Atlantic Canada lifts the Index of Consumer Confidence for Canada
For immediate release
Halifax, NS, November 29, 2011 – Canada’s consumer confidence was up for the month of October – due largely in part to an incredible rise in Atlantic Canada.
“The Index of course credits most of this new-found confidence in Atlantic Canada to the recent Shipbuilding Contract,” says Chamber President Valerie Payn. “Although Irving Shipbuilding is only 30 or so days in to a 30 year contract, you can definitely see the shift.”
Payn expects this confidence to have immediate effects on consumer activity including retail sales as we approach the holiday season, but the effect on housing starts, business growth and job creation will come as they begin to cut steel.
“An increase in confidence can carry us part of the way, but the increase in GDP expected from this contract will be the thing that truly has an impact on the wealth of Atlantic Canadians.”
The Conference Board of Canada Index of Consumer Confidence for October 2011 saw a 4.7 point increase to 76.4. While confidence levels in most of Canada remained low, it was a large increase of 15.3 points to 84.5 in Atlantic Canada that can be credited for this turnaround.
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