May 2012 Maritime Economic Fundamentals

[Ally]

We shouldn't drain Atlantic Canada's labour force




There is some concern in Atlantic Canada that the federal government`s proposed reforms to the Employment Insurance program are meant to stimulate more outward migration of workers from that region to western Canada.




This notion was reinforced by a recent story that uncovered a study commissioned by the federal government meant to determine what would motivate people to move out of their communities to take jobs elsewhere in Canada.





Read the full article here.

 

[Ally]

Atlantic Canada: Opportunities and Headwinds on the Horizon, according to BMO report






HALIFAX, NOVA SCOTIA--(Marketwire - May 23, 2012) - After a stable performance during the economic downturn that helped support slightly above-average growth of 2 per cent over the past decade, Atlantic Canada will now face a period of economic growth below the Canadian average according to a special report from BMO Economics released today entitled Atlantic Canada: Challenges and Opportunities.




"With the broad Canadian economy now in expansion mode, Atlantic Canada has begun to lag and real GDP will struggle to grow 2 per cent annually through 2012, trailing the 2.3 per cent national average," said Robert Kavcic, Economist, BMO Capital Markets. "While there are certainly growth opportunities in the region, namely the $25 billion Federal shipbuilding contract in Nova Scotia, challenges such as fiscal consolidation, skilled labour availability and a weak productivity record will persist over the medium-term horizon," added Mr. Kavcic.





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[Ally]

Nova Scotia's old, but Halifax is hip




OTTAWA ` Nova Scotia is the oldest province in the country.






New census data revealed today show the province has more of its population over the age of 65 ` a total of 16.6 per cent ` than anywhere else in the country. New Brunswick comes in second at 16.5 per cent.




Every province in the country is getting older with the exception of Saskatchewan, which has relatively huge immigration levels. In total, 14.8 per cent of Canadians are over the age of 65 and that number is projected to keep growing as the baby boomer generation keeps moving into retirement.





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[Ally]

2011 Census: Age and Sex




According to data from the 2011 Census of Population, seniors accounted for 14.8% of the population in 2011, up from 13.7% in 2006. However, the proportion of seniors in Canada remained among the lowest of the G8 countries. A full analysis is available in the report, The Canadian Population in 2011: Age and Sex.




In 2011, Canada's lower share of seniors compared with other G8 countries was related to the fact that most of its baby boomers were still part of the working-age population (aged 15 to 64). The baby-boom generation consists of people born between 1946 and 1965 and is the country's largest generation.





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[Ally]

Housing prices lowest in Atlantic Canada




Atlantic Canadians continue to enjoy the most affordable housing market in the country, says the Royal Bank of Canada.




According to an RBC Economics Research report released Tuesday, housing affordability in the region remained relatively unchanged in the first quarter, in contrast to the rest of Canada, which saw homes become less affordable for the average household.




RBC senior economist Robert Hogue attributed housing prices remaining `generally subdued across the board` to the fact that the `East Coast countered the broader national trend of eroding home affordability in the first quarter.`





Read the full article here.