Atlantic Powerhouses: 5 Major Industries in Nova Scotia

Nova Scotia, a province known for its stunning coastal landscapes and rich maritime heritage, is also home to a vibrant and growing economy that presents numerous opportunities for entrepreneurs. With a diverse range of industries including ocean technology, digital industries, and renewable energy, Nova Scotia is positioning itself as a dynamic hub for innovation and business development.

One of the key advantages of starting a business in Nova Scotia is its strategic location on the Atlantic coast, offering direct access to international markets. The province’s well-developed infrastructure, including the Port of Halifax, one of North America’s most efficient and deepwater ports, facilitates seamless global trade and logistics.

With a projected GDP growth rate of 2.3% in 2024, Nova Scotia’s economy is on an upward trajectory, creating a fertile ground for business innovation and expansion. Understanding the economic landscape of Nova Scotia can unlock a wealth of opportunities for entrepreneurs looking to establish a foothold in this promising region.

Overview of Nova Scotia’s Economy

Nova Scotia boasts a diverse and evolving economy that blends traditional industries with emerging sectors. The province has a population of 1,042,507 as of 2023, with an annualized growth rate of 1.7% over the past five years, indicating a steady influx of people and potential economic expansion.

While traditional industries such as fishing, forestry, and mining have historically been significant, they are now in decline, paving the way for newer sectors. Interestingly, Nova Scotia’s real GDP from agricultural industries has seen growth, largely due to rising cannabis production, which includes estimates of illicit production.

The capital city, Halifax, serves as the economic hub of the province, driving growth in sectors such as services, manufacturing, and technology. Additionally, Nova Scotia’s economy benefits from its strategic location on the Atlantic coast, with international goods exports reaching $645.2 million in May 2024, a 6.2% increase from the previous year, highlighting the province’s growing role in international trade.

Major Industries in Nova Scotia

1. Aerospace and Naval Defence

Nova Scotia is a hotspot for aerospace and naval defence. This region boasts the highest concentration of defence spending in Canada, playing a critical role in national security.

The East Coast Navy, Canada’s largest air force base in the east, and six top global prime defence contractors like Lockheed Martin and General Dynamics have their bases here. This makes it a significant hub for defence operations.

Nova Scotia’s commercial Aerospace & Defence sector includes over 80 companies exporting to 17 countries. These businesses generate around $850 million annually. That’s impressive, right?

The Atlantic Research Centre is Canada’s centre of excellence for maritime defence science. The centre conducts research and provides advice to the Department of National Defence and Canadian Armed Forces in the areas of underwater warfare and surveillance, integrated warship survivability and performance, maritime information warfare, materials science, power and energy, and signature management.

Key Highlights:

  • $25 billion contract for building Canada’s next generation combat vessels over the next 30 years.
  • Notable companies: I.M.P Group, which manufactures flight-critical aircraft components.
  • Innovative Solutions: Companies like Aerotec Engines are working towards making Nova Scotia a world leader in aerospace technology.

Nova Scotia’s dynamic network of successful aerospace and defence organizations keeps you at the forefront of innovation and security.

2. Agrifood

The agri-food sector in Nova Scotia is a critical industry, contributing significantly to the local economy. With over 2,000 businesses and approximately 12,000 jobs directly linked to this industry, it’s a major player in the province’s employment landscape.

Nova Scotia produces an abundant supply of agricultural commodities and ingredients available for export. In 2019, the province exported $363 million worth of agri-food products to more than 70 countries. This extensive export network highlights its strong global presence.

Here are some key features of Nova Scotia’s agri-food industry:

  • High-Quality Food: Nova Scotia has built an international reputation for producing high-quality food, beverages, and value-added ingredients.

  • Diverse Commodities: The region offers a range of products, from berries and apples to dairy and meat products.

  • Innovation: The commitment to quality is supported by various food processor associations and the emerging agri-tech sector.

Exports are crucial. The province’s largest and most diverse consumer of agri-food products is the United States, with products reaching numerous other global destinations.

The presence of numerous farmers’ markets and associations like Taste of Nova Scotia helps in promoting local produce and ensuring high standards of food safety and quality.

Agrifood Nova Scotia stands out for its innovation, quality, and international reach. It’s a proud, important part of the province’s economy and community.

3. Digital Media

Nova Scotia’s digital media sector is vibrant and growing rapidly. You’ll find innovation and creativity driving more than 30 interactive media firms employing around 500 people. This sector is bolstered by its strategic location between Europe and North America’s West Coast, offering significant connectivity advantages.

