A Plan for Growth
Government has an important role to play in expanding New Brunswick’s economy. It is about establishing the conditions for growth – creating an environment that’s attractive for investment and ensuring we have a skilled workforce.
The New Brunswick Economic Growth Plan focuses on opening New Brunswick to the world. Government will embrace the increasingly global nature of the economy and seek to attract our share of global investment, talent and new ideas.
This is how we’ll do it.
People – in the modern economy, a skilled workforce is a prerequisite for success. We have a gap in our province right now between the jobs that need to be filled and skills of the people looking for work. We’ll address that gap by focusing on training that meets the needs of the labour market as well as bringing New Brunswickers who have moved away home, and attracting and retaining immigrants.
Innovation – finding new and better ways to do things is at the core of today’s economy. New Brunswick needs more innovation. That’s why we’ll invest more in research and development (R&D) and fostering more research commercialization and launching new startups. Learn more about our Innovation Agenda.
Capital – it’s no secret that we need more private sector investment into New Brunswick businesses. By making this a more attractive place of launch and run a business we will attract more capital from outside the province and outside the country.
Infrastructure – we must address aging infrastructure like roads and bridges, and invest in new strategic infrastructure to make New Brunswick a more competitive place to operate a business.
Agility – business moves fast and the government of New Brunswick needs to keep up. We will increase the speed at which government responds to economic opportunities and capitalizes on emerging trends. Learn more about our progress towards reducing red tape in our 2016-2017 Annual Report and 2016 Annual Report.
Opportunities for Growth
The Government of New Brunswick has identified a number of sectors that offer the most potential for growth. Some of these are emerging sectors driven by new technologies while others are opportunities where New Brunswick has an established track record of success.
Smart Grid – this is an electricity supply network that integrates digital tools to detect and react to changes in electricity demand. It creates more efficiency in energy generation, while reducing costs and environmental impacts. We’re already well established in this sector with global leader Siemens having established a smart grid development centre in Fredericton several years ago as part of a partnership with NB Power. With this as an anchor, New Brunswick is attracting start-ups and national and international firms to do their testing and development work in New Brunswick. Read more.
New Farmers – New Brunswick has a long history of attracting new farmers from abroad. Farming is big business in New Brunswick, but many of the province’s farmers are nearing retirement and don’t have a succession plan. By bringing in people to take over those farms, it grows our population and economy while ensuring our food security. Read more.
Cybersecurity – it’s a huge problem, and huge opportunity. Cybersecurity will be a $170 billion market by 2020. Global powerhouse IBM has a cybersecurity operation based in Fredericton, and UNB’s work in the area is spinning out a number of startups. The industry will face a talent shortage of 1.5 million people by 2019. Those are high paying jobs New Brunswickers can fill. Read more.
Blueberry Development – blueberries are a big business, and the largest harvesting plant in the world recently opened in New Brunswick. Over the past decade, total blueberry production has more than tripled in the province, and it has also become far more productive. New Brunswickers will soon be the largest producer of blueberries in the world. It’s a business that counts on both large and small producers. Read more.
Cannabis – New Brunswick has moved quickly to take advantage of the legalization of cannabis use in Canada, while ensuring the health and wellbeing of citizens, particularly young people, is protected. That has led to millions of dollars of private sector investment in the province and the creation of hundreds of good jobs. Looking beyond production, New Brunswick is home to Canada’s leading tester of medical marijuana. Read more.
Tourism – tourists love visiting New Brunswick. That’s why tourism is a billion dollar plus business that employs 42,000 people in the province. With attractions like the Bay of Fundy, warm beaches, arts and cultural institutions that reflect the province’s First Nations, French and English cultures, New Brunswick is an attractive destination to other Canadians, Americans and people from around the world. In late 2017, the province announced a new tourism growth strategy that focuses on innovation and partnerships. For every public dollar invested in promoting New Brunswick as a tourism destination, there is an estimated return of $3.19. Read more.
Home-based Work – Every day more people work from home, supported by Internet access and software platforms. The province of New Brunswick is developing an inventory of people interested in this type of work – with IT firms, finance firms, service firms, creative firms and more. We’ll match those people with existing opportunities and use this inventory to lure more businesses to set up remote operations in New Brunswick. These are good jobs that allow people to stay in rural communities.
Maple Syrup – how can we get more economic opportunities from New Brunswick’s forests? One way is maple syrup. Revenues from this business rose from $3 million in 2000 to $32 million in 2015. That will grow after the province dedicated more Crown land for maple syrup production. And who doesn’t love sampling maple syrup on some freshly fallen snow – like Vermont, New Brunswick can further leverage this industry as a winter tourist attraction. Read more.
Business Service Centres – New Brunswick moved quickly to take advantage of opportunities with call centres more than 25 years ago. As a result, today the sector generates over $1 billion in annual export revenue for the province. With the rise of e-commerce, social media and other online businesses, business service centres are becoming even more important to success. New Brunswick’s proven capability in the sector makes us well positioned for growth. Read more.
Sisson Molybdenum/Tungsten Mine – the government of New Brunswick fully supports the development of Sisson Molybdenum/Tungsten Mine. It would represent a $600 million private sector investment in the province that will create 300 full-time jobs in the mine and hundreds of indirect jobs.
Local Food and Beverages – New Brunswickers spend $2.6 billion on food each year, with much of that food produced outside the province. We can jobs, opportunities and wealth by supplying that food from within New Brunswick. The government of New Brunswick is promoting locally produced food and beverages to create local, long-term jobs and new export opportunities. Read more.