Seeking for the best storage spaces for rent in New Brunswick? See the listings above and use our custom search features to find the best location.New Brunswick is located on the Eastern Coast of Canada and is home to a wide variety of industries that have a strong influence on the province's economy. The main industries in New Brunswick include manufacturing, forestry, fishing, and energy. In terms of labor, the services sector is the largest employer in New Brunswick, accounting for around 40% of the total employment. This is followed by manufacturing and construction, which employ around 22% of the population. In terms of GDP, the province's GDP per capita was the 11th in 2021, the GDP per capita was estimated to be around $53,907, which is significantly lower than the national average of $65,651. (https://www.wikiwand.com/en/List_of_Canadian_provinces_and_territories_by_gross_domestic_product#GDP_and_per_capita_GDP,_2021)
When it comes to economic trends, New Brunswick has seen an increase in GDP in recent years. Despite this, the province has seen a decrease in the labor force, as well as a decrease in the number of jobs available. This has led to an increase in unemployment, with the province having the 7th position in the ranking of unemployment rates in Canada in 2022. (https://www.bnnbloomberg.ca/unemployment-rate-in-canada-a-look-at-provinces-and-major-cities-1.1829503)
In terms of ranking data, New Brunswick ranks in the middle of the pack in terms of GDP per capita, with a rank of 11 out of all the Canadian provinces and territories. (https://www.wikiwand.com/en/List_of_Canadian_provinces_and_territories_by_gross_domestic_product#GDP_and_per_capita_GDP,_2021)
Additionally, the province counts with a labor force size of 396,000 (https://www.nbjobs.ca/sites/default/files/2022-05-13-LMI-LabourForce-Report-EN.pdf)
people and a 7.5% of employment rate (https://creastats.crea.ca/board/nbrea-employment-trends/)
This indicates that the province is not as competitive as other provinces in terms of economic performance.
Overall, New Brunswick's main industries are heavily reliant on the service sector, with manufacturing and construction being the second largest employers in the province. Its GDP per capita is lower than the national average, and economic trends have seen a decrease in the labor force and jobs available. In terms of ranking data, New Brunswick ranks in the middle of the pack in terms of GDP per capita, labor force size, and employment rate.