To the surprise of precisely no one in New Brunswick’s Hub City, Moncton has scored another top finish in the race to be known perpetually as the pluckiest, little urban area in Canada.
It is, perhaps, unbecoming to dwell on one’s civic greatness, but what the heck. . .let’s do it anyway.
According to the Conference Board of Canada’s latest Metropolitan Outlook, “Moncton and Saint John are among the five fastest-growing medium-sized (municipal) economies in Canada this year. . . On the other hand, St. John’s, Newfoundland, is on track to post the slowest economic growth among the 15 cities covered in the report.”
Specifically, the analysis finds that Moncton’s real “GDP is forecast to rise by a 10-year high of 3 per cent this year, thanks to healthy gains in manufacturing and the broader services sector. In particular, the local transportation and warehousing sector, whose outlook is closely tied to that of manufacturing’s, is expected to expand at a vigorous clip. The solid economy will translate into decent job and income gains, which should encourage consumers to continue spending.”
Meanwhile, up the highway a piece, Saint John will benefit from “a recovery in manufacturing and in resources and utilities sectors.” This will push economic expansion the Port City to about 2.3 per cent this year.
In fact, manufacturing and resources and utilities will rebound thanks to a comparatively weak Canadian dollar (relative to its U.S. counterpart) as well as “stronger housing demand south of the border.”
As if to invite a chorus of “We Told You So,” St. John’s economy is forecast to tank, dragged down by plummeting oil prices and steady declines in resource investment and production.
Still, the Conference Board chirps optimistically, “things will be better than last year when total output fell by 2.3 per cent. This year, St. John’s (GDP) is forecast to grow by 0.5 per cent, as solid gains in manufacturing, in wholesale and retail trade, and in finance and real estate are offset by declines in resources and utilities and in construction.”
All of which should comprise a heady argument for steady, efficacious diversification in mid-sized metropolitan economies. This is, of course, the not-so-hidden secret of Moncton’s success over the past 25 years. Hard experience has taught this city that one-horse towns are just fine until the horse breaks a leg and has to be shot.
Instead, this greater urban area has worked assiduously to develop a broad array of economic clusters, any one of which can, and does, imbue this region of the province with business and employment opportunities without – it should be emphasized – a disproportionate degree of help from provincial and federal governments.
As a consequence, Moncton-Riverview-Dieppe’s entrepreneurial verve has placed it first over the finish line repeatedly in KPMG’s annual survey of the most likely and winsome communities for economic growth in North America.
Our urban dynamo is also, by deliberate design, one of the “smartest” cities on the continent – if we measure intelligence by the sophistication and coverage of our telecommunications and information technology infrastructure and services.
Indeed, as other communities in this province suffer from their dependence on seasonal, resource-based industries, Moncton’s economy remains buoyant year-round.
There is, perhaps, no better reason than this to expect steady, self-perpetuating success from a new, multi-purpose downtown events centre – for if any community in this province can build a solid business case for such a project, it’s this one.
And it’s with our characteristic foresight and determination that we must proceed without delay, if only to preserve our reputation for promise and pluck.