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Page 1: Halifax:  Economic Trends

GREATER HALIFAX ECONOMIC TRENDSNOVEMBER, 2010

Page 2: Halifax:  Economic Trends

• 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

Page 3: Halifax:  Economic Trends

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

Page 4: Halifax:  Economic Trends

•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:

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•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…

Page 6: Halifax:  Economic Trends

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%

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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

Page 8: Halifax:  Economic Trends

UNEMPLOYMENT RATE, 2009

Source: Statistics Canada

Page 9: Halifax:  Economic Trends

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

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EMPLOYMENT COMPARISON

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HALIFAX’S AVERAGE EARNINGS TREND

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HALIFAX’S HOUSING STARTS TREND

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RETAIL TRADE: HALIFAX & NOVA SCOTIA

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EDUCATION ENROLMENT

Page 15: Halifax:  Economic Trends

EDUCATION ENROLMENT

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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%

Page 17: Halifax:  Economic Trends

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

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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

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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%

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• 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

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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


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