According to Envision Saint John, the region experienced a 2.5 per cent population increase in 2023, the highest in over 30 years.
This growth was revealed in Envision Saint John’s latest State of the Economy report.
“We collect a lot of data, and this report allows us to bring it all together, provide context, and interpret it,” CEO of Envision Saint John, Andrew Beckett said.
Beckett emphasized that immigration has contributed to the region’s population growth.
He also expressed concern about maintaining this growth in light of changing immigration targets.
The report showed employment in the region increased by 8.2 per cent in 2024 up to October.
“We’ve seen a lowering of the median age in the region, which is positive. Newer residents are younger and active contributors to the workforce,” he said.
Despite this growth, the region still has the second-lowest median income among Atlantic Canadian metropolitan areas.
Beckett emphasized the need for sustained economic growth to support existing employers and businesses.
“The underlying export nature of our economy isn’t growing at the same rate as our population,” Beckett explained.
Beckett pointed out from the presentation that the housing supply has not kept pace with the increasing population, resulting in a shortage.
Despite the challenges, Beckett remains optimistic about the future. “The labour market has been fairly good, and we’ve seen strong opportunities for the region,” he said.
Beckett encouraged people to review the full presentation for more detailed insights.
