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The transition from 2021 into 2022 feels like an especially significant turning point. While 2021 marked another long year under the shadow of the pandemic, mid-way into 2022 we seem to be emerging from COVID, although no one would yet say that we are in a post-COVID world. The 2021 to 2022 handover also marks the shift to a new five-year economic strategy for Halifax, that in many ways is a continuation of the last and builds on its success.
By many metrics Halifax is coming out of the pandemic in a strong position. Our economy rebounded well in 2021 and population growth remained strong. Job losses have long been regained and now it is the job vacancy rate, not the unemployment rate, that is the chief labour market concern.
In addition to the continuing battle with COVID and growing labour shortages, other challenges we now face include the highest rates of inflation in three decades and a housing market marked by insufficient supply and skyrocketing home prices and apartment rents. Although economic activity is robust on many fronts, some businesses are deeply concerned about being unable to find sufficient workers or are unsure if the shift to remote work will permanently reduce their customer bases.
Like any city, Halifax has challenges to address and growing pains to manage, but we also have great momentum, a clear sense of what needs to be done, and the collective will to build an evermore prosperous, inclusive, and sustainable community.
Every year, the Halifax Index provides an overview of our city and insights to strengthen and grow Halifax. This 11th annual edition continues to measure Halifax's growth across a wide range of key indicators and progress towards our Economic Strategy goals.
The Index compares Halifax against five other similar-sized Canadian "benchmark cities." They include St. John’s, Quebec City, Kitchener-Cambridge-Waterloo (KCW), Regina, and Victoria.
Halifax experienced another year of robust population growth in 2021, attracting a record number of people from across Canada. Population was bolstered by immigration, despite travel restrictions.
Halifax’s labour force grew in 2021, but job vacancies are also growing. Although concerns remain about an aging workforce, the share of the workforce aged 45 years and younger has increased.
With GDP growing by 6.0%, the Halifax Gateway recovery under way, and growth in retail sales in 2021, business confidence in Halifax set a new record in the Partnership’s 2022 Business Confidence Survey.
With inflation reaching its highest level since the early 1990s, the cost of living generally and housing affordability specifically have become major concerns for residents in both Rural and Urban Halifax.
Escalating prices for housing, energy, and food caused Halifax’s inflation rate to jump in 2021. Coupled with a low income growth rate, average purchasing power in Halifax dropped.
Despite a second year living with COVID-19, deep concerns over housing availability, and rapidly accelerating inflation, satisfaction levels with life in Halifax were high.
The average price for a new home in Halifax hit a record high in 2021. Higher home prices, record low vacancy rates, and higher average rents have put significant pressure on the real estate market.
Check out the measures we’ll be using to track the progress towards long-term goals of People. Planet. Prosperity. Halifax's Inclusive Economic Strategy 2022-2027 and see the scorecard of our progress.
To our sponsors and partners who helped us develop this year's Halifax Index.
View previous years' Index publications by visiting the Halifax Index Archive below.
On May 27th Halifax Partnership presented this year's Halifax Index along with partners from TD Bank, Narrative Research, and Entrevestor.
Halifax Index 2022 Presentation (.pdf 17.2mb)
The Canadian Economic Outlook - TD (.pdf 373kb)
Halifax Partnership 2022 Business Confidence Study - Narrative Research (.pdf 961kb)
2021 Atlantic Canadian Startup Report: Halifax Edition - Entrevestor (.pdf 1.17mb)
Co-led by Halifax Partnership and the Halifax Regional Municipality, Halifax’s Inclusive Economic Strategy 2022-27 is a shared roadmap for economic development over the next five years, founded on the values of engagement, inclusion, alignment, and collaboration. Collectively, this strategy is ours to own and implement to achieve our vision for Halifax.
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