Employment has been strong through the first six months of the year, increasing 3.8 per cent through June.
Finance Minister Siobhan Coady spoke about positive economic signs for the province yesterday based on strong natural resource development, increased population and economic opportunity. Employment has been strong through the first six months of the year, increasing 3.8 per cent through June. The unemployment rate has been at or near historic lows in each month so far this year. In June, the unemployment rate hit 8.1 per cent for only the second time since consistent records began in 1976. Retail sales increased by 4.8 per cent through the first five months of the year, and the number of new vehicles sold increased by 22.6 per cent. Housing starts in the province totaled 672 units over the January to June 2024 period, up 106.8 per cent (or 347 units). Recent decreases in the inflation rate (currently 2.3 per cent) and in the Bank of Canada interest rate (currently 4.5 per cent) bodes well for continued growth for the rest of the year. The province surpassed population targets for 2026, welcoming more than 5,400 permanent residents last year.
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