Meeting tomorrow’s economic challenges by investing in Nova Scotia today

Our biggest challenge in Nova Scotia today and for the foreseeable future is responding to the labour force needs of our economy.  From 2007 to 2012, we can expect about 64,000 job openings.  50,000 of these will come from retirements with the rest from new job creation.  Demand for skilled people and new training will come from every sector and every part of Nova Scotia.  Never before have the demands on our training system been greater.  Never before has the potential payback from this training been so high. Today’s response to these challenges and opportunities will determine, more than anything else, how we prosper and grow in the future.

Fortunately, in Nova Scotia, we have the vision and the visionaries to help guide us to this future.  Opportunities for Sustainable Prosperity and HRM’s own economic strategy (Strategies for Success) point to investment in human capital as the most important thing we can do to secure our economic future.  Quite simply, the HRM Strategy states that “people are our community”.  The biggest global advantage that any region can have is the knowledge and capability of its people.  This has always been Nova Scotia’s main competitive advantage.   Progressive and successive governments in Nova Scotia have always responded to the challenges of our future economy by making needed investments today. 

Once again we need to respond today to secure our future.  The visionaries at the Nova Scotia Community College are responding to the needs of tomorrow by ramping up training for the high demand skills of tomorrow while the maintaining consistent and quality programs needed to accommodate massive levels of labour force turnover.  Our universities are our talent magnets…attracting smart young people from across the country and around the world.  Communities with an ability to attract and hold talent will be the winners as we emerge from world recession. 

 A Chinese Proverb that states: “If would want 1 year of prosperity, grow grain.  If you want 10 years of prosperity, grow trees.  If you want 100 years of prosperity, grow people."  In Nova Scotia, a prosperous future requires that we grow our people.  This means offering them the kind of training that our economy and our businesses are demanding.  It means helping people grow the skills that will allow them to stay in Nova Scotia and become part of our future.  We have to be nimble and responsive to the demands of business and our economy.  And we have to meet the economic challenges of tomorrow by investing in our people today. 

Fred Morley
Executive VP and Chief Economist

 

Comments

[Steve]

I read a great article in the Globe and Mail today that talks about the value of citizen Loyalty and Passion as it relates to the economy and prosperity of cities.

While Halifax is already a great place to live it'd be great to work toward inspiring passion among its residents by improving the 'liveability' of the city. Here's to more entertainment options, good public transportation, public spaces, bike lanes, recreation facilities, and more.

http://www.theglobeandmail.com/news/national/home-is-where-the-heart-is-and-the-money-too/article1304874/