Moncton’s economy is ‘very hot right now’

City of Moncton to see economic growth According to a new report, the city of Moncton is expected to see an economic growth over the next few years.

A new report from the Conference Board of Canada is forecasting modest economic growth over the next few years for the City of Moncton.

The report predicts the city’s economy will grow by 1.7 per cent this year and 0.6 per cent in 2024.

Kevin Silliker, the director of economic development for the City of Moncton, said the Conference Board of Canada is one of the country’s most reliable third-party sources the city has available.

“It really highlights the performance of the economy in recent months and recent years, but also provides an outlook for 2024 through to 2027 on what the economy of Moncton may look like in the years to come,” said Silliker.

Moncton's gross domestic product grew by 3.5 per cent last year and the city's population expanded by just over six percent.

The report states the population will rise again in 2023 by 3.4 per cent.

Silliker said the city is trending upward from a GDP, employment and construction growth perspective.

“The economy is very hot right now and the report details that with regard to investment in the area,” he said.

The main reason is the combination of the housing market and the influx of newcomers.

“They're kind of inter-related. The construction and the population growth are very closely connected. That population growth that is coming in is really driving demand for housing, driving demand for residential obviously, but also other services and amenities in the area which the construction industry responds to,” said Silliker.

In order to keep the momentum going, Silliker says the city is investing in downtown infrastructure and is helping to build more residential units.

Other key factors in the Conference Board of Canada’s report include:

In April, Silliker told CTV News around 8,800 people moved to the region in 2022, but he isn't sure that's sustainable over the long haul, so a slowing down period will probably be beneficial.

“That population growth, really there needs to be a balance there,” said Silliker. “We’re pleased to see that growth, but at the same time maybe having it spread out over a couple of years would be beneficial.”

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