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NUNAVUT ECONOMIC FORUM Presentation to the Nunavut Conference and Trade Show 2014 Nunavut Economic Forum

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NEF Origins prior to April 1 1999 informal committee of officials NTI, INAC and Interim Commissioners Office Idea grew from first Sivummut Conference held in Rankin Inlet 4 years earlier in 1994

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NEF undertook first Nunavut Economic Outlook in 2001 - it became stimulus for an Economic Development Strategy Second Sivummut Conference held in Rankin Inlet 2003 First Ten-Year Strategy unveiled in the summer of 2003 PROVIDED PURPOSE FOR THE NEF

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UNIQUE IN CANADA By Early 2004 incorporated Society Over 30 members included NTI GN and GOC - Key Sector Organizations, Chambers of Commerce, Labour, Municipal Organizations and Other NGOs

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NEF IS UNIQUE IN CANADA ! The NEF was charged with the task of Monitoring the implementation of the Nunavut Economic Development Strategy Also helped stimulate focus for economic stimulus programs like the federal initiative: Strategic Investments for Northern Economic Development or SINED and GNs SIP

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SO HOW ARE WE DOING? NEFs flagship product has been the Nunavut Economic Outlook Reports six to date since 2001. The NEOs in effect have told us how were doing and what issues still lie ahead.

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The Nunavut Economic Outlook Report gives us a periodic snap shot of how our economy is shaping up and what the impacts are as a result.

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UNDERSTANDING NUNAVUTS DEMOGRAPHICS Nunavuts population is young, is growing, and is ageing. All three of these demographic changes will have lasting consequences for the territory.

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FERTILITY RATES Nunavuts high population growth is a function of its fertility rates and the number of Nunavummiut between the ages 15 and 29 For the past 15 years though, fertility rates have changed very little

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IMPLICATIONS OF POPULATION GROWTH Realistic projections range from ~10,000 to ~14,000 in the next 20 years

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PROFILE OF 60+ COHORT

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UNDERSTANDING NUNAVUTS ECONOMY Nunavuts economy is performing well in several areas and has enormous potential.

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CURRENT ECONOMY AND FUTURE OPPORTUNITIES Mining Fishing Construction Tourism Government Arts & Culture Goal of Economy: Growth

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GROWTH PATH FOR NUNAVUTS ECONOMY Underlying Growth Mary River Construction Mary River Opens & Meliadine Construction Meliadine Opens & Meadowbank Closes New Growth Path Other New Construction Mary River (full project)

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UNDERSTANDING NUNAVUTS DEVELOPMENT Nunavut is at an early stage of its development and are many challenges to overcome before all Nunavummiut can fully participate in and benefit from the opportunities growing around them.

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Nunavuts economy is creating enough jobs to employ most, if not all unemployed Nunavummiut today Without knowing anything about Nunavut, it makes no sense that official unemployment rates are still high, more than half the population depends on public housing, and poverty appears to be on the rise NUNAVUTS DEVELOPMENT CHALLENGE

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LOTS OF JOBS LOTS OF EMPLOYED The assessment of Nunavuts economy revealed the territory has tremendous potential for job creation Many Nunavummiut are taking the necessary steps to participate Full-time employment has grown somewhat steadily since the recession

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LOTS OF JOBS LOTS OF UNEMPLOYED Today, there are enough jobs to employ many if not most unemployed Nunavummiut AEM imports 575 workers to staff Meadowbank Iqaluit International Airport Expansion will import as much as 80% of its labour Labour income earned in Nunavut but paid to non- residents (JOB TOURISTS) grew sharply in the past few years

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CHALLENGES WITH NUNAVUTS CONTINUING ECONOMIC DEVELOPMENT What do we need to do over the next ten years to balance our efforts between further economic growth and economic development? Publishing the 2013 Nunavut Outlook Report was an important step There have been other important steps in this direction as well through NEFs Nunavut Economic Development Strategy Renewal efforts over the past two years.

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CHALLENGES WITH NUNAVUTS CONTINUING ECONOMIC DEVELOPMENT Our renewal efforts have also included Four Roundtable Discussion, some important research initiatives, an on-Line Survey and some Town Hall meetings. All of these efforts have helped us to better understand the real impacts that have resulted from our strong economic growth over the past 10 years You can find out all about these by visiting our web site: www.NEDS2.cawww.NEDS2.ca

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CHALLENGES WITH NUNAVUTS CONTINUING ECONOMIC DEVELOPMENT Finally we will be holding our Sivummut IV Economic Development Conference in Iqaluit December 1-4 at the Froibisher Inn The conference will be a chance for folks drawn from across the territory to examine in more detail what our choices may be going forward and what our priorities should be in balancing our economic growth with our economic development and improving the well being of our communities.

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CHALLENGES WITH NUNAVUTS CONTINUING ECONOMIC DEVELOPMENT Please visit our web site : www.NEDS2.cawww.NEDS2.ca Consider attending the Sivummut IV Economic Development Conference in Iqaluit December 1-4, 2014

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NUNAVUTS NEXT CHALLENGE: TURNING GROWTH INTO PROSPERITY NUNAVUT ECONOMIC FORUM Terry Forth, Executive Director neforum@qiniq.com www.nunavuteconomicforum.ca www.neds2.ca IMPACT ECONOMICS Graeme Clinton clinton@impacteconomics.ca 867.873.8008