NUNAVUT
ECONOMIC
FORUM
Presentation to the Nunavut
Conference and Trade Show
2014
Nunavut Economic Forum
NEF Origins – prior to April 1 1999 –
informal committee of officials – NTI,
INAC and Interim Commissioner’s Office
Idea grew from first Sivummut
Conference held in Rankin Inlet 4 years
earlier in 1994
•
NEF undertook first Nunavut Economic Outlook
in 2001 - it became stimulus for an Economic
Development Strategy
Second Sivummut Conference held in Rankin Inlet
2003
• First Ten-Year Strategy unveiled in the summer of
2003
•
PROVIDED PURPOSE FOR THE NEF
By Early 2004 – incorporated Society
Over 30 members
– included NTI GN and GOC
- Key Sector Organizations, Chambers of
Commerce, Labour, Municipal Organizations
and Other NGOs
UNIQUE IN CANADA
The NEF was charged with the task of
Monitoring the implementation of the Nunavut
Economic Development Strategy
Also helped stimulate focus for economic
stimulus programs like the federal initiative:
Strategic Investments for Northern Economic
Development – or SINED and GN’s SIP
NEF IS UNIQUE IN CANADA !
NEF’s flagship product has been the Nunavut
Economic Outlook Reports – six to date since
2001.
The NEOs in effect have told us how we’re
doing and what issues still lie ahead.
SO HOW ARE WE DOING?
The Nunavut Economic Outlook Report gives
us a periodic snap shot of how our economy is
shaping up – and what the impacts are as a
result.
Nunavut’s population is young, is growing, and is
ageing. All three of these demographic changes will
have lasting consequences for the territory.
UNDERSTANDING NUNAVUT’S
DEMOGRAPHICS
FERTILITY RATES
 Nunavut’s high
200
(fertility rates by age-cohort)
population growth is a
function of its fertility
rates and the number of
Nunavummiut between
the ages 15 and 29
 For the past 15 years
though, fertility rates
have changed very little
175
Nunavut
Canada
150
125
100
75
50
25
0
15-19 20-24 25-29 30-34 35-39 40-44
IMPLICATIONS OF POPULATION GROWTH
 Realistic projections range from ~10,000 to ~14,000 in the
next 20 years
90+
Female (2013)
Female (2032)
Male (2013)
Male (2032)
80
70
60
50
40
30
20
10
0
450
350
250
150
50
50
150
250
350
450
PROFILE OF 60+ COHORT
Female (2013)
Female (2032)
Male (2013)
Male (2032)
90+
80
70
60
200
100
0
100
200
Nunavut’s economy is performing well in several
areas and has enormous potential. …
UNDERSTANDING NUNAVUT’S
ECONOMY
CURRENT ECONOMY AND FUTURE
OPPORTUNITIES
Mining
Fishing
Construction
Tourism
Government
Arts & Culture
Goal of Economy: Growth
1,200
2025
2024
2023
2022
2021
2020
2019
2018
2017
2,200
2016
2015
2014
2013
2012
2011
2010
2009
2008
(real GDP, $, millions)
GROWTH PATH FOR NUNAVUT’S ECONOMY
2,400
Other New
Construction
2,000
1,800
1,600
1,400
Nunavut is at an early stage of its development and
are many challenges to overcome before all
Nunavummiut can fully participate in and benefit from
the opportunities growing around them.
UNDERSTANDING NUNAVUT’S
DEVELOPMENT
NUNAVUT’S DEVELOPMENT
CHALLENGE
Nunavut’s economy is creating enough jobs to
employ most, if not all unemployed
Nunavummiut today
Without knowing anything about Nunavut, it
makes no sense that official unemployment
rates are still high, more than half the
population depends on public housing, and
poverty appears to be on the rise
LOTS OF JOBS … LOTS OF EMPLOYED
13,500
 The assessment of Nunavut’s
13,000
12,500
12,000
11,500
11,000
10,500
2013
2012
2011
2010
2009
10,000
2008
(# of full-time jobs)
economy revealed the territory
has tremendous potential for job
creation
 Many Nunavummiut are taking
the necessary steps to
participate
 Full-time employment has grown
somewhat steadily since the
recession
LOTS OF JOBS … LOTS OF UNEMPLOYED
 Today, there are enough jobs to
Meadowbank
 Iqaluit International Airport
Expansion will import as much as
80% of its labour
 Labour income earned in
Nunavut but paid to nonresidents (JOB TOURISTS) grew
sharply in the past few years
2,000
1,500
1,000
500
0
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013*
 AEM imports 575 workers to staff
Number of Unemployed
employ many if not most
unemployed Nunavummiut
2,500
CHALLENGES WITH NUNAVUT’S CONTINUING
ECONOMIC DEVELOPMENT
 What do we need to do over the next ten years to balance
our efforts between further economic growth and
economic development?
 Publishing the 2013 Nunavut Outlook Report was an
important step
 There have been other important steps in this direction as
well through NEF’s Nunavut Economic Development
Strategy Renewal efforts over the past two years.
CHALLENGES WITH NUNAVUT’S CONTINUING
ECONOMIC DEVELOPMENT
Our renewal efforts have also included Four
Roundtable Discussion, some important research
initiatives, an on-Line Survey and some Town Hall
meetings.
All of these efforts have helped us to better
understand the real impacts that have resulted
from our strong economic growth over the past 10
years
You can find out all about these by visiting our web
site: www.NEDS2.ca
CHALLENGES WITH NUNAVUT’S CONTINUING
ECONOMIC DEVELOPMENT
Finally we will be holding our Sivummut IV
Economic Development Conference in Iqaluit
December 1-4 at the Froibisher Inn
The conference will be a chance for folks drawn
from across the territory to examine in more
detail what our choices may be going forward and
what our priorities should be in balancing our
economic growth with our economic development
and improving the well being of our communities.
CHALLENGES WITH NUNAVUT’S CONTINUING
ECONOMIC DEVELOPMENT
Please visit our web site : www.NEDS2.ca
Consider attending the Sivummut IV Economic
Development Conference in Iqaluit
December 1-4, 2014
NUNAVUT ECONOMIC FORUM
Terry Forth, Executive Director
neforum@qiniq.com
www.nunavuteconomicforum.ca
www.neds2.ca
IMPACT ECONOMICS
Graeme Clinton
clinton@impacteconomics.ca
867.873.8008
2013 NUNAVUT
ECONOMIC OUTLOOK
NUNAVUT’S
N
U N A V U T ’ SNEXT
N E XCHALLENGE:
T CHALLENGE:
TTURNING
U R N I N GGROWTH
G R O W TINTO
H INTO
PROSPERITY
P
ROSPERITY