"We have the worst economy in North America, 60 out of 60 when you look at GDP per capita. So you look down this list, New York State, number one, Massachusetts, number two, the first province that shows up is Alberta, somewhere in 15 to 16 — just keep looking down the list. Mississippi, Alabama, keep looking down the list. West Virginia, keep looking down the list. At the very bottom, Nova Scotia, the worst economy as measured by GDP per capita in North America."
These are the words of Nova Scotia Premier Tim Houston captured in a video posted to X, recently. Houston has been Premier since August 31, 2021. It isn't known when the video was taken or by whom.
Nova Scotia's economy faces ongoing challenges due to an aging population, declining or stagnating industries like fishing, forestry, and manufacturing, and limited diversification into new sectors like technology and renewable energy.
The province relies heavily on government transfers and the public sector, which critics say hampers private-sector growth. Population decline, outmigration of young workers, and infrastructure issues further hinder economic development, while global market fluctuations in natural resources add to financial instability. These structural and demographic issues create a cycle of stagnation, say analysts.
“Our government is working to expand renewable energy projects and resource industries that can bring new jobs and stimulate economic growth,” Houston said in an interview with Global News in 2023.
Houston has focused on fiscal responsibility, reducing government spending, and promoting private-sector growth. His government has prioritized balancing the provincial budget, lowering taxes, and streamlining government services to improve economic stability with varying degrees of success.
Houston has also emphasized efforts to support small businesses, improve healthcare infrastructure, and attract investments in industries like tourism and renewable energy.
However, as of now, tangible results like significant economic growth or major infrastructure projects directly attributed to his leadership are still emerging, and the province continues to face economic challenges.
His policies aim to create a more sustainable fiscal environment, but many of the broader economic issues—like demographic decline and industry diversification—remain long-term challenges beyond immediate results.