The Big Bad Wolf is at Our Door: Why New Brunswick Needs a Long-Term Growth Plan

Commentary March 29th, 2025

New Brunswick’s latest budget paints a picture of financial stability, but the numbers tell a different story. A $500 million deficit is a red flag and a warning sign. It signals that we are managing decline and in desperate need of building a clearly defined path for long-term prosperity.

Our economy isn’t growing fast enough to keep up with the pressures ahead. With rising borrowing costs, productivity challenges, and shifting global trade policies, the risk isn’t just that we fall behind—it’s that we get left behind. The big bad wolf is at our door, and if we don’t act now, we’ll find ourselves reacting to crisis instead of shaping our future.

The Real Problem: We NEED a Bold, Long-Term Vision

New Brunswick has been fortunate in recent years. Population growth has boosted our tax base, and businesses have remained resilient. But growth without productivity is a house built on sand. Right now, we are:

– Underinvesting in productivity and innovation, limiting our ability to compete.
– Exposed to global trade disruptions without a strategy to build economic resilience.
– Facing a workforce crisis, with businesses unable to find the talent they need.

Simply balancing the books isn’t enough. Without a clear plan to grow the economy, we’ll be facing even tougher decisions in the years ahead.

A Roadmap for the Future
New Brunswick—and Saint John as its economic engine – requires a robust strategy that doesn’t just manage decline but drives sustainable growth. Over the next few weeks, we will explore three key areas where bold action is needed:

1 Boosting Productivity & Investment ( Article 2)
• Why we must increase economic output per worker to raise wages and create sustainable prosperity.
• How infrastructure investments and business innovation can drive long-term gains.

2 Building Economic Resilience in a Changing Global Market (Article 3)

• How Saint John’s port, industries, and supply chains are vulnerable to trade disruptions.
• What policies and investments can protect our economy from external shocks.

3 Fixing Our Workforce Crisis to Fuel Growth (Article 4)

• Why businesses can’t fill critical roles and what that means for our economy.
• How targeted education, training, and immigration strategies can close the gap.

It’s Time to Act. Now.

New Brunswick has a unique opportunity—but also a responsibility—to take decisive steps toward a stronger, more resilient economy. Our business community is ready to help shape that future, but we need decisive leadership, vision, and action. To that end, let’s give credit where it is due – as initial steps have been made through ONB’s $40 million competitive growth program. However, it only starts here – the collective “we” (government, business and industry) need to be strategic on how these funds are utilized. “We” need to be laser focused and be ready to invest in clearly defined sectors that will yield future investment. More on this to come in our next commentary.

Short-term fixes isn’t the answer. If we want a New Brunswick that is stronger, wealthier, and more competitive in the decades to come, the time to build is now. Because when the big bad wolf comes knocking, a well-managed budget won’t cut it — we need an economy built to last.

Shannon Merrifield is the CEO of the Chamber of Commerce Greater Saint John and her commentary is published in the Telegraph Journal the 4th Saturday of each month.
smerrifield@thechambersj.com
506-271-4744