The mutual fund industry contributed $17 billion to Canada’s economy in 2012, according to a new Conference Board of Canada report.

“The…industry makes a significant contribution to the economy,” said Pedro Antunes, co-author of the report. “Last year, [it] directly added $5.8 billion to the economy— slightly less than aerospace manufacturing, but significantly more than the forestry and logging sector—and supported 192,600 jobs.”

The mutual fund industry has also grown substantially over the past two decades. With the gradual shift from defined benefit pension plans to defined contributions, mutual funds have become one of the main channels Canadians use to save for retirement.

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The value of assets under management in the mutual fund industry grew from less than $100 billion to $926 billion since 1993.

Further, the industry created $12.6 billion in household income in 2012. Income resulting from the mutual fund industry’s economic activity also improved the federal government balances by $3.9 billion and provincial government balances by $3.1 billion.

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