New Brunswick’s economy in review released, shows growth in multiple sectors

New Brunswick's provincial flag flies on a flag pole in Ottawa, Monday, July 6, 2020. THE CANADIAN PRESS/Adrian Wyld

New Brunswick’s 2024 Economy in Review report, released Wednesday, shows growth in population, employment and investment for the province.

“While these results are encouraging, we recognize that there are challenges,” said Finance and Treasury Board Minister René Legacy. “Despite the uncertainty before us, we remain committed to making the investments to build resiliency, grow the economy and create opportunities for New Brunswickers to thrive.”

The report found the provincial economy grew by 1.8 per cent in 2024, up from 1.7 per cent in 2023. All but four of the 20 industry sectors had an increase in GDP in 2024 compared to the previous year.

In 2024, inflation slowed to 2.2 per cent, down from 3.6 per cent the previous year, which is attributed to the Bank of Canada interest rate hikes, said a news release from the province.

New Brunswick’s population also grew by 2.7 per cent and reached 854,355 on July 1, 2024. This growth was mostly from increased international migration.

“Moncton was the second-fastest-growing census metropolitan area in Canada last year, with a population increase of 5.3 per cent. Fredericton’s population grew by 3.1 per cent,” the news release said.

Other areas highlighted were employment growth, which rose by 2.9 per cent and total capital investment, which grew 4.4 per cent and reached $5.6 billion. Growth in investment was fueled by a 1.2 per cent increase in private sector investment and 9.5 per cent rise in public sector investment.

Growth in population led to higher investment in construction resulting in a strong housing market, with housing statistics reaching 6,169 in 2024, the highest level since 1976. The growth in construction also added to rental vacancy rates to increase to 2 per cent, which was previously historically low in 2023 at 1.5 per cent.

More information is available on The New Brunswick Economy 2024 in Review.

For more New Brunswick news, visit our dedicated provincial page.