4 April, 2022: Quick Economic Development news from the past week so you can feel up-to-date before finishing that Monday Morning cup.
Two weeks ago, Nova Scotia released unprecedented investment in capital spending, and last week they released a more detailed budget plan, including the focuses for the Department of Economic Development. I’ve pulled the most important aspects of this 11 page document out for you, so you know where the money is headed.
Department of What?
The department has changed its name from Department of Business to Department of Economic Development and it looks like it’s focusing heavily on rural economic development. This is great for Cape Breton Island, especially in a tourism economy where we need to grow our small towns and build our businesses back up post-pandemic.
Our new Minister, the Honourable Susan Corkum-Greek, is doing intensive reviews of the department and Crown Corporations that fall under the department of economic development to “Ensure the most efficient and accountable approach for economic development. This will include implementing recommended actions from a government-wide review of agencies, offices, and Crown corporations as well as undertaking a targeted review of investment and attraction mechanisms and structures to ensure they support various communities across the province.”
The Budget Break-Down
Finance Minister, Allan MacMaster, released the capital plan at the end of March with another year of the building plan hitting the $1-Billion mark. Specifically, $1.5-Billion total, the government is saying that “Innovation and decisive action are required to achieve real and lasting solutions.”
The Budget 2022–23 is focused on:
• Solutions for Healthcare: laying the foundation for mental health,
improving access to primary care and investing in long-term care
• Solutions for our Economy: housing, business, economy/workforce
• Solutions for our Future: environment, education, supporting Nova Scotians
You can find the full budget by clicking here.
$96,520,000 of the budget is headed to the Economic Development Mandate, which includes programming and departmental operation funds.
Economic Development Mandate.
Recognizing development is an ongoing and collaborative process, the department will align government efforts toward economic growth and advancement to improve the well-being of Nova Scotians.
-Business Plan 2022-23, Department of Economic Development
Key Pieces of the ED Mandate
- Take an action-oriented approach focused on practical responses and initiatives that encourage Nova Scotia’s innovation, competitiveness, entrepreneurship, and regional development based on comparative advantages.
- My Thoughts: Work with Regional Enterprise Networks and Crown Corps to make sure each region is looked at regional solutions are made.
- Collaborate with its Crown corporations and leverage established networks to convene and catalyze action across provincial departments; municipal and federal government partners; and post-secondary institutions to create a dynamic environment for businesses to succeed.
- My Thoughts: This can help to reduce red tape and speed up action when the departments talk to each other for a more regional approach.
- Continue to foster relationships and engagement with entrepreneurs and small business owners; large businesses; and venture capital investors recognizing the contributions of businesses in all regions and sectors to realize the province’s economic objectives.
- My Thoughts: This has the possibility to look at solutions for regions that may not have been there before when looking at individual solutions.
- Work within all the Province’s distinct regions; each with their own unique advantages, to enable communities to participate in solutions that positively impact regional economic success.
Key Department Activities
The ED department is responsible for strategic direction, planning, and evidence-based policy decisions that support the economic agenda of the province. The biggest takeway from these key activities is that department wants to make it easier for businesses to grow and succeed. They want to cut out the red tape, make informed decisions, and have the government help you. Ongoing operations include:
- Ensure the most efficient and accountable approach for economic development. This will include implementing recommended actions from a government-wide review of agencies, offices, and Crown corporations as well as undertaking a targeted review of investment and attraction mechanisms and structures to ensure they support various communities across the province.
- Ensure the innovation ecosystem continues to flourish in Nova Scotia by maximizing partnerships with innovation hubs and incubators and make certain funding aligns with economic objectives.
- Continue to work across departments to facilitate regulatory coordination on major projects to ensure collaboration and efficient delivery of service.
- Maintain stewardship of previously approved commitments under the Jobs Fund Act until 2042.
- Build on learnings from the COVID-19 pandemic and work with sectors and communities to inform economic policy over the coming years.
Bottom Line:
Overall Budget: Roughly $1.5 Billion
Economic Development Budget: $96.5 Million
Unallocated Amount (“Restructuring costs”) : $402 Million (Some of this could fall into the ED budget as the Crown Corporations are being reviewed and potentially restructured.)
The department wants to make it easier for businesses to grow and succeed. They want to cut out the red tape, RENS will stay, and we should look out for new programming that can help your business.
Skye Glen Consulting Inc. 