Halifax Economic Dashboard

Economic Snapshot

(Updated: October 2021)

  • Halifax's unemployment rate dropped to 6.8% in September, down from 8.6% in September 2020 and the lowest it has been since November 2020. The participation rate saw no change since last month and is roughly the same it was a year ago.
  • According to the Conference Board Halifax's GDP dropped 1.9% in 2020, the smallest decline across cities in Canada. They predict Halifax's GDP will rebound 5.7% in 2021.
  • Since January 2021, overall employment has increased 2% with the largest growth coming from Professional, Scientific and Technical Services (+21.6%).
  • Retail sales in Nova Scotia climbed 9.7% over the past 12 months. All categories are up since January 2021.
  • The industrial vacancy rate fell in Q3 to 3.8% as average rents increased 20 cents to $7.90 psf. Office rents remained unchanged in Q3, with the overall vacancy rate down for the second straight quarter to 14.6%.
  • Average home prices increased 6.6% from August to September, rising to $471,746. This represents 23.5% price growth since September 2020.
  • Halifax saw an annual increase in the Consumer Price Index (CPI) of 4.8% in September.

Get the Facts on Halifax's Economy

To learn more about Halifax’s economy and get a definitive look at Halifax’s economic and community progress, read the Halifax Index 2021.

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