New Metals, New Opportunities: Northwest Territories’ Outlook to 2045—March 2022

The Conference Board of Canada, 17 pages, March 24, 2022
Issue Briefing
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The 20-Year Territorial Outlook provides the economic and fiscal outlook for the Northwest Territories, including output by industry, labour markets, and demographics.

Document Highlights

  • Amid lingering pandemic-driven disruptions, the economy of the Northwest Territories mounted a partial recovery in 2021. In 2022, the economy is forecast to grow by 5.7 per cent.
  • Falling diamond production presents the greatest challenge to future economic growth. New metal mining projects will arrive in the coming years, partially offsetting the maturation of the current diamond mines.
  • Several large infrastructure projects will improve access to areas of mining potential, which, alongside high mineral prices and increased exploration expenditures, raises the likelihood of additional mineral projects in the future
  • The labour market has rebounded strongly, fuelled by gains in public sector employment. With public health measures now easing, employment in tourism-related services is poised for recovery.
  • Demographic trends, including an aging population and net outmigration from the Northwest Territories, threaten to weaken future population and labour force growth.

Table of Contents

Key Findings
Overview
Diamond Production Will Ebb as Mines Mature
Construction
Demographics
Labour Markets
Public Accounts
Methodology

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