Steady As She Goes: Halifax Economy To Continue On Slow And Stable Growth Path This Year And Next
Ottawa, November 20, 2018 – Growth in the Halifax economy is on pace to
reach 1.8 per cent in 2018, before slowing to 1.4 per cent next year,
according to The Conference Board of Canada’s Metropolitan Outlook: Autumn 2018
Halifax economy will continue to experience steady growth this year and
into 2019. A healthy manufacturing sector is being supported by ongoing
shipbuilding work, while increased exports and higher levels of
passenger traffic are contributing to solid growth in transportation and
warehousing,” said Alan Arcand, Associate Director, Centre for
Municipal Studies, The Conference Board of Canada.
Growth in the Halifax economy is on pace to reach 1.8 per cent this year, with growth moderating to 1.4 per cent in 2019.
by gains in the trade sector and in the health care and public
administration industries, total employment is set to rise 3.1 per cent
In comparison, Montreal is forecast to be the fastest
growing census metropolitan area (CMA) in Canada this year, with real
GDP forecast to grow by 2.9 per cent.
sector is expected to post strong growth in 2018, as work continues on
the multi-year, multi-billion-dollar contract to build ships for the
Canadian navy. However, with the current project now well underway,
growth is set to slow next year. The city’s primary and utilities
sector, which includes oil and gas extraction, has seen output fall
nearly 24 per cent over the past three years. Some relief is expected
this year, but that will be short-lived as another decline is on tap for
2019 in line with the maturation of the Sable Island and Deep Panuke
offshore gas fields.
Output growth in the services sector is on
track to remain fairly steady. Recent gains have been driven by strong
performances in industries such as wholesale trade, transportation and
warehousing, health care, and educational services. The wholesale trade
sector, in particular, has benefited from increased exports thanks to
the implementation of the Comprehensive Economic and Trade Agreement
with the European Union and higher Asian demand for Nova Scotia seafood.
in the Halifax region has been strong so far in 2018, following several
years of tepid growth and a decline in 2017. Fuelled by gains in the
trade sector and in the health care and public administration
industries, total employment is set to rise 3.1 per cent this year,
although a small dip is expected in 2019.