Provincial Economic Growth Strategy Being Updated

With unemployment in the province at a 29-year-low, work has begun to update Nova Scotia's economic growth strategy, Premier John Hamm announced today, June 14.

"This fall will mark five years since we launched Opportunities for Prosperity, a 10-year plan for growth which has resulted in the creation of tens of thousands of new, full-time jobs," said Premier Hamm.

"Although the strategy has helped fuel significant job growth in Nova Scotia, it's important in a highly competitive global economy to not rest on our past successes. That means listening to Nova Scotia business, community and labour leaders.

"And, over the next several months, that's precisely what we'll be doing, as we update our economic strategy, ensuring that Opportunities for Prosperity truly reflects the Nova Scotia of today and tomorrow, not the Nova Scotia of yesterday."

The premier made the announcement today in Halifax at the conclusion of Nova Scotia Business Inc. (NSBI)'s Geared for Growth Business Conference. NSBI is an arm's length Crown corporation created as one of the key recommendations of Opportunities for Prosperity.

"There were many good ideas on capital, productivity, exports and small business raised by the participants at Geared for Growth that I will be passing along to the Minister of Economic Development and his team as they work on the growth strategy update," added the premier.

Premier Hamm highlighted a number of significant economic achievements since the launch of Opportunities for Prosperity in the fall of 2000:

• 39,400 jobs have been created;
• the unemployment rate has dropped from 9.6 per cent to 7.7 per cent (the lowest rate since March 1976);
• annual incomes have increased by 13.6 per cent;
• Nova Scotia had the best job creation rate in Canada in 2004; and
• new strategies have been launched to enhance the number of skilled workers, expand the scope of innovation and protect and sustain Nova Scotia communities.

"Our plan for growth is working," said the premier. "By listening to Nova Scotians, our government will do what it takes to make sure our growth strategy keeps working for the next five years and beyond."

Stephen Lund, NSBI's president and CEO, welcomed the premier's commitment.

"From the discussion at Geared for Growth over the last two days, it's clear Nova Scotia has a solid foundation to continue growing," said Mr. Lund. "But we have to be aggressive, we have to keep making the necessary changes to strengthen and enhance an already great business case to investors."