NUNAVUT ECONOMIC FORUM Presentation to the Nunavut Conference
and Trade Show 2014 Nunavut Economic Forum
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NEF Origins prior to April 1 1999 informal committee of
officials NTI, INAC and Interim Commissioners Office Idea grew from
first Sivummut Conference held in Rankin Inlet 4 years earlier in
1994
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NEF undertook first Nunavut Economic Outlook in 2001 - it
became stimulus for an Economic Development Strategy Second
Sivummut Conference held in Rankin Inlet 2003 First Ten-Year
Strategy unveiled in the summer of 2003 PROVIDED PURPOSE FOR THE
NEF
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UNIQUE IN CANADA By Early 2004 incorporated Society Over 30
members included NTI GN and GOC - Key Sector Organizations,
Chambers of Commerce, Labour, Municipal Organizations and Other
NGOs
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NEF IS UNIQUE IN CANADA ! The NEF was charged with the task of
Monitoring the implementation of the Nunavut Economic Development
Strategy Also helped stimulate focus for economic stimulus programs
like the federal initiative: Strategic Investments for Northern
Economic Development or SINED and GNs SIP
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SO HOW ARE WE DOING? NEFs flagship product has been the Nunavut
Economic Outlook Reports six to date since 2001. The NEOs in effect
have told us how were doing and what issues still lie ahead.
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The Nunavut Economic Outlook Report gives us a periodic snap
shot of how our economy is shaping up and what the impacts are as a
result.
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UNDERSTANDING NUNAVUTS DEMOGRAPHICS Nunavuts population is
young, is growing, and is ageing. All three of these demographic
changes will have lasting consequences for the territory.
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FERTILITY RATES Nunavuts high population growth is a function
of its fertility rates and the number of Nunavummiut between the
ages 15 and 29 For the past 15 years though, fertility rates have
changed very little
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IMPLICATIONS OF POPULATION GROWTH Realistic projections range
from ~10,000 to ~14,000 in the next 20 years
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PROFILE OF 60+ COHORT
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UNDERSTANDING NUNAVUTS ECONOMY Nunavuts economy is performing
well in several areas and has enormous potential.
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CURRENT ECONOMY AND FUTURE OPPORTUNITIES Mining Fishing
Construction Tourism Government Arts & Culture Goal of Economy:
Growth
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GROWTH PATH FOR NUNAVUTS ECONOMY Underlying Growth Mary River
Construction Mary River Opens & Meliadine Construction
Meliadine Opens & Meadowbank Closes New Growth Path Other New
Construction Mary River (full project)
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UNDERSTANDING NUNAVUTS DEVELOPMENT Nunavut is at an early stage
of its development and are many challenges to overcome before all
Nunavummiut can fully participate in and benefit from the
opportunities growing around them.
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Nunavuts economy is creating enough jobs to employ most, if not
all unemployed Nunavummiut today Without knowing anything about
Nunavut, it makes no sense that official unemployment rates are
still high, more than half the population depends on public
housing, and poverty appears to be on the rise NUNAVUTS DEVELOPMENT
CHALLENGE
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LOTS OF JOBS LOTS OF EMPLOYED The assessment of Nunavuts
economy revealed the territory has tremendous potential for job
creation Many Nunavummiut are taking the necessary steps to
participate Full-time employment has grown somewhat steadily since
the recession
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LOTS OF JOBS LOTS OF UNEMPLOYED Today, there are enough jobs to
employ many if not most unemployed Nunavummiut AEM imports 575
workers to staff Meadowbank Iqaluit International Airport Expansion
will import as much as 80% of its labour Labour income earned in
Nunavut but paid to non- residents (JOB TOURISTS) grew sharply in
the past few years
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CHALLENGES WITH NUNAVUTS CONTINUING ECONOMIC DEVELOPMENT What
do we need to do over the next ten years to balance our efforts
between further economic growth and economic development?
Publishing the 2013 Nunavut Outlook Report was an important step
There have been other important steps in this direction as well
through NEFs Nunavut Economic Development Strategy Renewal efforts
over the past two years.
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CHALLENGES WITH NUNAVUTS CONTINUING ECONOMIC DEVELOPMENT Our
renewal efforts have also included Four Roundtable Discussion, some
important research initiatives, an on-Line Survey and some Town
Hall meetings. All of these efforts have helped us to better
understand the real impacts that have resulted from our strong
economic growth over the past 10 years You can find out all about
these by visiting our web site: www.NEDS2.cawww.NEDS2.ca
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CHALLENGES WITH NUNAVUTS CONTINUING ECONOMIC DEVELOPMENT
Finally we will be holding our Sivummut IV Economic Development
Conference in Iqaluit December 1-4 at the Froibisher Inn The
conference will be a chance for folks drawn from across the
territory to examine in more detail what our choices may be going
forward and what our priorities should be in balancing our economic
growth with our economic development and improving the well being
of our communities.
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CHALLENGES WITH NUNAVUTS CONTINUING ECONOMIC DEVELOPMENT Please
visit our web site : www.NEDS2.cawww.NEDS2.ca Consider attending
the Sivummut IV Economic Development Conference in Iqaluit December
1-4, 2014
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NUNAVUTS NEXT CHALLENGE: TURNING GROWTH INTO PROSPERITY NUNAVUT
ECONOMIC FORUM Terry Forth, Executive Director [email protected]
www.nunavuteconomicforum.ca www.neds2.ca IMPACT ECONOMICS Graeme
Clinton [email protected] 867.873.8008