Study: Flash estimates of selected services industries, 2024
Released: 2025-06-23
Today, Statistics Canada is publishing a new study entitled "Easing revenue growth for service industries in 2024." According to this study, service industries are being challenged by higher volatility, tighter economic conditions and weaker demand. All 12 service industries analyzed experienced slower revenue growth in 2024 compared with 2023, and 1 of these industries experienced a decline in revenue.
Difficult economic conditions for consumers, including high inflation and interest rates, have limited revenue growth for industries that rely on discretionary spending, such as rental services. Growth was also weaker for industries dependent on housing demand, namely architectural services. Despite the increasing integration of artificial intelligence into business practices contributing to boosting the demand for informatics services, revenue growth was lower than in previous years.
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The study "Easing revenue growth for service industries in 2024," which is part of Analysis in Brief (11-621-M), is now available.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).
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