Significant Gains in Population

New Brunswick Witnesses Significant Gains in Population, Employment, and Investment

The 2023 Economy in Review report, released on July 3, 2024, showcases remarkable advancements in New Brunswick’s economy, characterized by notable gains in population, employment, and investment. Finance and Treasury Board Minister Ernie Steeves emphasized that these positive outcomes underscore the province’s commitment to strategic growth and the benefits of a robust immigration policy.

Robust Economic Growth and Population Surge

In 2023, New Brunswick’s economy grew by 1.3%, matching the growth rate of the previous year. This stable economic performance was bolstered by a significant population increase of 3.1%, pushing the total population to 834,691 as of July 1, 2023. This surge, driven largely by immigration, represents the highest growth rate ever recorded in the province. Current estimates from Statistics Canada suggest the population is nearing 860,000, reflecting New Brunswick’s growing appeal as a destination for newcomers.

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Moncton and Fredericton were key contributors to this population growth, with Moncton being the fastest-growing census metropolitan area in Canada for the second year in a row and Fredericton ranking ninth.

Record Employment and Declining Unemployment

Employment in New Brunswick rose by 3.5% in 2023, achieving a record high of 386,500 jobs. This marks the highest employment growth rate since 2002. Every economic region in the province reported employment gains, contributing to a historic low unemployment rate of 6.6%, the lowest since Statistics Canada began collecting comparable data in 1976. This surge in employment highlights the effectiveness of New Brunswick’s policies in creating job opportunities for its growing population.

Surge in Investment and Construction

Investment in building construction reached $3.8 billion in 2023, an increase of 9.3%, marking the largest growth among all provinces. Total capital investment also saw a 1.4% rise, hitting $5 billion, the highest level since 2006. The private sector contributed 63% of this total, the highest share since 2009. The manufacturing sector led the way in investment growth, followed by significant improvements in ten other major sectors. This influx of investment is a testament to New Brunswick’s attractive business environment and strategic initiatives to stimulate economic activity.

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Agricultural Sector Achievements

New Brunswick’s agricultural sector also experienced notable growth, with total farm cash receipts reaching $1.2 billion in 2023, an 8.4% increase. This marks the second consecutive year that the province’s farm cash receipts have surpassed $1 billion. Crop receipts totaled $803.3 million, while livestock and livestock product receipts grew to $408.9 million, both hitting record highs. These achievements underscore the strength and resilience of New Brunswick’s agricultural industry.

A Vision for Continued Growth

“The future is bright, and our vision for a strong and sustainable province is already paying off, said Minister Steeves. “We will continue to build on our economic momentum and leverage the benefits of immigration to support all New Brunswickers. The 2023 Economy in Review report highlights the positive trajectory of New Brunswick’s economy, emphasizing the province’s strategic initiatives to foster growth and prosperity.

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As New Brunswick continues to attract new residents and investments, the outlook for sustained economic development remains strong. The province’s commitment to welcoming immigrants and creating opportunities for all underscores its dedication to building a thriving and inclusive community.

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