From bubble to boom? New report shows economic momentum in Atlantic Canada
CBC
Atlantic Canada's economy has "wind in its sails" and is poised for an economic breakout, according to a new report from the Ottawa-based think-tank Public Policy Forum.
The report, entitled the Atlantic Canada Momentum Index, says that Canada's East Coast provinces are experiencing "historic" momentum, in large part because of population growth.
"It's 'have not' no more," said president and CEO Edward Greenspon. "Atlantic Canada did lag on a number of indicators in a lot of ways for years. But that's not true anymore."
The think-tank measured 20 metrics, including measuring economic and population growth, level of education, immigration numbers, median age and employment rate. It based provinces' performance on how many of these indicators improved between 2015 and 2022.
It found Atlantic Canada is performing comparably to the national average, and that it is showing a significant improvement compared to its performance from 2008 to 2015.
"I am proud," said Wade MacLauchlan, former P.E.I. premier and one of 16 former Atlantic Canadian premiers and deputy premiers who signed on to the report.
"This is something that I and hundreds of thousands of others have worked hard for over generations. And there is a real sense of accomplishment and something on which we can build and grow."
But some Atlantic Canadians say this report doesn't tell the whole story: they say they're squeezed by skyrocketing housing costs, as population growth and increased wealth creates a strain on the existing housing stock.
Atlantic Canada's population declined five decades in a row in proportion to the rest of Canada.
That tendency is shifting.
"For the first time, you're beginning to see population growth," said Greenspon.
Recent census numbers show the country's fastest-growing cities — Halifax and Moncton — are in the Maritimes.
Much of that population growth is spurred by people like Pauline Landriault, an Ontario resident who is able to work remotely. She has a property in Nova Scotia and is hoping to move there permanently.
"There's a lot of people who bought places here during the pandemic," she said. "With the nature and the trails, it's the most beautiful province in the country. It's a hidden gem."
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