Economy
New Brunswick's urban areas have modern, service-based economies dominated by the health care, educational, retail, finance, and insurance sectors. These sectors are reasonably equitably distributed in all three principal urban centres. In addition, heavy industry and port facilities are found in Saint John; Fredericton is dominated by government services, universities, and the military; and Moncton has developed as a commercial, retail, transportation, and distribution centre with important rail and air terminal facilities.
The rural primary economy is best known for forestry, mining, mixed farming, and fishing.
Forestry is important in all areas of the province but especially in the heavily forested central regions. There are many sawmills in the smaller towns and large pulp and paper mills located in Saint John, Atholville, Miramichi, Nackawic, and Edmundston.
Heavy metals, including lead and zinc, are mined in the north around Bathurst. One of the world's largest potash deposits is located in Sussex; a second potash mine, costing over a billion dollars, is in development in the Sussex region. Oil and natural gas deposits are also being developed in the Sussex region.
Farming is concentrated in the upper Saint John River valley (in the northwest portion of the province), where the most valuable crop is potatoes. Mixed and dairy farms are found elsewhere, but especially in the southeast, concentrated in the Kennebecasis and Petitcodiac river valleys.
The most valuable fish catches are lobster, scallops and king crab. The farming of Atlantic salmon in the Passamaquoddy Bay region is an important local industry.
The largest employers in the province are the Irving group of companies, several large multinational forest companies, the government of New Brunswick, and the McCain group of companies.
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Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)