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October 2011 Maritimes Economic Fundamentals

Ally

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News articles for October 2011.
 

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Economy: "Strong loonie, sluggish U.S. growth" will hobble expansion in export-dependent New Brunswick, says economist




New Brunswick is headed into a period of sluggish growth, hobbled as a province highly dependent on exporting into American market and at the mercy of a high loonie and a workforce that is shrinking.




BMO Capital Markets Economics released a report on Friday that predicted New Brunswick will dodge a recession in the upcoming year, but through economic growth will slow significantly, from 3.3 per cent in 2010 to 1.5 per cent this year. The bank predicts growth will increase marginally in 2012 to 1.6 per cent.




"New Brunswick has the distinction of being Canada's most export-dependent economy," said Robert Kavcic, senior economist with BMO Capital Markets. "So a strong loonie and sluggish U.S. growth will be felt in the province."





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Unemployment rate in Saint John drops





Saint John saw its jobless rate go down from 5.8 to 5.7 per cent last month and the provincial rate has also fallen to just under 9 per cent at 8.9 per cent.







Nationally, 61 thousand jobs were created in September which pushed the unemployment rate down to 7.1 per cent, the lowest it has been since the financial meltdown late in 2008.







Much of the job gains were due to a seasonal hiring spree in the education sector as schools returned to session.







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Sasquatch and the abominable forecaster




It's official: The abominable snow man is alive and well and living on planet Earth, somewhere between the town of robust skepticism and the village of absolute certainty.




So, curiously enough, does the likelihood of a balanced budget and a growing labour force in New Brunswick, Canadian interest in a 200-year-old border skirmish with the United States and a federal government that thinks the best way to trim departmental budgets is to pay senior bureaucrats bonuses for their cost-cutting zeal.





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Halifax, B.C. yards win shipbuilding work






Halifax's Irving Shipbuilding is getting the $25-billion contract to build 21 Canadian combat ships and Vancouver's Seaspan Marine has been awarded an $8-billion contract for seven non-combat vessels, the federal government announced Wednesday afternoon.




Defence Minister Peter MacKay said it was a very exciting day for the Royal Canadian Navy because the ships will help them prepare for the challenges of the 21st century.




He also congratulated Irving, which is based in his home province.




"They won this on their merit. They won this on hard work. They put forward a very competitive bid into a process that was merit-based, that was transparent, inclusive and open, and highly competitive," he said.





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Nova Scotia proud to be Canada's shipbuilder





Nova Scotia has been selected to build Canada`s next fleet of combat ships.



Irving Shipbuilding Inc. has been chosen to negotiate the right to build Canada`s new combat vessel fleet, as part of the federal government`s National Shipbuilding Procurement Strategy. The decision was announced today, Oct. 19, in Ottawa.




`Congratulations to Irving Shipbuilding and all of its employees for proving that Nova Scotia is ready to build the best ships,` said Premier Darrell Dexter. `This is a defining moment in Nova Scotia`s history. The future starts here.`




`This is tremendous news!` said Jim Irving, CEO, Irving Shipbuilding. `On behalf of the men and women of Irving Shipbuilding, we are honoured to have been chosen by Canada to build the Navy`s new combat vessel fleet for those who serve and we look forward to successful negotiations in the coming months.`





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'We've got a lot to be proud of:' Irving shipworkers ecstatic over shipbuilding contract





Nova Scotia's economic future looks a little brighter today.







The federal government has awarded a $25 billion contract to Irving Shipbuilding to build 20 warships in Halifax over the next 30 years.







The contract is expected to bring millions of dollars and thousands of jobs to the province.







The announcement Wednesday night was greeted with cheers and whistles from workers at the Irving Shipyards in Halifax, where workers hailed the decision as a guarantee of job security for them and their children.







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Shipbuilding contract will have wide-reaching benefits: Economist





With the procurement of a $25-billion navy shipbuilding contract comes with the promise of an economic boom for Nova Scotia and spinoffs in several industries.







The president and CEO of the Atlantic Institute for Market Studies warns the annual investment will be about $1 billion dollars over 25 to 30 years and will initially only effect the shipbuilding industry.







"It's going to be very targeted," Charles Cirtwell told News 95.7. "Folks at the shipyard, people who sell things to the shipyard the folks who sell the construction materials to expand the shipyard. All of them are going to benefit."







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Harper government does it right on ship contracts





The Harper government delivered the accountability it has long promised this week: Halifax and Vancouver received multibillion-dollar shipbuilding contracts after a process apparently untainted by political calculation.




So circumspect were the deliberations, so thorough the exclusion of politicians and lobbyists, that even the losers - the troubled Davie shipyard in LÃvis, Que., which will make do with reduced spoils - didn't have much to complain about.




The most tiresomely predictable criticism came from interim NDP leader Nycole Turmel, who claimed the outcome leaves Quebec's shipbuilding industry in a "more fragile position."






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Preparing for wave of workers




Now that news of Irving`s successful shipbuilding bid has sunk in, municipal decision makers are turning their attention to how Halifax will accommodate the coming influx of workers.




Mayor Peter Kelly said Thursday issues like transportation and housing were already on the backburner before Irving secured the $25-billion contract, which is projected to bring 11,500 jobs to the province during peak production in 2020.





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Atlantic Canada gets economic boost




The announcement was made in Halifax last Wednesday to a crowd of excited business people, politicians, and labourers that Irving Shipbuilding is the recipient of a $25 billion contract to build twenty-one combat ships for the Canadian Navy. These include offshore and Arctic patrol ships, as well as destroyers and frigates, to replace the current fleet. Irving, which built the last warships, edged out Seaspan in Vancouver and the Davie shipyard in Quebec. Seaspan won an $8 billion contract, while Davie was shut out.




Alleged benefits for Nova Scotia include job creation, financial security, an increase in the tax base, and spinoffs such as an increased demand for housing and services. "It means that we're going to be able to bring people home and to allow them to have prosperity here in the province,` said NS Premier Darrell Dexter after the announcement.





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