Nova Scotia economy to add 8,000 jobs in next 2 years, says report
Conference Board of Canada says shipbuilding project will help economy pick up steam
The Nova Scotia economy will likely pick up steam over the next two years as more than 8,000 new jobs are expected to be created, says a new report from the Conference Board of Canada.
In its latest provincial outlook, the Conference Board forecasts that Nova Scotia's economy will experience the most growth of any Atlantic Canadian province in 2016. It predicts real GDP in Nova Scotia will increase by 2.3 per cent, better than the 1.8 per cent anticipated this year.
The research organization anticipates 1.6 per cent growth for Prince Edward Island and New Brunswick, while Newfoundland and Labrador should shrink by 0.8 per cent.
The Conference Board expects Nova Scotia's manufacturing sector to see "robust gains" in 2016 and 2017, and cites work taking place on the Arctic patrol vessels by Irving Shipbuilding Inc. in Halifax as a reason behind the optimism.
Burnside cable company Anixter has won an eight-year contract to supply wire cable for the Arctic offshore patrol ships.
Project manager Bert Caines says Anixter will hire 10 people, bring in new $250,000 cable cutting technology and will need to add a 12,000 square foot warehouse because of the Irving contract.
"This is just the start of what we see as much bigger things happening over the next 25 to 35 years," he said.
Employee Barry Hale-Robicheau was hired by Anixter two weeks ago. He says he was considering moving out west for work, but won't be doing that.
"I'd prefer to stay home and this actually provides an excellent opportunity," he said.
Boom in construction
In 2016, the construction sector should also enjoy good times. The Conference Board says both residential and non-residential investment should see double-digit increases. However, it cautions construction activity should slow in 2017 as several large-scale projects come to an end.