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A highlight of Greater Halifax's economic trends as of November 2010.
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GREATER HALIFAX ECONOMIC TRENDSNOVEMBER, 2010
• Halifax is Atlantic Canada’s largest city, home to 372,858 people
• Nova Scotia has the most diversified and stable economy in the Atlantic region.
• Halifax produces 47% of Nova Scotia’s Total GDP– 20% of Atlantic Canada’s Total GDP
• Halifax produces 47% of Nova Scotia’s Retail Sales and 48% of Provincial Employment
THE BASICS
HALIFAX QUICK FACTS
At the end of 2009:
• Population – Over 370,000• Labour Force Size – 230,000• 400,000 people within 30 miles• Unemployment rate – 6.5%• 47% of Provincial GDP
•Energy•Transportation•Media•Retail•Tourism•Information Technology•Finance & Insurance •Government•Business services•Education •Health-care•R&D
HALIFAX IS ATLANTIC CANADA’S PRIMARY CENTRE FOR:
•Creation of over 47,000 jobs
•Decrease in unemployment from 8.8% to 6.4%
•Over $4.2 billion growth in retail sales
•130% growth in the value of residential property
•Over 34,000 new housing starts
•88% growth in the value of commercial property
SINCE 1996, HALIFAX HAS SEEN…
ECONOMIC SNAPSHOT
Economic Snapshot3rd Quarter 2010
September 2008
September 2009
September 2010
Sept.09-10
% ChangeTrend
LABOURFORCE
Employment (‘000) 207.7 215.2 216.2 0.46%
Labour force size (‘000) 219.4 230.4 230.7 0.13%
Participation rate 69.1% 71.6% 70.8 -0.8
Unemployment rate 5.3% 6.6% 6.3% 1.3
CONSUMPTION
Average Weekly Earnings $725 $755 $793 5.0%
Inflation rate -0.8% -0.4% 1.7% 2.1
Retail sales ($ Thousands)* $4,595.0 $4,503.5 $4,752 5.5%
HOUSINGAverage housing prices $239,822 $232,588 $239,277 2.9%
New housing price index 150.5 150.7 151.8 1.1
Housing starts* 1,691 1,326 1,823 37.5%
Housing sales* 5,327 4,701 4,664 -0.8%
Economic Snapshot3rd Quarter 2010
September2008
September 2009
September 2010
Sept.09-10
% ChangeTrend
CARGO MOVEMENT
Aircraft passengers* *(enplaned/deplaned) 2,830,083 2,657,522 2,720,836 2.4%
Total Cargo Volume*(metric tonnes) 2,788,715 2,266,182 2,490,879 9.9%
POST SECONDARY EDUCATION 2008-09 2009-10 2010-11 % Change 2009 to 2010
Full-time University enrolment - Halifax 23,512 24,092 25,204 4.6%
Nova Scotia Community College enrolment - Halifax Campuses 4020 4382 4476 2.2%
OFFICE SPACE MARKETQ3 2010 VACANCY RATE Class A% Class B% Class C%Downtown Halifax 5.1 6.3 12.7Peripheral Halifax 7.1 8.1 15.6Dartmouth 15.0 11.3 12.8Bedford/Sackville 13.1 10.6 6.9
ECONOMIC SNAPSHOT
UNEMPLOYMENT RATE, 2009
Source: Statistics Canada
Agriculture0%
Forestry, fishing, mining, oil and gas1%
Utilities1%
Construction6% Manufacturing
5%
Trade16%
Transportation and warehousing
5% Finance, insur-ance, real estate
and leasing7%
Professional, scientific and technical services7% Business, building and other support services
5%
Educational services
10%
Health care and social assistance13%
Information, culture and recreation
5%
Accommodation and food services
6%
Other services4%
Public administration9%
HALIFAX: EMPLOYMENT BY INDUSTRY 2009
Source: Statistics Canada: Labourforce Historical Review 2009
EMPLOYMENT COMPARISON
HALIFAX’S AVERAGE EARNINGS TREND
HALIFAX’S HOUSING STARTS TREND
RETAIL TRADE: HALIFAX & NOVA SCOTIA
EDUCATION ENROLMENT
EDUCATION ENROLMENT
EDUCATION ATTAINMENT
Source: 2006 Census of Canada, Nova Scotia Perspective, Release #7, Nova Scotia Department of Finance, Statistics Division
• 67% of the population of Halifax have trade, college or university qualifications – the 4th highest in Canada.
High school
23%
trades 13%
College, 25%
University 39%
EDUCATIONAL ASSETS
•Six degree granting universities•Customized training to meet the needs of business•Professional development•Three community college campuses•Customized training to meet the • needs of business•20+ private career colleges
WHERE WE RANK…
1st - Greater Halifax Partnership was recognized as best in practice of Social Media and Web 2.0 from E&B DATA in conjunction with Intelegia.
1st, 3rd – Halifax ranked as 2007/08 North American Small City of the Future (1st in Best Infrastructure, and 3rd in Best Economic Potential) – fDi Magazine
4th – Top Ten Cities in Canada Poll placed Greater Halifax fourth behind Montreal, Toronto and Vancouver; with high marks in environment, economy and society. – Canadian Broadcasting Corporation News, 2006
5th- Next Cities; The Top Canadian Hotspots for Young, Talented Workers. 2009-2010 version
9th – Halifax ranked 9th on a list of the 154 Best Places to Live in Canada – MoneySense Magazine, 2008
Source: Statistics Canada, 2006 Census: analysis series; Where Canadians work and how they get there
HALIFAX COMMUTERS
Less than 5 km
5 to 9.9 km 10 to 14.9 km
15 to 19.9 km
20 to 24.9 km
25 to 29.9 km
30 km or more
41%
26%
12%9%
5%2%
5%
• Vibrant arts and culture environment - symphony, theatre, art galleries, museums, historic sites, major junior hockey
• Hub city, pub & club city• Variety of recreation - parks, beaches, hiking, boating,
golf • Physical beauty• Over 10% of Halifax workers walk to work• Harbour Solutions, Recycling, Pesticide By-Law
QUALITY OF LIFE
A GREEN COMMUNITY
• HRM Harbour Solutions $333 million First coastal city in Atlantic Canada to move to full
treatment• Solid waste diversion at over 60%
Highest of any city in Canada• Pesticide by-law• Green Energy Plan