Moncton is the #1 Commercial and Industrial Hub in Atlantic Canada
Moncton’s economy is growing strong, with the Conference Board of Canada projecting that growth will stay steady at 1.9% through 2024. The construction sector is building momentum with a number of projects, including the Junction Urban Village development, and employment rates are showing a strong increase.* Transportation and warehousing, and wholesale and retail trade are also expected to post increases in output above 2%,** well above the provincial average.
*Source: Conference Board of Canada
**Source: Business Insider
Moncton’s GDP’s got grit! The City’s real GDP is expected to post an 1.9% increase through to 2024.
We’re at the centre of the action! Bring your business to a city whose economy is flourishing, with widespread increases across most sectors expected to boost the real gross domestic product.
Moncton has staying power! We’re outperforming the province, and in some cases, the country when it comes to key sector growth.
We’ve got lots to choose from! There are more than 190 manufacturing firms located in Moncton, making it the third largest manufacturing centre in Atlantic Canada. The professional services sector boasts over 700 firms and more than 3,300 employed in the sector. We’re also well educated. The region is home to three universities and satellite campuses of two others as well as five colleges. Often these programs can be customized with regional partners to meet the demand of employers. In total, there are an estimated 8,000 students enrolled in university and college programs in the region. How’s that for diverse?
Our numbers tell the tale. Profit, growth and affordability are winning trends in Moncton.
Home ownership here costs just 37% of the national average. Moncton boasts a 92% diversified economy. Plus, the GDP and employment growth are in line with those of Canada.
Moncton’s manufacturing sector is on a winning streak.
We’ve got the goods! Our manufacturing output is expected to rise by 3.6% in 2020-21. Food manufacturing is particularly strong with 29 establishments, including Molson Coors, Amcor, and Fancy Pokket. Wood and paper related manufacturing is anchored by Irving Consumer Products and Norampac. There are also more than 800 people employed in metal fabrication and equipment manufacturing with Apex Industries Inc. and IGT (formerly GTECH/Spielo) as the two largest players.
Moncton’s real estate market smashed records in 2020, and housing starts are going strong.
Our service sector is first-class!
Moncton’s service sector is expected to grow again this year with 1.5% growth in professional services, 1.6% growth in non-commercial services, and 1.2% growth in other services.
The service sector is booming and continues to be one of Moncton’s fastest-growing sectors. When you benefit from lower operating costs and have access to a high-quality, bilingual workforce able to service clients in both English and French, it’s no wonder!