New Brunswick’s economy is largely dominated by resource-based industries.
The forestry industry is the largest employer in New Brunswick, and the province has significant deposits of low-grade metallurgical coal. In addition, there are abundant opportunities for hydroelectric power generation and natural gas extraction.
The province also has many other industries that sustain its economy, including agriculture (potatoes, barley), fishing (lobster), and tourism.
In Canada’s economic rankings, New Brunswick continues to be a have not province with a per capita GDP of $32,600.
The country’s most recent recession hit New Brunswick hard, but the economy has been slowly growing since.
In the past ten years New Brunswick’s unemployment rate has reached as high as 14% and dropped as low as 9%.
The unemployment rate in the province varies greatly by season, being higher during the winter months and lower during the summer.
New Brunswick’s unemployment rate has dropped by 2.4% since November 2017 and is currently sitting at 9.1%.
New Brunswick is Canada’s smallest province by land area, with a total area of 55,944 square kilometers. The Maritime provinces (Nova Scotia, Prince Edward Island, New Brunswick) are in the Maritimes. The population of New Brunswick is estimated at 751,101 as of July 1, 2018. The majority of the population is English speaking; French is also an official language in New Brunswick.
Interest Facts About the Forest Industry in New Brunswick
New Brunswick supports a thriving forestry industry, as well as significant industries related to the forest sector. The forestry sector was responsible for approximately 20% of the province’s gross domestic product in 2014, employing approximately 14.1% of the total provincial workforce.
There are an estimated 2,349 private forest landowners in New Brunswick, and they account for 67% of all private landowner holdings.
New Brunswick is one of the top producers of softwood lumber in Canada, and a large portion of that lumber is exported to the United States.
The forestry industry has an estimated $1.3 billion in annual exports.
Per capita, New Brunswick produces more softwood lumber than all other provinces combined.