New Brunswick’s economy continued to expand in 2024, with gains in employment, population and capital investment, according to a provincial report released Tuesday.
The “2024 Economy in Review” report from the Department of Finance and Treasury Board shows GDP grew by 1.8 per cent, while employment rose for the fourth straight year, adding nearly 12,000 jobs and pushing total employment to 400,000.
Population growth remained strong, increasing 2.7 per cent to reach 854,355 by mid-year — largely driven by international migration. Moncton was among the fastest-growing metro areas in the country, up 5.3 per cent, while Fredericton posted a 3.1 per cent gain.
“While these results are encouraging, we recognize that there are challenges,” said Finance Minister René Legacy. “Despite the uncertainty before us, we remain committed to making the investments to build resiliency, grow the economy and create opportunities for New Brunswickers to thrive.”
Capital investment rose 4.4 per cent to $5.6 billion, the highest level in nearly two decades. Public sector spending climbed 9.5 per cent, while private sector investment edged up 1.2 per cent.
Inflation eased to 2.2 per cent, down from 3.6 per cent in 2023, amid higher interest rates from the Bank of Canada.
Exports totalled $17.4 billion, up 2.7 per cent, helped by improved commodity prices and lower borrowing costs.
The province’s housing market remained active, with 6,169 housing starts — the most since 1976. Urban rental prices rose by nearly 10 per cent to an average of $1,229, though vacancy rates also ticked up to 2.0 per cent from a record low the year before.
