Canada has roughly the population of California, and Aus/NZ combined have populations less than California. For these types of market analyses, these countries are closer to US states in market potential.
Kansas, Arkansas, Nebraska, Mississippi, New Mexico, Idaho, New Hampshire, Hawaii, West Virginia, Delaware, Maine, Rhode Island, Montana, North Dakota, South Dakota, Alaska, Wyoming and Vermont
put together.
That's the equivalent of 18 states.
Throw in Aus and NZ too and you add another 7 states -- Louisiana, Alabama, Utah, Kentucky, Oklahoma, Nevada and Iowa.
Ontario alone has a larger GDP than 45 of the 50 US states, and a bigger GDP than New Hampshire, Hawaii, West Virginia, Delaware, Maine, Rhode Island, Montana, North Dakota, South Dakota, Alaska, Wyoming and Vermont put together.
> Ontario alone has a larger GDP than 45 of the 50 US states, and a bigger GDP than New Hampshire, Hawaii, West Virginia, Delaware, Maine, Rhode Island, Montana, North Dakota, South Dakota, Alaska, Wyoming and Vermont put together.
This is not correct as of 2024. In 2024, Ontario had a GDP of CAD 1.17B. [1] In USD, this is (at .73 exchange rate, which is favorable for these calculations) this comes to US 854B.
In 2024, the following US states had greater GDPs [2]: California, Texas, New York, Florida, Illinois, Pennsylvania, Ohio, Georgia, and tied with Washington. GDP growth in 2025 was worse for Ontario than these states, and it would be expected Ontarios' position to continue to decline.
The figures I provided are for 2024. You would need to compare USD/CAD ratios for 2024 versus 2025. Annual GDP figures for 2026 are not yet available as 2026 has not yet come to pass, so usage of 2026 data is not accurate in this context. To compare, I would consider USD/CAD on December 31, 2024 which was 1.386 [.72] and USD/CAD on December 31, 2025 which was 1.4359 [.69] which are both less favorable than the .73 given.
As stated above, the usage of more accurate figures would render Ontario with a lower GDP than more states.
