Atlantic Canada’s Private Sector Underperforming: Report
Our area’s personal sector is usually underperforming the remainder of the nation, in accordance with a brand new research by the Fraser Institute.
The State of Markets in Atlantic Canada checked out 5 measures to evaluate how our area’s personal sector, or markets, is performing.
They embrace personal sector enterprise funding per employee, the scale of the federal government sector, enterprise begins, personal sector employment, and enterprise capital.
“For many of latest historical past, there was a prosperity hole between Atlantic Canada and the remainder of Canada, and a part of closing this hole is for the area to have a wholesome personal sector,” stated co-author Alex Whalen, who can be a coverage analyst on the Fraser Institue.
Nova Scotia was final amongst all provinces in personal sector funding in 2019, spending $11,300 per employee. Prince Edward Island was ninth ($11,400) and New Brunswick was eighth ($13,800). The nationwide common was $21,300.
The research discovered authorities spending in any respect ranges as a share of the economic system was highest within the three Maritime provinces. Nova Scotia led the pack (60.2 per cent), adopted by P.E.I. (58.5 per cent) and New Brunswick (57.4 per cent).
In the case of small enterprise start-ups, which the think-tank stated is a key measure of entrepreneurship, New Brunswick ranked ninth at 117 new entries per 1,000 companies, whereas Nova Scotia was seventh at 123.
Prince Edward Island, nevertheless, led the nation within the new enterprise entry price in 2019 at 166 new entries per 1,000 companies.
All 4 Atlantic provinces had below-average shares of private-sector employment as a share of whole employment in 2019, with New Brunswick rating fifth at 64 per cent, Nova Scotia sixth at 63.6 per cent, and P.E.I. ninth at 59.7 per cent.
Nova Scotia ranked fifth in Canada for personal enterprise capital funding at $51.37 per particular person whereas New Brunswick ranked eighth at simply $1.51 per particular person. P.E.I. didn’t disclose any private-sector enterprise capital investments in 2019.
“Bettering the state of personal markets in Atlantic Canada ought to be a key concern for policymakers and most people because the area aspires to shut its prosperity hole with the remainder of Canada,” stated the report.
You’ll be able to view the report in full by clicking here.
