Major Projects Boost Nova Scotia’s Economic Recovery: Nova Scotia’s Two-Year Outlook—March 2021

The Conference Board of Canada, 14 pages, March 18, 2021
Issue Briefing
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This quarterly economic forecast for the province of Nova Scotia examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.

Document Highlights

  • Nova Scotia’s real GDP will rebound by 4.1 per cent in 2021 and 2.8 per cent in 2022, thanks mainly to an easing of restrictions and an expected strong rebound in business investment.
  • Lower COVID-19 case numbers enabled Nova Scotia to relax its restrictions earlier than many other provinces, boosting the recovery in the labour market. By January 2021, Nova Scotia’s labour market had recovered to its pre-pandemic level—the fastest rebound among the provinces.
  • A few major projects are expected to ramp up in the province this year and next, including the $10-billion Goldboro LNG project and the main part of the $2-billion QEII New Generation project.
  • The investment outlook has also been brightened by the strength in the housing market. With the second-highest increase in housing prices among the provinces last year, Nova Scotia’s residential investment is expected to roar back in 2021.
  • Nova Scotia’s government revised its deficit estimates lower to $778.8 billion (from $852.9 million) for fiscal year 2020–21, thanks mainly to the fast economic recovery in the second half of last year.

Table of Contents

Key findings

Nova Scotia snapshot

Overview

Labour, income, and consumption outlooks

Labour market recovery hits a speedbump

Government outlook

Investment outlooky

Trade outlook

Key sectors outlook

Methodology

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