New Brunswick is in the longest period of economic stagnation since the Great Depression with business investment down by a billion dollars a year and the path to growth will not be easy.
The New Brunswick Economic Growth Plan reveals total employment has dropped by 9 thousand since 2008 and the outmigration of young people is continuing. The number of people younger than 45 has declined by 84 thousand between 2000 and 2014 and more than 80 thousand people in the province will be retiring in the next decade.
Immigration is seen as key to sustainable economic growth along with embracing the global economy. Spending on Research and Development is back where it was in the early 2000’s at a time when the report urges more investment in innovation.
On the bright side, Saint John, Moncton and Fredericton are three of the top four cost competitive cities in the country to do business in and New Brunswick has the best internet access in the country.
