SmartCity Blog

The Economy is Alive and Kicking! (Part 2)

By Fred Morley

To see 'Part 1' of Fred's blog, click here.

Now, let’s discuss the Economic Strategy and the Chamber Scorecard.

This economic strategy was about doing things differently. It was about setting some pretty tough goals – goals that would stretch our efforts and goals that would push us harder. Every year, the Chamber reports on how the HRM, the Greater Halifax Partnership, the Federal and Provincial governments and others have done at implementing the strategy. This year, we got mixed results: we got an overall score of Red. We also received an overall score of Yellow on the things we worked on, which is down from a Green light last year.

I think this should be interpreted in two ways. First, we got whacked by measures such as unemployment rates and housing starts – those reflect slower economic growth everywhere. Second, the scorecard reflects persistent challenges in critical areas like attracting immigrants, university enrollment and our growing population.

Indeed, the Conference Board’s City Magnet report gives us more evidence that we have many things on the ‘people side’ that we need to work on. However, the most important measure of the economic strategy is whether or not we have fulfilled the promise made to grow our region.

Just over four years ago, I stood before the Regional Council and talked about my daughter, who was just starting university, and how I wanted the HRM to be the kind of place she could find opportunities. By endorsing the economic strategy, the Council made a promise for the future. A promise to improve the economy of the region, to increase the number and quality of jobs, to build our community, and to make the HRM the kind of place where our children, immigrants and expats could find good jobs and build a life.

Well, four years have passed, and what have we achieved?

Well, our population has increased by more than 15,000. More than 18,000 net new jobs have been created. The average income has jumped by more than $4,000 a year. Young professionals are engaged in their community, thanks to FUSION Halifax. Business confidence is at its highest level in four years.  We’ve got more projects on our table than we can count.

Have we reached our target? No. And, we never will, because when we reach our goals in this city, we set new ones.

 

Higher ones.

Harder ones.

The Economy is Alive and Kicking! (Part 1)

By Fred Morley

The world is just emerging from a pretty deep recession. The US and Britain have been hit fairly hard, along with some parts of Canada – particularly Ontario and Alberta. But generally, we didn’t feel the bit of the recession as hard in Canada. But what about Halifax? Well, early this month I was in Ottawa, meeting with the heads of economic development. Let me tell you…what I got most out of my discussion with them is that Halifax has performed better than almost every other city in this country over the past year. According to Statistics Canada, we had big gains in employment throughout August and we had 9,300 net new jobs over the previous 12 months. This is the highest level of job growth of any Canadian city – regardless of size. That’s never happened before.

Last month, the Bank of Commerce told us in their Metro Monitor that Halifax had the strongest economy in the country. That’s also never happened before!

Then, a couple of weeks ago, the Canadian Federation of Independent Business told us that Nova Scotia numbers (which are mostly from Halifax) showed the second highest level of Business Confidence in the country. Only British Columbia was better, and in a few weeks, they will be hosting the Canadian Winter Olympics.

All of the numbers are in. Compared to every other city in the country, we’re kicking butt!

Stay tuned next week for the second half of Fred's blog post.

 

 

 

 

 

 

 

Fred Morley is the Executive Vice President and Chief Economist for the Greater Halifax Partnership.

 

 

New Job has Familiar Themes

Starting any new job can be a whirlwind.  But in the exciting, hectic,  (and dare I say, fun)  early days at the Partnership, I have found a moment or two, here and there, to pause and reflect.  

 

This is an organization I have always held in high regard.  The Partnership has a team of talented people, many of whom  I have worked with before and now will have the chance to work with every day.  A team that I know firsthand is single-minded in its duty to promote growth in our city.  
 

And on reflection, I have realized that, for the better part of the last 15 years, in an informal way, I have been selling the region and working to position it positively in the eyes of others.  It has always come naturally to me.  From my involvement in community organizations to being a regional representative with national organizations, I have always been an unofficial, yet ardent, supporter of Greater Halifax.  
 

Now it’s my day job.  
 

In my first week, the Board affirmed the mission of our organization – keep and grow business; attract new investment; and, strengthen our community to create confidence, economic growth and prosperity for Greater Halifax.  
 

Since then, I have been meeting with representatives from business, the Chamber of Commerce, government and all of the groups and organizations that play a role in growing  our community.  It has validated in my mind the role the Partnership plays, how we partner, collaborate, and how we make connections - all to accelerate economic growth.   
 

And I can tell you there is tremendous passion for our region with everyone I meet.   It’s a deep and strong commitment to doing what is best, now and for the future.  
 

There’s an underlying, sometimes understated, confidence, too.  
 

And this is important as we progress because, like any diverse and growing region, there are complexities and challenges that need to be understood and addressed collaboratively if we are to succeed.
 

But we have the correct pieces in place.  We have a roadmap, the Halifax Region Economic Strategy, we have the passion and we have solid economic fundamentals.  
 

Collaboration is key.  It has a multiplier effect, but only when everyone is working as hard at creating  value for others  as they are for themselves.  
 

We must remain focused on our objective.  Growing our economy in a way that benefits all.  And, while our economy has been holding its own we cannot become complacent.  
 

As the economic hub of our Province and Atlantic Canada, we must continue to identify ways to accelerate growth and investment in Greater Halifax. This is our collective responsibility.  Because as Halifax grows, the rest of Nova Scotia – and indeed, our entire region, grows.   
 

I am honoured to have the opportunity to lead the organization that is the catalyst for growth in our region.  I will be guided by principles I hold dear: integrity, trust, respect and most importantly collaboration - as the only way we can continue to achieve success is by working together. 

This is my commitment to you and to the community I value so much.  

 

The Greater Halifax Partnership is the catalyst for economic growth and confidence in Greater Halifax, the economic hub of Atlantic Canada.

 

 

 

 

 

 

 

 

 

 

 

 

Paul Kent is the President and CEO of the Greater Halifax Partnership.

Halifax ended the year with an economic bang!

If you think the Halifax Economy is under-performing, it may be time to rethink.

Halifax ended the year with an economic bang.  First the labour force survey tells that we have done better than most other Canadian cities of any size in job creation.  Indeed this has been going on since the summer of 09 when Halifax posted net job gains of 9300 over the previous 12 month period. 

We’re number 1…. in employment creation

Then CIBC tells us that Halifax, helped along by big employment gains, is the top city in the country according to its metro monitor index.  In arriving at this CIBC looked at 9 economic variables ranging from population growth to non-residential building permits and all looked pretty good.  Population grew at a pace double the rate of the third quarter of 2007.  Employment grew by 3.1% in the third quarter, easily tops in the country.  The unemployment rate jumped, but in an environment of nation-leading job creation and fast population growth.   Business bankruptcies are in steady decline.  Other economic indicators were flat or negative, but compared to other cities we were still doing well. 

We’re number one…. In economic performance


And today, CFIB (Canadian Federation of Independent Business) released its December Business Barometer survey of small business across Canada.  Turns out Nova Scotia business are more confident than those in any other province in Canada except BC, who, by the way happen to be in pre-Olympic euphoria.  Indeed, the index shows that business confidence in Nova Scotia has been climbing steadily every month for the last year and is now at its highest point in more than 4 years.  

We’re number two…and still trying harder.

Halifax seems to be on a roll.  But even in these times nay-sayers are easy to unearth. Fact is though, we are coming out of recession with surging employment and growing business confidence.  No other City in Canada can claim this.  Few cities have our potential moving forward.  Few cities would pick this time to take a step back. 

2010 will be a telling year for Halifax and our economy.

Fred Morley is the Executive Vice President and Chief Economist at the Greater Halifax Partnership