This series of APEC reports, commissioned by the Atlantic Chamber of Commerce (ACC), provides economic analysis of the industries, demographic groups and communities impacted by the COVID-19 pandemic. This research provides Atlantic-based information to help sectors and communities develop effective responses to the effects of COVID-19 and to develop plans to adapt to potential longer-term implications.
COVID-19: Key Economic Issues for Atlantic Canada - Hardest Hit Industries
Atlantic Canada’s tourism, oil and mining, construction, manufacturing, retail, and restaurant industries have lost over $12 billion in combined revenue in 2020 due to COVID-19.
Businesses in these industries need to develop a robust plan to make it through the next 2-4 years, taking account of changes in consumer demand and in their supply chain.
Many firms will need assistance and advice to transition to a more digital future. Training and retraining workers to support innovation and full labour force participation should be a priority.
Demographic & Diversity
|Government programs have helped sustain incomes and employment. However, these workers remain vulnerable. Training and other programs could help them thrive, especially when innovation is occurring in these industries.|
Geographic Impacts of COVID-19
|All areas of Atlantic Canada have been negatively impacted by COVID 19, but the effects have been geographically uneven. Job losses in New Brunswick and Prince Edward Island were not as large due to containment of the virus. Rural areas have not fared as well due to the strong prevalence of primary industries and resource based manufacturing.|