A hopeful new year
This is the time of year we say goodbye to the old and welcome the new; we review 2017 and judge if we are better or worse off than we were 12 months ago. Our decision is based on issues such as family, job and finances. Did we purchase a new vehicle, complete home renovations, take a vacation, accept a new position or get a raise?
Along with reviews and forecasts, we also have those good-intentioned resolutions for 2018. Many focus on losing weight, healthier eating and exercise. Unfortunately, most resolutions won’t survive to the end of January.
One forecast is already threatening Atlantic Canada heading into the new year: winter weather. There are strong suggestions the region is facing a classic winter with lots of stormy days ahead. Based on the first official week of winter, those forecasts are correct. It’s been a windy, snowy, icy and frigid start to the new season. Brrr.
But other forecasts are more positive and there are lots of reasons for optimism.
Halifax just officially opened its glittering new convention centre, which will mean a tremendous economic boost for the capital and province. There is new hope for an Atlantic franchise in the Canadian Football League, based in Halifax.
Moncton is about to open an expanded facility to replace its Coliseum, while Charlottetown is hoping to start serious planning for its own new sports and entertainment complex, as the centrepiece for the 2023 Canada Winter Games and also to commemorate P.E.I.’S 150th anniversary of joining Confederation.
Sydney has big hopes for its port development. The Cape Breton Regional Municipality might lose its mayor but gain a potential next premier as Cecil Clarke is being heavily courted to run for the vacant Progressive Conservative party leadership.
This fall, St. John’s unveiled its National Basketball League of Canada franchise as a key tenant for Mile One Centre. Now, if the capital can only attract a Quebec Major Junior Hockey League team for next season.
Yes, there are economic concerns in Atlantic Canada, especially in Newfoundland and Labrador. But in late November, the Hebron offshore platform produced its first oil, pumping out revenue and helping the province begin its fiscal recovery. The Atlantic Provinces Economic Council (APEC) has forecast N.L.’S GDP will improve by more than 1.5 per cent in 2018.
APEC expects P.E.I.’S economy to remain the region’s growth leader next year, as population increases support consumer spending and new home construction. Nova Scotia and New Brunswick will continue to expand, but slower than the national pace.
Atlantic Canada faces a key concern next year, with NAFTA negotiations not showing much promise. Consumer spending is expected to slow amid a decline in major project spending and slower economic growth. All four provinces are relying on expenditure restraint to attain or maintain fiscal balance.
But Atlantic Canadians are a resilient bunch and we’re usually optimistic in our outlook. We remain hopeful for better things in 2018.