Interactive Society of Nova Scotia and Digital Nova Scotia are pivotal in fostering growth in this industry. They provide a variety of resources, including professional development, capacity-building opportunities, and facilitating crucial industry connections.

Nova Scotia’s ability to attract top digital talent is enhanced by its unique landscape and attractive lifestyle. You might be surprised to know that the province was ranked #2 for tech diversity and wage growth in Canada as of 2021.

Nova Scotia’s 10 universities and 14+ college campuses provide programs directly aligned with industry needs, creating a steady stream of skilled graduates ready to enter the digital media workforce. This educational infrastructure underpins the sector’s growth and ensures you have access to a qualified talent pool.

The friendly atmosphere of Nova Scotia combined with its robust support systems makes it an ideal place for digital media enterprises to thrive. You will find a conducive environment for both startups and established companies in this bustling sector.

4. Technology and Innovation

Nova Scotia’s technology and innovation sector has been booming recently. The province is home to more than 1,300 information and communications technologies companies. This growth translates to around 25,000 tech employees contributing to a $2.5 billion industry.

Halifax stands out as a key player. The city has climbed the rankings in tech talent markets, placing seventh in North America according to a recent report. This achievement underscores Halifax’s ability to attract and retain talent, outpacing larger cities like Las Vegas.

The sector’s growth doesn’t stop there. Clean technology is another exciting area. Atlantic Canada’s clean technology output was valued at $1.7 billion in 2019. About 15,000 people are employed in this sector, excluding environmental products and services, according to an ACOA report.

Such progress presents ample career opportunities for you in fields ranging from software development to environmental tech. Whether you’re a tech professional or looking to transition into this thriving sector, Nova Scotia offers a vibrant ecosystem to support your ambitions.

Exciting times are ahead with innovations transforming the province into a tech hub that’s full of potential.

5. Retail and Services Sector

The retail and services sector is a crucial part of Nova Scotia’s economy. This sector provides a wide range of job opportunities, including positions in retail stores, restaurants, accommodation, and various service-based businesses.

In 2023, the services sector accounted for a whopping 82% of all jobs in Nova Scotia. This impressive figure highlights the sector’s dominance in the province’s job market. Most of the new jobs came from the services sector, which gained 17,400 positions that year.

Within the services sector, both full-time and part-time jobs saw growth. Full-time positions increased by 12,800, while part-time jobs went up by 4,700. This growth reflects a thriving industry capable of accommodating both full-time and part-time workers.

You’ll find that Nova Scotia offers numerous opportunities for businesses and entrepreneurs looking to invest in the retail and services sector. The province’s strategic location and its diversified economy add to its appeal for investors and business owners alike.

Top services industries in Nova Scotia include:

  • Healthcare: Significant employer and GDP contributor.
  • Retail trade: Diverse shopping options and employment opportunities.
  • Tourism: Attractions, events, and catering services.

When considering business opportunities, Nova Scotia’s retail and services sector offers a robust and growing environment for both employees and entrepreneurs. By tapping into this vibrant sector, you can take advantage of the numerous opportunities available for growth and success.

Frequently Asked Questions

The healthcare sector is a major part of Nova Scotia’s economy, employing thousands and contributing 14.7% to the GDP healthcare industry. Additionally, the clean technology industry, with expertise in energy monitoring technologies, draws international attention.

Halifax is pivotal to Nova Scotia’s economic health. The city is a key player in the bioscience sector, a driver of economic growth with a projected annual growth rate of 5% bioscience sector in Halifax. This makes it one of the fastest-growing areas in the province.

Nova Scotia leverages its rich natural resources, primarily in the clean technology sector. The region’s natural assets enable significant advancements in energy monitoring and related fields, boosting the clean tech industry’s international profile clean technology industry.

Emerging industries in Nova Scotia include the clean technology sector, which is attracting global interest, and the life sciences sector. Life sciences are particularly noted for world-class research and development emerging industries, presenting new economic opportunities for the province.

Over the past decade, Nova Scotia has seen fluctuations in job growth within the goods-producing sector. While there was a 6.9% increase from 2012 to 2022, the growth rate slowed in recent years, with a 4.8% decrease in 2023 job growth trends. This reflects broader economic shifts and challenges.

Resources Related to Major Industries in Nova Scotia

Maurice

About the author

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Canada to identify and maximize funding to grow their business.

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