NS Economic Projections
Canmac Economics has released its 2017 Macro Economic Outlook for the province. It is available on the UNSM website http://unsm.ca/economic-development.html.
This is part of a subscription service to add value for UNSM members. Other publications available on our website include a sub-provincial outlook (April, 2016), and an industry outlook 2016-21. Updated information will be published on our website.
The 2017 Macro Economic Outlook indicates with the $30 billion Irving Shipyard project underway and the promise of increased infrastructure spending from the Federal Government, GDP is expected to average 2.2% over the forecast period. This will put increased pressure on the labour market – unemployment rates of 3.1% by 2021.
Canmac’s models have the ability to integrate economic impact assessments. Increasingly, the assumption in traditional impact analysis that all employment will come from the ranks of the unemployed is not tenable. If one is doing impact analysis for policy purposes, then the true incremental economic impact will require a more advanced simulation methodology such as those provided by Canmac’s econometric forecasting approach.