This quarterly economic forecast for the province of New Brunswick examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
A Promising Boost From Government Pandemic Response: New Brunswick’s Two-Year Outlook—September 2020
A Promising Boost From Government Pandemic Response: New Brunswick’s Two-Year Outlook—September 2020
Provincial Economic Analysis
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- New Brunswick has been one of the most successful provinces in the country when it comes to limiting the spread of COVID-19. Consequently, the hit to employment hasn’t been as large as in other regions in Canada.
- New Brunswick typically weathers recessions better than other provinces, but it also sees slower recoveries. We are expecting these same trends to play out again over the next two years.
- Housing starts will decline this year and again in 2021. The drop next year will be due to sharply weaker population growth.
- Exports to the U.S. market should rebound in 2021, thanks to higher growth in the U.S. economy and a competitively valued loonie. However, a failure to better contain the virus could lead to weaker U.S. growth, which would hurt the province’s exporters.
- Investment in the province has declined significantly over the last 10 years. COVID-19 has reinforced this trend, as companies have pulled back on expansion plans while they focus on surviving the collapse in demand.
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