HA L IFA X: C UR R E NT C ONDIT IONS A ND E C ONOMIC P R OS P E C T S
Fred Morley EVP and Chief Economist November 2012
T HE G R E AT E R HA L IFA X PA R T NE R S HIP
Partnership
Smart-Business
Marketing
Competitive Intelligence &
Strategic Advice
Investment Attraction
Investor Relations Community
Economic Development
Connector
Halifax Gateway
Economic Strategy
HOW MUC H DO Y OU K NOW A B OUT HA L IFA X?
4
1. 600 Sq km 2. 3100 Sq km 3. 5600 Sq km 4. 9200 Sq km
Question 1:
How Big is Halifax?
3. 5600 Sq km, about the same size as
PEI…
Answer 1:
Halifax Regional Municipality Prince Edward Island
How Many Universities are there in Halifax?
Question 3:
1. Two 2. Three 3. Five 4. Six
Answer 3: 4. There are Six:
1. Dalhousie University, 2. Saint Mary’s University, 3. Mount St Vincent University, 4. Nova Scotia Centre for Arts and Design, 5. Kings College, and 6. Atlantic School of Theology
Which Canadian Banks got their start here in Halifax?
Question 4:
1. CIBC 2. Royal Bank 3. Bank of Nova Scotia/Scotiabank 4. Bank of Montreal 5. TD Bank 6. National Bank
Answer 4:
1. CIBC 2. Royal Bank 3. Bank of Nova Scotia/Scotiabank
Question 5:
Halifax is the North American Centre for what? 1. Centre for the study of migratory marine mammals 2. Buddhism 3. Agriculture Biodiversity 4. Early Nordic Cultural History
Answer 5:
2. Buddhism: for over a quarter of a century
Sakyong Mipham Rinpoche, the International spiritual leader of the Shambhala Buddhist movement , during his wedding in Halifax 2006.
Who was Robert Ross? Question 6:
HA L IFA X – T HE B A S IC S
• Halifax is Atlantic Canada’s largest city, home to 390,328 people
• 67% of the working age population have post-secondary education
• Nova Scotia has the most diversified and stable economy in the Atlantic region.
• Halifax produces 55% of Nova Scotia’s GDP – 19% of Atlantic Canada’s Total GDP
• Halifax produces 50% of Nova Scotia’s Retail Sales
P OP UL AT ION G R OWT H
Census Metropolitan Area
2006 Population 2011 Population
Actual Growth
% Growth
St. John’s 181,113 196,966 15,853 8.8%
Regina 194,971 210,566 15,595 8.0%
Quebec 719,153 765,706 46,553 6.5%
Halifax 372,858 390,328 17,470 4.7%
Victoria 330,088 344,615 14,527 4.4%
London 457,720 474,786 17,066 3.7%
HA L IFA X IS AT L A NT IC C A NA DA’S HUB F OR :
• Transportation and Logistics • Information Technology • Finance & Insurance • Business Services • Education • Healthcare • R&D • Media • Retail • Tourism
HA L IFA X A S S E T S
• Finance and Insurance – Over 50% of all the fund management and related activities
companies • Specialized legal services. • Specialized business services. • Information technology services.
– 43% of the firms across the Maritime Provinces involved in computer systems design and related services are located in Halifax.
• Cultural and entertainment activity • Specialized health care.
– Halifax is home to 46% of the Maritime Provinces' specialist physicians
• Industry Associations and Non-Governmental Organizations • R&D assets
WHAT T HE PA R T NE R S HIP OF F E R S
Prov Highway
Housing
Fed Tax
Port
Schools Fed Reg.
Shipping
Phone/ Cell
Airport
NSCC & Uni
Econ Dev.
HRM Reg.
HRM Tax
NS Tax
Internet
NS Reg.
WF Avail
WF Quality
Poor
er P
erfo
rman
ce
Be
tter
Per
form
ance
Less Important More Important
10 YEAR ECONOMIC OVERVIEW
Indicator 2001 2011 Trend
Population 359,000 390,328
Employment 189,400 224,000
Unemployment Rate 7.0% 6.1%
Inflation Rate 2.0% 3.5%
Housing Starts 1,404 2,954
Retail Sales ($ Millions) 4,268 6,481*
University Enrolment 30,233* 30,792 Sources: Statistics Canada, Conference Board of Canada,CMHC, MPHEC *Extrapolated from existing data.
