With Tuesday's federal budget announcement looming, business leaders across Atlantic Canada are speaking out about what they need to see from Ottawa to fuel economic growth and address pressing regional challenges.
The Housing Crisis Takes Center Stage
From Halifax storefronts to Saint John manufacturing plants, one issue dominates conversations: housing. The severe shortage of affordable housing is making it increasingly difficult for businesses to attract and retain workers, creating what many describe as the single biggest barrier to economic expansion in the region.
Fred Morley, chief economist with the Greater Halifax Partnership, didn't mince words when he stated, "If we don't fix the housing issue, we're not going to be able to grow the economy." His sentiment echoes across boardrooms throughout the Maritimes.
Balancing Fiscal Responsibility with Strategic Investment
While businesses want to see targeted spending, there's equal concern about fiscal management. Louis-Philippe Gauthier of the Canadian Federation of Independent Business emphasized the need for budgetary restraint, warning that excessive spending could force the Bank of Canada to maintain higher interest rates for longer.
Gauthier outlined three key priorities for small and medium-sized enterprises:
- Addressing the housing affordability crisis
- Controlling government spending to ease inflationary pressures
- Extending the carbon tax exemption to all heating fuels
Green Energy and Infrastructure: Regional Opportunities
The budget presents significant opportunities for Atlantic Canada's emerging sectors. Patrick Sullivan of the Halifax Chamber of Commerce highlighted the potential for green energy investments and critical infrastructure projects that could position the region as a leader in the transition to sustainable energy.
Meanwhile, the Canadian Manufacturers and Exporters organization is pushing for measures that would boost productivity, including expanding the carbon tax exemption to other fuels like propane and natural gas used in agricultural and manufacturing processes.
What's at Stake for Maritime Commerce
As business owners await Tuesday's announcement, the consensus is clear: this budget must strike a delicate balance between addressing immediate needs like housing while making strategic investments in Atlantic Canada's future economic drivers.
The success of this balancing act could determine whether the region's businesses can overcome current challenges and capitalize on emerging opportunities in the years ahead.
