Funding has increased for aerospace, cleantech, healthcare, manufacturing and telecommunications
Autumn is upon us, and the business quarter is coming to an end. This past quarter has brought some natural disasters, shifts in COVID-19 recovery efforts, and a federal election. However, it has also resulted in funding for some major projects across many of Canada’s key industries.
Fundingportal’s AI-driven data sheds some light on how much funding each industry received this quarter, along with how that funding differed from the previous year in terms of amount, number of projects and types of organizations receiving the funds.
Accommodations and tourism
Since the start of the quarter, 44 awards were received by the accommodations and tourism sector, for a total of $50.2 million. 51 per cent of those funds were awarded to large enterprises with more than 500 employees, 11 per cent were awarded to small and medium enterprises (SMEs), and 38 per cent were awarded to government and non-profit organizations.
During the same quarter in 2020, 55 awards were received by the sector, with more than double the amount of funds being allocated. While 2021 saw large enterprises receiving most of the accommodations and tourism funding, in 2020 54 per cent of those funds were awarded to SMEs.
Aerospace and defense
The period of July to September 2021 resulted in 16 awards for a total of more than $558 million received by the aerospace and defense sector. Of those funds, 67 per cent were received by large enterprises, 8 per cent were received by SMEs, and 25 per cent were received by government and non-profits organizations.
During the period of July to September 2020, only 74.6 million in funding was awarded to the sector, with all the funds going to SMEs and government and non-profits rather than large enterprises.
Agriculture, agri-food and farming
This quarter, the agriculture, agri-food and farming sector received 37 awards. Of this number, 22 per cent was awarded to large enterprises, 38 percent to SMEs, 3 per cent to charities and 38 per cent to government and non-profit organizations.
Although the number of awards for the sector dropped from 111 in 2020 to 37 in 2021, the total amount of funding was only reduced by 18%, from $95.1 million last year to $77.6 million this year.
Business and finance
Between July and September 2021, 96 business and finance projects received funding for a total of $474 million. 57 per cent of the recipients were large enterprises, 18 per cent were SMEs, and 25 per cent were government and non-profit organizations.
Although the amount of funding this quarter was still very significant, there was a large drop in funding for the sector as compared to 2020, which saw 737 business and finance projects receive more than $661.8 million.
Since July, 22 projects in the cleantech sector received funding. 45 per cent were large enterprise projects, while 14 per cent went to SMEs and 36 per cent to government and non-profit initiatives.
Funding for the cleantech sector has doubled from the same period last year, going from 213.2 million in 2020 to $426.1 million in 2021. This increased funding toward clean technology projects is aligned with Canada’s goal of reaching zero emissions by 2050.
The last quarter resulted in 15 construction projects receiving funding for a total of $403.3 million. 60 percent of the funds went to large enterprises, 7 per cent to SMEs, and 33 per cent to government and non-profits.
Last year during the same quarter, 24 projects received more than double this year’s amount, with $821.2 million being awarded to the sector.
$139.9 million was awarded to 17 energy projects during this past quarter. 76 per cent of that funding went to large enterprises, 12 per cent to SMEs, and 12 per cent to government and non-profit organizations.
At the same time last year, 37 energy projects received $187.5 million in funding. However, 2020 saw fewer large enterprises and more SMEs and non-profits receiving funding, with only 22 per cent of last year’s energy funding going to companies with more than 500 employees as compared to 76 per cent this year.
Fisheries and Oceans
$81.5 million in funding was awarded to 57 fisheries and oceans projects this quarter, with 25 per cent going to large enterprises, 39 per cent to SMEs and 36 per cent to non-profits. This is in stark contrast to last year’s $164.4 million being awarded mostly to large enterprise organizations in the sector.
This quarter, 51 forestry projects received $7.5 million in funding, with 75 per cent of the funds being awarded to government and non-profit organizations. At the same time last year, 80 per cent of $99.8 million was awarded to large enterprises.
Healthcare and Life Sciences
Between July and September 2021, $13.7 billion was awarded to 134 healthcare and life sciences projects. 10 per cent of this funding went to large enterprises, 5 per cent went to SMEs, 20 per cent to hospitals and 65 per cent to government and non-profit organizations.
Although the same number of projects were funded during this period last year, the total amount of funding has doubled in 2021, up from $565.2 million in 2020. This indicates a strong focus on healthcare and health research as we head toward COVID-19 recovery.
Funding for the manufacturing sector is up 97 per cent from this quarter last year, increasing from $158.1 million to $312.1 million in 2021. 53 manufacturing projects were funded this quarter, with 49 per cent going to large enterprises, 45 per cent going to SMEs and 6 per cent going to government and non-profits.
Mining and natural resources
This quarter, 25 mining and natural resources projects received $175.2 million in funding, down from $281.6 million in 2020. 28 per cent of the funding went to large enterprises, 28 per cent to SMEs, and 44 per cent to government and non-profits.
Technology and digital media
$141.4 million was awarded to 53 technology and digital media projects this quarter, down from $274.6 million during the same period in 2020. 48 per cent of this quarter’s funding went to large enterprises 48 per cent to SMEs, and 4 per cent to government and non-profit organizations.
Telecommunications and Broadcasting
This quarter, $938.3 million was awarded to 25 telecommunications and broadcasting projects, up from $81.4 million in 2020. 48 per cent of the funding was awarded to large enterprises, 36 per cent to SMEs, and 16 per cent to government and non-profit organizations.
Transportation and Warehousing
The transportation and warehousing sector saw its funding decrease from $1.3 billion during this quarter last year to $468.4 million in 2021. Of the 46 projects funded this quarter, 43 per cent of the funds went to large enterprises, 17 per cent to SMEs and 39 per cent to government and non-profit organizations.
Now that the election is behind us, it is critical to stay informed on how policies are transitioning into programs, what type of funding is available and which industries are slated to benefit.
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