economic development strategy

As New Brunswick faces record deficits, some chambers of commerce are welcoming the province’s ambitious new economic development strategy.

Last week, the province released its 2026 economic development strategy.

According to the plan, New Brunswick is looking to grow the provincial economy by 10 per cent by 2030 by focusing on three key strategies: increasing productivity, attracting private-sector investment and growing and diversifying exports beyond the United States.

The plan also outlines priority areas the government wants to further develop, such as resource-based industries, including agri-food, mining, forestry and fishing, as well as knowledge- and technology-driven sectors and defence.

Shannon Merrifield, CEO of the Saint John Regional Chamber of Commerce, said the chamber appreciates that the strategy acknowledges sectors where New Brunswick has “real competitive advantages.”

“We are interested and candid about what’s coming our way in terms of supports that the government is going to be providing to our region,” she said.

In March, the government released its 2026-27 provincial budget, which revealed a record deficit of nearly $1.4 billion.

Merrifield said as New Brunswick needs growth, she is encouraged to see the province setting ambitious goals.

RELATED: Chambers raise alarms over deficit, missing growth plan in N.B. budget

RELATED: Critics question what happened to budget cuts

RELATED: New Brunswick government projects $1.39B budget deficit

She added that Saint John is central to the strategy, as the government intends to prioritize resource-based industries.

Merrifield explained that Saint John is deeply positioned in the industries the government has identified, such as energy, exports and advanced manufacturing, and is home to major industrial employers.

“We have the port, infrastructure, the transportation networks, and green, clean energy opportunities,” she said. “So, we shouldn’t just participate in this strategy, we should lead it.”

Merrifield also said the chamber was pleased to see the government address labour force shortages and immigration in the strategy, noting New Brunswick cannot meet these growth goals without population growth.

“We can’t grow our population fast enough without stronger immigration pathways, so we know we need that workforce and we need it now,” she said.

According to the report, the New Brunswick Growth Office will be central to advancing the province’s economic priorities, working to ensure policies and programs align to support “sustainable growth.”

Merrifield said involvement from the office will be key to ensuring communication and efforts are aligned.

Like Merrifield, Kim Wilson, CEO of the Chamber of Commerce for Greater Moncton, said the chamber supports the province’s strategy and is ready to collaborate.

She said the southeast region is an “economic engine” for the province, representing 27 per cent of the population, 27 per cent of GDP and 29 per cent of jobs in New Brunswick.

“We look forward to the next steps of the plan to see what those are,” she said. “We stand ready to collaborate with the province on the plan because we believe prosperity needs to be measured broadly, and economic growth is really important for our province, but it needs to go hand in hand with social well-being.”

While the chamber supports the government’s vision, Wilson said it is looking for more details on how the province will address labour shortages and immigration, and how it will work with the federal government to attract newcomers.

Wilson said the strategy still has details to be fleshed out, but Merrifield said talks with the government have already begun following the strategy’s release.