New Brunswick plan to grow economy 10 per cent by 2030 receives praise, skepticism

Premier Susan Holt is announcing a four-year plan to see 10 per cent GDP growth in New Brunswick.

New Brunswick Premier Susan Holt’s plan to grow the province’s economy by 10 per cent in four years is receiving praise and skepticism.

The Holt government says its strategy will also increase labour productivity by 3.3 per cent, raise private-sector capital investment by 16.8 per cent and increase the volume of exports by 3.9 per cent – all between now and 2030.

“When you’re experiencing times of uncertainty, the government’s job is to deliver the kind of certainty that their businesses, those employees, and our entire province can rely on,” said Holt at a news conference inside the Razor Contract Manufacturing warehouse on Saint John’s east side. “We’re delivering that certainty with a clear, focused path forward for economic growth in this province.”

The new economic development strategy calls for increasing productivity, attracting investment and helping New Brunswick companies reach new markets.

The Liberal government says it will advance major nation-building opportunities to strengthen New Brunswick’s position within Canada and the world, with an emphasis on natural resources and defence. Holt says a $1-billion strategy to grow the provincial tourism sector will also play a role.

The strategy’s unveiling came on the same day Agropur announced the pending closure of its Sussex facility by the end 2028, eliminating 60 jobs, along with an expansion of its Miramichi facility creating 15 jobs.

Progressive Conservative finance critic Don Monahan says the strategy is far too optimistic for the timeline provided.

“It takes time to get mining strategies in place, and to get investors set up and to get the approvals and environment sign offs and check offs,” says Monahan. “I’m not really certain that four years is going to be enough time to see that move forward.”

New Brunswick Green Party Leader David Coon says the new strategy has a focus on “making billionaires richer” and leaves little details for small businesses and local communities.

“We need a strategy that is going to bring prosperity to our families and keep wealth in our communities,” says Coon. “Not one that’s focused on further enriching big business.”

The province’s economic plan is receiving compliments for setting dated benchmarks from the organization representing provincial CEOs and business leaders.

“The strategy includes clear measures and milestones,” says New Brunswick Business Council CEO Monica Gaudet-Justason. “What a beautiful thing. It’s not a small thing. We think that’s so obvious, but it really isn’t. What it signals is the government is serious about results, not just intentions.”

Canadian Manufacturers & Exporters says it welcomes the government’s focus on increasing productivity within its plan, calling it critical.

“It is imperative that New Brunswick significantly narrows the gap in our productivity, increases the push to expand into new markets and promotes to the world that we are open for business,” says Ron Marcolin, divisional vice-president of Canadian Manufacturers & Exporters.

With files from Eli Ridder of The Canadian Press

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