Economy edit
After a long struggle to recover from the disappearance of coal and steel industries and while continuing to suffer from high annual population loss the economy of Cape Breton is projected to achieve sustainable growth from 2017 to 2021.[1] Cape Breton Island, of which CBRM is home to over three quarters of the population, has continued economic strength in its fishing and forestry primary sectors and in services (trade, transportation and warehousing, business and other support services), education, health care, and accommodation & food.[1] While the region boasts a diverse industrial economy when compared to other regions in Nova Scotia,[2] the region continues to struggle with an unemployment rate of 13.7% in December 2017, significantly higher than the Nova Scotia and national averages.[3]
CBRM is home to a significant tourism industry. Nearby attractions such as the Cape Breton Highlands, Bras d'Or Lake and Fortress of Louisbourg have made Cape Breton Island a tourism destination for many years. Visitors can experience the art and history that Sydney and area has to offer,[4] or experience Sydney's surging culinary scene.[5][6] A growing cruise ship business has been making use of the port of Sydney to give cruise passengers access to the area. The Port of Sydney hosts more than 70 cruise ships per season,[7] most notably the Queen Mary 2, Queen Elizabeth 2, and MS Maasdam. A recent study found that a strong tourism cluster is emerging and will be reinforced with the recent announcement of a second cruise ship dock in Sydney.[8]
Currently, the former Sydney Steel Corporation's site in Sydney has been transformed into the Harbourside Commercial Park focused on office and light industrial use, connected in 2010 by the Sydney Port Access Road to Highway 125.[9] As the province's second largest municipality, recent federal policy of increased infrastructure spending will provide added economic stimulus.[1]
- ^ a b c "Nova Scotia's Economic Regions – Macro Outlook 2017 – 2021". Canmac Economics Ltd. May 2017.
- ^ "Canmac Economics, Statistics Canada Labour Force Historical Review". Canmac Economics Ltd. 2010.
- ^ "Cape Breton's unemployment rate increases slightly". Cape Breton Post. 2017-01-05.
- ^ Hunter, James (2016). "14 Fun Things You Have To Do On Your Next Road Trip To Sydney". Narcity.
- ^ Donaldson, Cathy (2017-11-03). "Returning as a 'tourist' to hometown of Sydney". Chronicle Herald. Archived from the original on 2018-03-01. Retrieved 2018-03-01.
- ^ Wesley, Gillian (2017-05-16). "Your No-Fail Cape Breton Vacation Guide". the Local Traveller.
- ^ Shannon, Chris (2016-01-13). "Cruise ships calling". Cape Breton post.
- ^ "Nova Scotia's Economic Regions – Macro Outlook 2017 – 2021". Canmac Economics Ltd. May 2017.
- ^ "Summer 2010 – Completion of Ferry Street – Spar Road Interconnection". Harbourside Commercial Park.