Halifax sees biggest employment spike in a decade: report
The Halifax Index 2025, presented by TD, explores how the city fared in 2024 through eight key factors: people, labour, economy, communities, affordability, well-being, real estate and a scorecard.
It also compares Halifax with nine major benchmark Canadian cities: St. John's, Quebec City, Montreal, Ottawa, Toronto, Kitchener-Cambridge-Waterloo, Winnipeg, Calgary and Vancouver.
'A degree of moderation was evident in 2024, as population growth in Halifax slowed, the housing market eased slightly, and inflation declined allowing the Bank of Canada to start lowering interest rates,' the report reads. 'These factors contributed to greater purchasing power for Halifax residents and businesses after three consecutive years of decline.
'This forecast, however, was issued prior to the return of President Donald Trump to office in the United States. His threats and chaotic behaviour have caused confusion and elevated risk in the world economy, with Canada among the nations potentially affected most. The only certainty for 2025 would appear to be continued uncertainty with significant downside risks.'
Labour
The report says Halifax added 13,900 new jobs in 2024, the biggest increase since 2014. It also recorded a record high total employment of 277,400.
Much of the employment growth was led by jobs in public administration (more than 4,500) and health care and social assistance (more than 3,900). Halifax had the second lowest unemployment rate among the benchmark cities, tied with Winnipeg and below Quebec City.
Halifax lost jobs in:
manufacturing: 1,200
professional, scientific and technical services: 1,300
information, culture and recreation: 1,200
forestry, mining, fishing, quarrying, oil and gas: 300
Population
Halifax's population finally reached half a million in July 2024, but its growth rate fell to 2.4 per cent compared to 3.9 per cent in 2023. Its growth rate was the lowest among the benchmark cities.
Overall the population grew by fewer than 12,000 people in 2024.
'Population growth was driven entirely by international migration,' the report reads. 'Natural growth, interprovincial migration, and intraprovincial migration figures were all negative.
'In 2024, the federal government introduced a series of tighter immigration measures including a cap on work permits and a new quota for study permits. As a result, Halifax admitted only 26,635 international migrants in 2024, a 4% drop compared to the previous year.'
Economy
Halifax's 2.6 per cent GDP growth rate was the second highest among the benchmark cities, according to the report.
'While Halifax's economy grew in 2024, GDP per capita did not,' the report reads. 'The pie got bigger, but each of the municipality's residents got a smaller slice. Productivity metrics remain less than encouraging.
'Cargo figures were down in 2024, at both Halifax Stanfield International Airport and the Port of Halifax, but air-passenger numbers continued to climb toward pre-pandemic levels. Cruise vessel and passenger figures, as well as total room nights sold, reached new record highs in 2024.'
The report says Halifax saw positive growth in retail sales, but manufacturing sales fell after a three-year upward trend.
Affordability
Halifax enjoyed a six per cent increase in per capita income in 2024, but its poverty rate is at 13.3 per cent, behind only Toronto among the benchmark cities.
The median child-care costs for infants in Halifax is $529 per month, which is in the middle of pack among the benchmark cities.
More to come…
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