Catch Up over Coffee

Quick Economic Development news from the past week so you can feel up-to-date before finishing that Monday Morning cup.

As we come to grips with the Ukrainian Invasion and pandemic lingering on, there are some realities that may feel scary and overwhelming for your business this tourist season.

Fueling Travel

Rising fuel prices are likely sticking around for a while, and operators will have to accept that this affects pricing. Fuel price increases will affect everything from shipping costs and food production, to general operations in the accommodation sector and construction prices.

How will this affect your business?

• Rising fuel prices impacts things like heating and kitchens. You’ll need to look at adjusting your room and menu pricing to compensate.

• Tourists this summer may choose to fly instead of drive, thinking that this could save money. We could therefore see an increase in rental car usage, as well as tour bus bookings. Now might be a good time to connect with bus tour operators regarding their packages and stops (although those are usually planned 1-2 years in advance).

• If your product or service requires you to drive or increases your cost due to shipping, you’ll need to consider your pricing increase.

Unsure how to go about calculating if and how much to increase prices this season? Let’s connect and look at your cost analysis and overhead to determine your profit margins for this upcoming season.

Wolfville is the new black

Wolfville, Nova Scotia has seen a 20% population increase in the past five years, due in large part to Acadia University and the COVID-19 pandemic causing those to seek out more rural but accessible living.

Plans to develop land on the east and west ends of Wolfville could result in the town’s population growing by thousands of people, as it will allow for the population capacity to DOUBLE.

What does this mean for my business?

• Increase in Wolfville population won’t necessarily take away from other areas of Nova Scotia, but add to the overall population of Nova Scotia. This increases the population of Nova Scotia’s workforce.

• Acadia University will need to adjust with this population increase, increasing its student living, class sizes and offerings, etc. This will help drive students and families to stay and study here in the province, as well as out-of-province visitors looking to send their children to a more rural and seemingly safe college experience.

• In a tourism-driven economy, increasing opportunities in one community increases others’. This will have a trickle down affect for the rest of Nova Scotia, including Cape Breton Island. Population increase in one area of the province means more local tourists year-round.