Exciting Prospects Ahead, Though Labour Market Challenges Remain: New Brunswick’s Three-Year Outlook

The Conference Board of Canada, 15 pages, September 21, 2022
Issue Briefing
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This issue briefing forecasts economic activity in New Brunswick over the next three years, and assesses the impact on, among other things, real GDP and population growth, construction, inflation, and tourism.

Document Highlights

  • New Brunswick is experiencing its fastest population growth rate since 1976. Earlier this year, total population reached 800,000.
  • The construction and education sectors will experience the strongest employment growth. However, challenges including labour shortages and an aging population still hinder growth potential.
  • Long-term partnerships with Indigenous communities and businesses can address some of the province’s ongoing challenges, including labour shortages.
  • Tourism activity, especially cruise-related, will be strong this season even with high gas prices curtailing these activities to an extent.
  • The province’s net debt-to-GDP is expected to continue declining over the next fiscal years.
  • After rising by 5.2 per cent in 2021, real GDP will grow by 2.3 per cent in 2022, and 1.3 per cent in both 2023 and 2024.

Table of Contents

Key Findings
New Brunswick Snapshot
Overview
Labour Markets
Key Sector Outlooks
Government
Methodology

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