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 Tough Pandemic Entry Policy Pays Off: New Brunswick’s Two-Year Outlook—December 2020
A Tough Pandemic Entry Policy Pays Off: New Brunswick’s Two-Year Outlook—December 2020
Provincial Economic Analysis
$705.00
- New Brunswick’s recession will be smaller than the national average.
- The second wave of COVID-19 around the world will lead to lockdowns in major markets, hurting gasoline demand and affecting activity at the Irving Refinery.
- A hot housing market drove a surge of investment in home refurbishment, leading to another solid year of residential investment.
- Residential projects here and abroad fuelled demand for New Brunswick lumber, which kept the province’s lumber industry busy through the recession.
- The province’s population base continues to grow—much to the benefit of the economy. But the recent momentum will subside, yielding to the longer-term trend of population aging and provincial out-migration.
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