A new economic report from the province shows growth in population, employment and housing over the past year.
Immigration helped push the province’s population to 854,355 as of July 1, 2024, an increase of 2.7 per cent.
It marked the third consecutive year that population growth in the province exceeded two per cent.
“While these results are encouraging, we recognize that there are challenges,” Finance Minister René Legacy said in a news release.
“Despite the uncertainty before us, we remain committed to making the investments to build resiliency, grow the economy and create opportunities for New Brunswickers to thrive.”
Employment gains outpaced by labour force growth
Employment rose by 2.9 per cent — the fourth consecutive year of growth — but gains were outpaced by a 3.5 per cent increase in the labour force.
That pushed the province’s unemployment rate up four-tenths of a percentage point to seven per cent, according to the report.
New Brunswick’s job vacancy rate fell to three per cent last year, returning to levels closer to those seen before the pandemic.
Sectors with the highest number of vacancies included health care, social assistance, retail trade and manufacturing, said the report.
Average weekly earnings in the province rose by 3.7 per cent — below the national average of 4.6 per cent — to $1,145.33.
Provincial economy grows 1.8%
New Brunswick’s economy grew by 1.8 per cent in 2024, a slight increase from the 1.7 per cent growth we saw the previous year.
Manufacturing sales edged up to $24.4 billion and merchandise exports rose to $17.4 billion, according to the report.
Total capital investment in the province grew by 4.4 per cent to reach $5.6 billion, the highest level since 2006.
Housing starts reached their highest level since 1976 at 6,169 units, with nearly three-quarters of them in multi-unit buildings.
It comes as the province’s total investment in building construction rose by 22 per cent to $4.4 billion.
The rental vacancy rate increased to two per cent, up from a historic low of 1.5 per cent in 2023. Average rents in urban areas rose by 9.7 per cent, or $109, to $1,229.