The Energy East pipeline is pivotal to new investment flowing into the province. That mesage delivered in Saint John by Elizabeth Beale, President and C-E-O of the Atlantic Provinces Economic Council.
She was asked about what the impact of shale gas development might be and points to the transformation of the Newfoundland economy because of oil and gas development but warns the world is changing with climate change and it would be better to be at the forefront of that than on the receiving end. Beale also says the federal government is in the dark ages on the issue.
Outmigration is on the increase fuelled by job opportunities and a wage premium of 30 per cent in Alberta. Former Premier Frank McKenna has said the economies of New Brunswick and Nova Scotia are in a death spiral unless shale gas is developed but Beale wouldn’t go that far.
She sees the Tech sector as a bright spot with e-commerce on the increase. She says the new era for the economy will be knowledge intensive and the days of trying to compete on wages is gone. Beale says globalisation has resulted in the loss of manufacturing jobs and those will not be coming back.
Earnings are improving in the Maritimes but the population is expected to remain flat to 2020 and it’s getting older but we’re becoming more urbanised in the region.
