November 2011 Maritimes Economic Fundamentals

[Ally]

New Brunswick stops accepting immigration applicants from China





FREDERICTON ` New Brunswick has halted all applications under a Chinese immigration pilot project following an internal review of the province's nominee program.




The decision announced Wednesday follows a review by auditor general Kim MacPherson, who in February raised concerns about the provincial nominee program.




MacPherson noted that the province accepted more than 5,500 immigrants under the nominee program between 1999 and 2009 but didn't track where they ended up living.




The provincial government said it has withdrawn nomination applications made at visa offices in Hong Kong and Beijing.





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[Ally]

Nova Scotia economic forecast gloomy in 2012, booming in 2013





The Atlantic Provinces Economic Council has issued a gloomy forecast for the regional economy in 2012, with the caveat that Nova Scotia's economy will improve the following year - when the federal shipbuilding contract starts receiving federal funding.







In a media release APEC states the global economic recovery continues and diminished confidence will translate into more subdued growth prospects in 2012, both globally and in Atlantic Canada.







The think-tank says it expects to see muted growth in consumer spending, limited employment growth and a slowing housing market across most of the Atlantic region.







Government spending is projected to decline while the outlook for exports is mixed due to modest global demand growth and anticipated changes in Atlantic Canada's output of key products.







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[Ally]

New Brunswick landlords urge tenants to get insurance




The president of the New Brunswick Apartment Owners Association is encouraging people who live in multi-unit buildings to get tenants' insurance after a string of fires in the Moncton area have left people burned out of their homes.




When a fire or other disaster strikes an apartment, the tenants are responsible for their own goods, but many people don't realize that until it's too late, said Scott Stacey.





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[Ally]

Atlantic Canada housing market to remain soft





The economic and housing market performance in Atlantic Canada is being impacted by a downturn in employment and slower retail spending activity, according to Canada Mortgage and Housing Corporation's (CMHC) fourth quarter Housing Market Outlook, Atlantic Edition[sup]1[/sup].






"Low interest rates are expected to only partially offset the weaker economic outlook," said Alex MacDonald, regional economist, with CMHC's Atlantic Business Centre. "The recent news regarding the shipbuilding contract will support a more positive outlook for 2012," added MacDonald.




A slowdown in housing activity, following significant gains in 2010, has continued to occur in single starts in 2011. For 2012, singles are expected to decline five per cent from this year's estimated level. In contrast, multiple starts, which saw strong growth in 2010 as well as positive growth in 2011, are expected to decline 15 per cent in 2012 from the current 2011 estimate.





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[Ally]

Naval shipbuilding contract to benefit all of Nova Scotia




It will take a little more than a year for Nova Scotia to start feeling the real benefits of a $25-billion contract to build naval vessels, but once they kick in the impact will be even greater than earlier estimates suggested, according to a report released Monday by TD Economics.




Nova Scotians were jubilant on Oct. 19 when the federal government announced Halifax's Irving Shipbuilding Inc. had won the contract, while Seaspan Marine of British Columbia had been awarded an $8 billion contract for coast guard vessels.




"It means young people can have a career staying here in Nova Scotia," Premier Darrell Dexter said when the contract was awarded. The province has estimated the project will create 11,500 jobs and almost $900 million real GDP during the peak production years of 2018-2020.





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[Ally]

Ships will put wind in our sails





Halifax`s $25-billion naval shipyard contract will single-handedly transform Nova Scotia`s underperforming economy into one of the strongest in Canada by 2013, a TD Bank Group economist predicts.



Talk about a turnaround: this year, before the Halifax Shipyard contract begins to have an impact, Nova Scotia`s economy is slated to grow by a modest 1.4 per cent.




The bank had been expecting the economy to limp along during the next two years. But since the awarding of the shipyard contract, TD is far more optimistic about Nova Scotia`s prospects. So much so that its economics department has taken the unusual step of updating its prognosis for the provincial economy.




`This contract has the potential to offer a better standard of living and more long-term stability for the province,` TD economist Sonya Gulati said Monday.





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[Ally]

UPS trucks will soon be rolling in Halifax



Global courier giant United Parcel Service, Inc. will have its trademark brown trucks on the ground in Atlantic Canada this spring.





UPS will take over its own pickup and delivery services in Moncton and Halifax with other cities in the Maritimes added to the network later in 2012.





The multimillion-dollar regional expansion is expected to create 250 new jobs, the company said.





But it means UPS will cut back on the amount of business it outsources to Purolator Inc., currently its sole service provider in the region.





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[Ally]

Shipbuilding deal encourages real estate executive




In early October, Bob Mussett had the outline of a speech he would be giving at the annual CB Richard Ellis Ltd. market outlook breakfast.




He tore that up and started anew following the Oct. 19 announcement of the $25-billion federal shipbuilding contract that was awarded to Irving Shipbuilding Inc.




At the breakfast, held at the World Trade and Convention Centre in Halifax on Tuesday morning, Mussett, the senior vice-president and senior managing director of CBRE Ltd. Atlantic Canada, was a lot more positive in his outlook than he would have been before the shipbuilding contract.





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[Ally]

Irving wants to hear from you




If you have a job, skill or service to offer, Irving Shipbuilding wants to know.




Five weeks into the 30-year, $25-billion shipbuilding contract, and swamped with potential sub-contractors inquiring about the future work to be done, vice-president of programs Scott Jamieson announced that an online portal for everyone from caterers to welders will launch late next month.




`Everything everyone has to offer, we`re happy to hear from them,` Jamieson said after his presentation to an invite-only crowd at the Halifax Club on Thursday.




The online supplier registry will organize and categorize the goods and services offered so the company can quickly contact potential candidates when the time is right. It will also allow the company to keep all potential suppliers up to date from the get-go, Jamieson said.





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