HALIFAX SNAPSHOT
INDICATORS 2011 2012 Labour Force Size - August 239,400 240,300 Unemployment Rate - August 6.3% 6.5% Labour Force Participation Rate - August 70.6% 69.9%
Inflation Rate - August 3.5% 1.3% Housing Starts - August 232 446 Value of Building Permits - July ($ millions) 90.2 87.4
Retail Sales - July($ millions, Seasonally Adjusted) 554.2 545.8
Investment - Non-Residential Construction - Q2 '11/'12 ($mils)
90.3 103.6
R E C R E AT ION
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A R T S A ND C ULT UR E
25
A R T S A ND C ULT UR E
26
E C ONOMIC F OR E C A S T – C ONF E R E NC E B OA R D
G OL DE N G OOS E
Irving National Shipbuilding Project $25b
Emera Maritime Power transmission Line $1.2b Shell Offshore Exploration Project $1b
Potash Corp. Mine $1.7b
Point Lepreau Nuclear Facility Refurbishment $1.4B
Atlantic Canada Mega-projects Total $60.8b Here Are A Few Examples:
AT L A NT IC C A NA DA ME G A -P R OJ E C T S
White Rose Oil Fields Expansion $3.5b
Long Harbour Plant $2.8b
Hibernia South$1.7b Hebron Oil Fiild$8.3b
MA J OR P R OJ E C T S : S HIP S
T HE B R OA D E C ONOMIC IMPA C T S F OR NOVA S C OT IA , 2012-30
*Direct, indirect and induced in Nova Scotia. **All dollar values except real GDP are shown in current (non-inflation adjusted) dollars. Real GDP is shown in basic prices 2002 dollars). Source: Conference Board of Canada (May 2011) *** No contract scenario covers 2018-30 period where shock occurs at Halifax Shipyard after current contracts end.
Summary Economic Impact in Nova Scotia by NSPS Project Dollar values shown in $Millions
Annual Average Combat Scenario
Non-Combat Scenario
No Contract Scenario***
Employment* 8,453 3,744 -1,169
Real GDP (basic prices) $661 $278 -$171
Federal Income Taxes $66 $25 -$17.1
Provincial Income Taxes $51 $19 -$13
Corporate Income Taxes $34 $13 -$9.6
Indirect Taxes $115 $44 -$27.3
Personal Income $447 $183 -$118
Partners, Partners, Partners • Began with 5 core partners that grew to over 75 • Over 100,000 emails sent from partner databases • Over 100 locations with Ships Start Here materials • Mass deliveries of Ships Start Here tools & materials
CanadianShipsStartHere.ca • 10,571 declarations of support • 4,700 email addresses collected • 33,749 pageviews since launch on June 27, 2011
S T R ONG S UP P OR T AT HOME
IN HA L IFA X
NE IG HB OUR HOODS
Social Movement: FACEBOOK • Over 6,000 active “likes” at peak
• 100s of lawn-sign photos submitted from across Nova Scotia and beyond
• Over 700,000 post views from over 2,200 interactions
A OP S S TAT US
Major Milestone *AOPS DND Published Date NSPS Selection of Shipyards October 2011 ✔
Signing of Umbrella Agreement February 2012 ✔
Signing of AOPS Ancillary Contract (initial planning) June 27, 2012 ✔
Signing of AOPS Design Contract 2013
Finalize Engineering & Planning 2015
Signing of AOPS Build Contract 2015
Cut Steel on First AOPS 2015 Delivery of First AOPS 2018 AOPS Program Complete 2024
* Dates published by DND as of May 9, 2012
L OWE R C HUR C HIL L P R OJ E C T
B US INE S S E S A R E MODE R AT E LY OP T IMIS T IC
0%
10%
20%
30%
40%
50%
60%
70%
80%
Extremely optimistic Moderately optimistic
Not very optimistic Not at all optimistic Don't know/no answer
Optimism rating of current economic prospects for HRM businesses
Source: GHP Business Confidence Survey
Autumn 2011 Spring 2012 Autumn 2012
5 Y E A R S F R OM NOW
0%
10%
20%
30%
40%
50%
60%
70%
80%
Extremely optimistic Moderately optimistic
Not very optimistic Not at all optimistic Don't know/no answer
Optimism rating of future economic prospects (5 years) for HRM businesses
Source: GHP Business Confidence Survey
Autumn 2011 Spring 2012 Autumn 2012
R E S IDE NT IA L A ND NON-R E S IDE NT IA L B UIL DING P E R MIT S
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Residential and non-residential building permits, Halifax Source: Statistics Canada
Residential Non-Residential
50
S UC C E S S : WE ’L L K NOW IT WHE N WE G E T IT
51
52
G OOG L E F UT UR E V IE W
For more information on the Halifax advantage, visit: http://www.whyhalifax.com
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