of service opportunities in the care economy
- Technology solutions in remote care platforms, care coordination software, and data analytics for care.
- Employer-supported high-quality early childhood care provides positive benefits around women’s labour force participation, retention rates, productivity, diversity, and more.
- AI-assisted support to help tackle the logistical and administrative tasks of caring for yourself and others.
Call to Action
The article concludes with a call to action, urging increased investment from the public, private, and civil society sectors in the care economy. It emphasizes the need to:
- develop innovative solutions and new models of care.
- value and support care workers by creating supportive working environments.
- promote social inclusion to ensure access to care services for all who need them.
- raise awareness about the potential and promise of the care economy.
In essence, the article emphasizes the need for a shift in perspective, recognizing the care economy as a vital economic sector with the potential to drive economic growth, improve quality of life, and build stronger, more inclusive communities.
Funded by the Enabling Fund for Official Language Minority Communities and by the Government of Canada