COVID brings boom and bust at the same time -- depending on your industry

The good and the bad of the COVID economy Some businesses are struggling, while others are not. Mike Cameron reports.

SAINT JOHN, N.B. — The pandemic continues to ravage parts of the Maritime economy, though not everyone is limping through a COVID-slump.

Some industries are sprinting into the autumn months doing far better than expected, such as the construction industry.

Despite a pandemic, this industry sees reason to invest.

"A lot of people say, pull your horns in and sit on your money and decide what's going to happen after the outcome of COVID," says developer Percy Wilbur. "I think other people are thinking, now is a great opportunity."

One developer says the surge in activity is a response to years of pent-up demand.

"These projects, the lead time is so long, that most of the projects you're seeing now, even though it's during a pandemic, they've been thought of, and started before the pandemic actually began," says Stephen Brittain.

The city of Saint John says this is the most construction activity the city has seen in a decade.

There's another crane working at the port, which is the busiest it's been in years.

While construction and other industries are having a far better pandemic year than they ever expected, you don't have to go far to see the flip side of the COVID economy.

Most hotels are running at 15-20 percent capacity and the situation is even more dire for restaurants.

The tourism industry says, if there is a boom, it certainly isn't being felt by all.

"The Atlantic Provinces could lose up to 40 per cent of their restaurants between now and the end of March," says Carol Alderdice of Tourism Industry Association of New Brunswick. "When it comes to hospitality and tourism and restaurants, these are businesses that are part of a community, and they are really struggling to survive."

The contrast in COVID-year fortunes, is not lost of those enjoying a year that's better than expected.

"You look at some of the construction sites, and within an eye line of where you're working, you can see empty hotels, restaurants and businesses," says Stephen Beattay of the Saint John Construction Association."It does make me very nervous for a lot of people that are suffering.  That's not a good thing."

It's a region accustomed to boom and bust cycles, though rarely do they occur at the same time.