Economy
See also: List of companies headquartered in MonctonThe underpinnings of the local economy are based on Moncton's heritage as a commercial, distribution, transportation and retailing centre. This is due to Moncton's central location in the Maritimes: it has the largest catchment area in Atlantic Canada with 1.4 million people living within a three-hour drive of the city. The insurance, information technology, educational and health care sectors also are major factors in the local economy with the city's two hospitals alone employing over five thousand people.
Moncton has garnered national attention because of the strength of its economy. The local unemployment rate averages around 6%, which is below the national average. In 2004 Canadian Business Magazine named it the "The best city for business in Canada", and in 2007 FDi magazine named it the fifth most business friendly small-sized city in North America.
A number of nationally or regionally prominent corporations have their head offices in Moncton including Atlantic Lottery Corporation, Assumption Life Insurance, Medavie Blue Cross Insurance, Armour Transportation Systems, Imvescor, Major Drilling Group International, PropertyGuys.com and Co-op Atlantic.
There are 37 call centres in the city which employ over 5000 people. Some of the larger centres include Asurion, BBM Canada, Exxon Mobil, Royal Bank of Canada, UPS, Fairmont Hotels and Resorts, Rogers Communications and Sitel. A growing high tech sector includes companies such as Gtech, Nanoptix, International Game Technology, OAO Technology Solutions, TrustMe and BelTek Systems Design.
Several arms of the Irving corporate empire have their head offices and major operations in greater Moncton. These include Midland Transport, Majesta/Royale Tissues, Irving Personal Care, Master Packaging, Brunswick News and Cavendish Farms. The Irving group of companies employs several thousand people in the Moncton region.
There are three large industrial parks in the metropolitan area. The Irving operations are concentrated in the Dieppe Industrial Park. Maple Leaf Foods is a major employer in the city and is in the Moncton Industrial Park. Molson/Coors opened a brewery in the Caledonia Industrial Park in 2007, their first new brewery in over fifty years. All three industrial parks also have large concentrations of warehousing and regional trucking facilities.
A new four-lane Gunningsville Bridge was opened in 2005, connecting downtown Riverview directly with downtown Moncton. On the Moncton side, the bridge connects with an extension of Vaughan Harvey Boulevard as well as to Assumption Boulevard and will serve as a catalyst for economic growth in the downtown area. This has become already evident as an expansion to the Blue Cross Centre was completed in 2006 and a new Marriott Residence Inn opened in 2008. The new regional law courts on Assumption Blvd opened in 2011. Momentum is also building for a new downtown 9-10,000 seat multipurpose events centre and arena. On the Riverview side, the Gunningsville Bridge now connects to a new ring road around the town and is expected to serve as a catalyst for development in east Riverview.
The retail sector in Moncton has become one of the most important pillars of the local economy. Major retail projects such as Champlain Place in Dieppe and the Wheeler Park Power Centre on Trinity Drive have become major destinations for locals and for tourists alike. Champlain Place has recently undergone a $14 million renovation and a new power center is under construction on Mapleton road, adjacent to Wheeler Park.
Tourism is an important industry in Moncton and historically owes its origins to the presence of two natural attractions, the tidal bore of the Petitcodiac River (see above) and the optical illusion of Magnetic Hill. The tidal bore was the first phenomenon to become an attraction but the construction of the Petitcodiac causeway in the 1960s effectively extirpated the attraction. Today, Magnetic Hill, on the city's northwest outskirts, is the city's most famous attraction. The Magnetic Hill area includes (in addition to the phenomenon itself), a golf course, major water park, zoo, and an outdoor concert facility. A $90 million casino/hotel/entertainment complex opened at Magnetic Hill in 2010.
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Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“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)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)