Atlantic Canada's economic state a 'hodgepodge,' says APEC

The Atlantic region's economy has been a mixed bag so far this year, producing increasing wages, but fewer jobs,according to a new report.

These economic indicators were released on Tuesdayby the Atlantic Provinces Economic Council in itslatest analysis of the region's economy.

"There's been some pluses and minuses," said Fred Bergman, a senior policy analyst at APEC.

• Atlantic Provinces Economic Council bullish on N.B. economy
• 74 Syrians have already found jobs in N.B.

Employment throughout Atlantic Canada is down 0.7 per cent.

Bergman partially attributes the decline in employment across the region to difficulties in the business services industry, whichwould include jobs in information technologyand call centres.

The job losses havenotled to a corresponding decline inwages, however.

Wages have risen in the region by oneper cent in the past seven months, while in New Brunswick they have jumped by 2.8 per cent in the past five months.

Bergman said the increasing wages could be attributedto New Brunswick's aging population.

"[You see] a lot of people in their mid-40sto mid-50s range. Well that's typically when your lifetime earnings peak, i.e. you get promoted through your career, you gain skills so your income tends to progress," said Bergman.

Impact of Syrian refugees studied

Another issue mentioned in the APEC's latest analysis is the the influx of newcomers to the province, especially Syrian refugees.

The council notes that 4,100 Syrians have arrived in the region during the first quarter of the year, 41 per cent of them settling in the province.

Economists have often noted that population growth is necessary for economic growth, but Bergman said it is too early to tell what impact the influx will have on the province's finances.

"I think the initial economic blip will be a bit softer than it will be longer term," said Bergman.

Another highlight to come out of the report were that the region saw increased numbers in the retail sector.

Sales increased by seven per cent, while the nation as a whole only saw a five per cent increase.

The APECreport says theincrease in motor vehicle sales may have been spurred on by lower fuel costs and low interest rates.

The housing sector was a mixed bag.

While urban housing starts fell by 21 per cent in the region, the used housing market increased in all the Atlantic provinces.

The largest increase was in Prince EdwardIsland with a 38 per cent increase.