NB Growth Plan September 2016
Our Economic History Average annual real GDP growth rates +3.6% Average annual labour market growth 5,850 +2.1% 2,933-0.1% 1985-1989 1993-1998 2009-2014 217 1976-1990 1991-2008 2009-2014
The vision for New Brunswick 2020 and beyond Growing workforce Growing population (esp. <40) Net employment growth Multicultural, diverse and thriving communities
The vision for New Brunswick 2020 and beyond Increased R&D More start-ups and growing firms Higher value activity in the economy Higher wages
The vision for New Brunswick 2020 and beyond More private sector investment Entrepreneurs have access to capital New economic, social and innovation-boosting infrastructure
The vision for New Brunswick 2020 and beyond Digital government and society Rapid speed of government Regionally harmonized Balanced budgets
NB Growth Opportunities Model 7
NB Growth Opportunities Model 1. Define 2. Seek 3. Evaluate 4. Select 5. Develop
NB Growth Opportunities Model Define Significant scope and scale Short to medium time to impact Clear and relevant role for government Positive ROI
NB Growth Opportunities Model Define Traditional Economic Development Sector Initiatives OPPORTUNITIES GOING FROM What programs grow the Agriculture Sector? MOVING TO What policies and BD will help grow the blueberry opportunity? Firm-Level Investments Traditional Economic Development BUT NOT JUST Building a program to invest directly in 10 blueberry producers
NB Growth Opportunities Model Seek Opportunities Summits Government SMEs ONB team and clients Communities and the public
NB Growth Opportunities Model Summits Individual Summit Reports online Summary of Summits Report released Opportunities selected Actions already underway from most summits Round 2 early 2017 22 Opportunities Summits 15 Cities 30+ New Opportunities 1500+ Participants 500+ Ideas Generated
NB Growth Opportunities Model Evaluate Total investment Job creation Average Wages Payback Time to impact Risk / Complexity Added / social value
NB Growth Opportunities Model Select High scores Cluster alignment Community Champions System support
NB Growth Opportunities Model Develop Community Policy Business
NB Growth Opportunities Model Develop Economic mandates per department Renewed regional development First Nations partnership
Growth Opportunities 17
NB Growth Opportunities New Farmers Blueberries Fundy Coast tourism Local Food & Beverage Marijuana Natural Resources Maple Syrup Biomass Cybersecurity Home-based work Business Support Knowledge Financial back office Smart Grid Energy Energy Efficiency Energy East
Sample Opportunity New Farmers We have: Agility Infra. Land Opp. We need: People Capital Growth agenda
Sample Opportunity Smart Grid We have: Innovation Infrastructure Opportunity We need: People Agility Growth agenda
21 5 Pillars of Growth
5 Pillars of Growth 1. PEOPLE Strengthen our workforce 2. INNOVATION Expand our capacity for innovation 3. CAPITAL Grow private sector investment 4. INFRASTRUCTURE Foster public and private investment in strategic infrastructure 5. AGILE GOVERNMENT Foster agility and nimbleness in the public sector and across the economy
Pillar of Growth: People Strengthen our workforce Build Talent Attract Talent
Pillar of Growth: Innovation Expand our capacity for innovation Grow innovators Boost R&D Commercialize, start-up, grow Innovation Labs Smart Province
Pillar of Growth: Capital Grow investment from the private sector Fluid Capital Markets New Economic Investment Model Competitive Cost Environment
Pillar of Growth: Infrastructure Invest in strategic infrastructure Spur Private Infrastructure Support Public Infrastructure
Pillar of Growth: Agilty Foster agility in the public sector Modern Regulations Strategic Trade Policies Nimble ED system
NB Growth Plan What s new? 1. Working at the opportunity level across ALL government departments coordinated, mandated 2. Hyper-focus on expanding the workforce 3. Commitment to invest more in R&D 4. Smart Province prominence and integration 5. Social Innovation Labs
NB Growth Plan What s new? 6. Focus on economic infrastructure 7. Collaborative red tape reduction 8. Clear ROTI for all economic investments 9. New regional development approach 10. More intentional federal strategy and partnership
30 Q & A
31 THANK YOU!