Up until 2014, Canada largely kept pace with, or in some cases exceeded, the U.S. across multiple economic measures, the Fraser Institute found
Canada’s economic performance has fallen further behind that of the U.S. over the past quarter century, with the gap in GDP per person more than doubling and the Americans pulling ahead on incomes, employment, investment and productivity.
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That’s according to a new study published by the Fraser Institute, which found that, in 1999, inflation-adjusted GDP per person in Canada was $48,076, while in the U.S. it was $58,842. By 2024, GDP per person had grown to $83,286 in the U.S. compared to just $59,529 in Canada — meaning the gap had widened from $10,766 to $23,757 over 25 years.
The study compared economic outcomes in the two countries by looking at measures including living standards, incomes, employment, investment, and productivity. In every category, Canada has fallen further behind over the first quarter of the century, it found.
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For example, in 2010 (the earliest year of comparable data), inflation-adjusted median employment income was $6,126 higher in the U.S. than in Canada. By 2024, that gap had increased to $8,663.
