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Quick New England Facts
- Includes the states of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.
- Total population of 13.5 million.
- Urban population of 11.3 million (84% urbanization rate).
- Real per capita personal income in 1998 was $28,250 (1992 US$).
- Three New England states rank among top seven states in terms of real per capita personal income, including Massachusetts (first), Connecticut (third) and New Hampshire (seventh).
- Daily flights from St. John’s to Boston and St. John’s to Hartford.
- Labour force growth was 0.6% in 1999, compared to 4.1% for this Province.
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Trade and Investment Events 2000
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Trade with New England is
increasing.
Key exports from this Province
include iron ore, newsprint, refined
petroleum, crude oil and fish products.
Quick Labour Force Facts
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The Province had stronger labour force growth (4.1%)
in 1999 than New England (0.6%). There was minimal growth in the labour
force in Massachusetts and a slight decline in Connecticut.
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The Province had a faster rate of employment growth
(5.5%) in 1999 than New England (0.8%). There was minimal employment
growth in Massachusetts and a slight decline in Connecticut.
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New England is experiencing virtually full employment
and had an unemployment rate of 3.3% in 1999.
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The unemployment rate for the Province in 1999, for
those workers with a post secondary certificate or degree was 12%. This
indicates that the Province has a relatively large and available skilled
labour pool.
- The Province’s hourly manufacturing wage rate (CAN$13.86) is
competitive with that of New England (US$14.34).
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New England Trade
and Investment Strategy
The Province is targeting the New England States to expand its reach and
reputation as a leading exporter of goods and services and as an attractive
business location. The Province feels it is timely to introduce a strategy
targeting this area, because both the New England region and Newfoundland
and Labrador are experiencing growth at rates faster than their respective
national averages. The Province is devoted to the strategy for the long-term
and is committed to new and exciting business promotion in the New England
market place through initiatives to help match local companies with growth
opportunities in the region.
Government, through the Department of Industry, Trade and Technology,
recently announced the New England Trade and Investment Strategy. This
forward-looking strategy is designed to optimize export opportunities and
attract investment from the New England States with a view to creating jobs
and wealth in Newfoundland and Labrador. Initially, the focus of the
strategy will be Massachusetts and Connecticut.
Why New England?
Increasing business costs, full employment, and the lack of an available
skilled workforce are forcing many New England-based firms to import goods
and expand operations to other jurisdictions. A cost-effective business
environment, and an available and well-trained work force will allow
Newfoundland and Labrador to take advantage of these opportunities in 2000
and beyond.
KPMG Investment Surveys
The Province is actively seeking investment from New England firms. Both
the 1998 and 1999 KPMG surveys indicated that St. John’s is one of the
most cost-effective places in the world to do business, ranking ahead of
Boston and five other Canadian locations near the New England region,
including Halifax, Moncton, Charlottetown, Montreal and Toronto. St. John’s
placed second overall in the 1999 survey and first overall in 1998. The
study calculated total business costs, including location-sensitive costs
such as labour, electricity, taxes and transportation, for seven
manufacturing industries (electronics, telecommunications equipment, medical
devices, food processing, plastic products, metal fabrication, and
pharmaceuticals) and two software industries (advanced software and packaged
software).
Targeted Sectors
The Province is focusing its efforts on key industry sectors in the New
England region including information technology, environmental products and
services, biotechnology, manufacturing, and consumer goods. Pending future
development, New England is also a potential market for natural gas.
The New England Trade and Investment Strategy is based on a partnership
approach between the provincial and federal governments, the private sector,
and industry associations to maximize trade and investment opportunities.
The goal is a new and exciting business promotion in the New England
marketplace through trade missions, promotional campaigns and other planning
initiatives.
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