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 2023.
Halifax Economic Dashboard
See an overview of the most up-to-date economic statistics on Halifax
Halifax Economic Snapshot
(Updated: September 2023)
Home Prices
Between July and August 2023, the average home price in Halifax increased 1.0% to $574,641. This is 21.6% higher than it was in August 2022, but 4.8% lower than the peak recorded in April 2022. The sales-to-new-listings ratio dropped to 80.9, maintaining Halifax's status as a "seller's market".
Retail Sales
Total retail sales in Nova Scotia declined 4.1% in July 2023 compared to a year ago, and were down 7.8% since June 2023. Across industries, the largest annual increase in retail sales was recorded for health and personal care retailers (+22.5%), whereas the largest annual decline was recorded for gasoline stations and fuel vendors (-26.8%). These figures reflect the the total dollar value of transactions, which are affected by both the volume of goods sold and the changes in their prices.
Consumer Confidence
Narrative Research's Consumer Confidence Index for Halifax climbed to 76.3 in Q2 2023, up 5.3 points from Q1 2023. This is the highest it has been since Q1 2022, when the score was 81.5. For comparison, the Consumer Confidence Index for Nova Scotia in Q2 2023 was 71.1.
Labour Market
The unemployment rate in Halifax increased to 7.2% in August 2023, the highest it has been in two years. Comparatively, the August rates for Canada and Nova Scotia were 6.3% and 7.5%, respectively.
The overall number of jobs in Halifax increased by 1,200 positions (+0.5%) between July and August, 2023, and by 7,600 positions (+3.0%) compared to a year ago. Since August 2022, the information, culture, and recreation industry added the most jobs (4,900), while the professional, scientific and technical services industry lost the most jobs (-4,300).
Inflation
Halifax saw an annualized inflation rate of 4.7% in August 2023, 1.1 percentage points higher than the previous month but 3.1 percentage points lower than a year ago. Comparatively, August 2023 saw the national inflation rate rise 0.7 percentage points to 4.0% compared to July 2023, while the Nova Scotia rate rose by 1.2 percentage points to 4.7%.
