Up until even very recently, the Maritimes have been considered a somewhat desolate place. If you lived there the chances were good that you were either retired, or that you traveled out West regularly for work. That was especially true if you lived outside of the few booming metropolises that they have, such as Halifax. But Moncton is now putting itself on the map, attracting young people and investors alike. Expected to lead the Maritime cities in growth this year and with their GDP expected to increase by 2.5 per cent this year, you could now rightfully say that Moncton is becoming one of the best cities in Canada.
Moncton’s GDP is expected to be even higher than Halifax’s, which will only reach 2.3 per cent; and much higher than St. John’s at 1.7 per cent. And while Moncton may be seeing huge economic booms, this year it’s also one of the top five cheapest places to buy real estate. Meanwhile, big industries such as retail, trade, finance, and manufacturing are all becoming a huge part of the Moncton landscape, drawing in young people who are looking for work.
Jane MacIntyre, the senior Atlantic economist for the Conference Board of Canada, says that it’s mainly the manufacturing sector that’s bringing the crowds to Moncton, and that it’s a phenomenon that’s been occurring since 2009.
“Some of the bright spots in Moncton include the manufacturing sector,” says MacIntyre. “It’s been solid for a few years now since the 2009 recession and again some of that has to do with Moncton’s position as a hub.”
In addition to just manufacturing however, Moncton has also become a hub for mining opportunities, with this sector expected to expand by 39.7 per cent in 2013 and 47.9 per cent in 2014. With stats like these, it’s not surprising that the Conference Board expects the city’s unemployment levels to drop by 10 per cent within the coming year.
“With the forestry sector rising from the abyss and industrial production picking up steam, close to 9,165 positions are expected to be added to the economy over the next two years, helping to bring down the unemployment rate to an average of 8.1 per cent in 2014.”
