Macklem Sees Bright Spots in Nova Scotia Economy Amid Global Disruption
Bank of Canada governor Tiff Macklem is optimistic about Nova Scotia's economy, citing a falling unemployment rate and steady job growth. The province's unemployment rate now stands at 6.1%, below both its pre-pandemic level and the national average.
Job growth has been positive each month since June, with employment increasing by 2,600 jobs over the last month. Macklem attributed this to the region being less exposed to U.S. tariffs and the upside of significant investments in military projects, particularly shipbuilding and energy systems.
The River-class destroyer program is a major economic driver for the province, valued at between $56 billion and $60 billion. The contract to construct the Navy's next-generation fleet was awarded to Irving Shipbuilding in March 2025, providing a steady pipeline of work through at least 2050.
Macklem also highlighted the opportunities in ocean technology, where military investment could generate civilian applications. However, he cautioned that the broader Canadian economy is facing a period of frequent disruption due to an increasing number of economic shocks.