Courtesy Rogers TV
Premier Blaine Higgs touted New Brunswick’s economy and the pandemic recovery in the annual State of the Province address.
In the speech from Fredericton on Wednesday, Higgs said the province has led the country in jobs recovered since COVID-19 began and Statistics Canada shows employment is at 99 percent of pre-pandemic levels.
Higgs noted how Scotiabank issued dire predictions right across the country and their estimates for the New Brunswick economy showed a decline in real GDP of 8.4% and a deficit of $1.2 billion.
However, he said our economic outlook now suggests a decline of about half of this level and our current projected deficit is $13 million compared to a previous estimate of $183 million.
Higgs said construction is booming with housing starts being the highest in a decade along with record building of condos and apartments and a surging real estate market.
“New Brunswick is on the map. It’s on the map because people are looking at us as an area which has stability, which has focus, which has safety and an area that’s looking for people to come and live and work and invest right here.”
Higgs also placed a focus on buying local products and support for farmers to boost food production since COVID showed us how dependent we are on imports.
Higgs touted private investment over spending public dollars and he noted critics would disagree with him.
“You know what I’d like to see… People who want to come with their own money and invest in our province and settle here and build here and expand here because they are the ones that are going to rebuild our economy and do it right.”
During the pandemic, Higgs said businesses have adapted their business models and found new ways to connect with consumers.
He added the province will continue to assess the impact of the COVID-19 second wave and provide additional support deemed necessary.
Higgs revealed that, based on feedback about affordable housing and rent increases, his government will conduct a 90-day review of the rental situation in New Brunswick.
This will involve evaluating the market, vacancy rates, rental fees and trends as well as the overall impact of COVID-19.
Higgs acknowledged how health care is a challenge with an aging population and the demands will continue to grow.
“We’re improving wait times – we’re on track to cut the wait list for primary care in half by March. We’re making steady progress on reducing wait times from as long as 3 years to 6 months for hip and knee surgeries by the end of 2021.”
Higgs announced during the speech that the province is investing $20 million in the small modular reactor (SMR) field by supporting ARC Clean Energy’s technology believing it will boost private sector investment.
The premier was also hopeful the United States will once again respect international trade fairness and remove the tariffs on our softwood lumber.
Higgs said new federal regulations on the oil and gas sector are also a serious concern.
“We all recognize we must transition to a greener economy, but we must do so in a methodical way,” he said.
“We will continue to work together to balance our economic and environmental sustainability.”
