Government of New Brunswick

 All governments focus on areas of their economies that hold the best potential to attract private-sector investment. The Ontario and federal governments spend a substantial amount of money and resources to ensure the automobile manufacturing sector can thrive. On Prince Edward Island, a concentrated fo­cus on the aerospace sector has led to the growth of a $400-million industry. Government's opportunities-based economic development model is based on the same principles – only it looks for singles and doubles as well as home runs. Collectively, these opportunities will boost growth and build momentum.

Government will start by using the subject-matter experts in government departments to uncover potential op­portunities. Government will work closely with the private sector to ensure these opportunities have potential and to develop the roadmap for their development.

   

A growth opportunity is one that will lead to incremen­tal business investment and jobs, leading to a sustained boost in GDP and tax revenue. Opportunities will be assessed based on:

  • the scope and scale of the opportunity (we need to boost GDP);
  • the time to impact (we need growth in the short term to stimulate the economy);
  • a clearly defined and relevant role for government and the resources required (not all opportunities for business investment require government involve­ment – some may require just a nudge); and
  • a defined return on taxpayer investment (we need to show that public investment in opportunities increases tax revenues).

Each will be assessed using the five policy pillars:
   

People Innovation Capital Infrastructure Agility

Does the opportunity require workers with specific skillsets? Would it benefit from linking into the in­novation network? Are there gaps in financing? Is there a specific investment in infrastructure that would strengthen the value proposition for investment? Are there elements of the business climate that have to improve to encourage companies to invest? These are some of the questions that will be asked based on the five pillars.

  

The Jobs Board Secretariat is working with the private sector, community leaders, Opportunities New Brunswick and government to identify potential growth opportunities. Each depart­ment will develop an economic opportunities plan based on these growth opportunities. These plans will have incremental GDP, jobs and tax revenue targets and will be used to develop government-wide targets for growth.

As the New Brunswick Growth Opportunities model develops, industry groups, local community groups, etc. will be encouraged to bring forward growth op­portunities. They will need to be vetted and meet the same criteria as opportunities championed from within government.