Moncton Enjoying Steady Economic Growth Curve as Business Location of Choice for Maritimes
A steady volume of business expansion and location announcements by local and national businesses targeted for location in the City of Moncton's Industrial Parks has Moncton Industrial Development (MID), closing its land sales books on a record year of expansion and growth for 2003. "2003 will be as far as our records indicate, the best year of business expansion and growth in terms of volume of land sold that this agency has ever enjoyed," says General Manager Peter Belliveau.
A percolating local economy, combined with Moncton's traditional strength as a strategic location for distributing and servicing customers in eastern Canada, has established a steady year over year growth pattern for Moncton. The growth and focus of companies locating in Moncton's two industrial parks is on servicing the Maritimes from a central location, confirming Moncton as the Maritime's business service centre location.
Moncton is currently benefiting from a decade long growth cycle driven by local economic growth factors such as a strong growth in creating full time employment from part time levels and corresponding lower unemployment levels. This growth employment supports a steady in-migration of new residents looking to take advantage of Moncton's national reputation for steady economic growth. The expanding local economy creates demand for apartments and new homes leading to a strong local construction market and advances in the value of multiple listing real estate prices.
In addition to local business expansion, current mortgage rates are approaching a historic 50-year low that supports continued construction of new single, semi-detached and multiple tenancy buildings. A steady job market, strong multiple listing inventory growth in available homes for sale on the market and continuing renovations in residential, commercial and retail sectors of the economy are all contributing to the vibrant market.
Reflecting this strong economy is new growth coming from all sizes of commercial and industrial companies as they locate and expand their presence throughout Moncton's two industrial parks.
Small companies are taking advantage of the new multi-tenant commercial facilities now under construction, as well as many established companies are building new stand alone facilities to house their regional business growth achievements.
The larger manufacturing and distribution companies continue to acquire lot inventory in Caledonia Industrial Estates (CIE), assembling large acreage locations for project construction that is projected to extend well into 2004 and 2005. Caledonia is a growing concern.
While Caledonia is expanding and growing, the mature developments and infill activity in the Moncton Industrial Park (MIP) continues to position New Brunswick's most successful industrial park as an active, going concern. During 2003, many MIP businesses continued to grow through expansion, re-location, and the conversion of existing buildings into new industrial and commercial uses. A broad range of diverse companies is taking advantage of MIP's convenient city and regional transportation corridor location. This growth in business activity with small and large projects announced for Moncton has lead MID to post the largest year in land sales transactions in the 40-plus year history of the municipal industrial development agency.Previous