Creating Our Economic Opportunities
As doors continue to reopen and Nova Scotians take part in more economic, social and recreational activities, the question on many minds is what comes next. After a long few months, we can rightfully ask what our economic recovery will look like and how our responsibilities can shape the path toward it. Containing the virus has been the first step. With guidance from Public Health and cooperation from Nova Scotians, we have flattened the curve. Lives have been saved as a result of our collective efforts. Still, the lack of economic activity has created hardship and the loss of livelihood — approximately 75,000 jobs were lost in Nova Scotia from February to April of this year. Some of these jobs have come back since then, and we hope to see more of this important progress as the economy continues to reopen. The impact has been particularly felt by small businesses, which employ close to 75% of all private sector workers in Nova Scotia. Many were forced to close or significantly curtail their operations.
The CUA Team has worked with and supported small businesses and organizations through this period. We have heard their stories of challenge and perseverance. We are working with them to build a stronger plan for the future, and we are proud to be a partner in their renewal and growth.
The critical next step to economic recovery is rebuilding consumer and business confidence. A recent survey indicated that while 68% of Nova Scotia small businesses have fully reopened, they are only operating at 38% capacity. With this level of operation, it is even more important that we are supporting Nova Scotia-owned and led organizations.
Shifting even a portion of our routine spending to small businesses creates a multiplier effect with dollars filtering to employees and other businesses and organizations who then recirculate their own earnings, contributing to economic development along the way. That is why I believe Nova Scotia’s economic recovery is directly connected to you and I, and the choices we make about where we do business. If you are looking to make an immediate impact, consider taking part in Re-Open City, a multi-week event inviting all of us discover what area businesses have to offer. CUA is proudly participating with an initiative to help inspire you to visit new shops or reconnect with old favourites.
The recovery may not come easily or quickly, but we have a unique opportunity to put our efforts and our dollars toward our greatest chance of success — the people and businesses that share the places we call home.
CUA is your partner in what comes next. As always, I encourage you to reach out to us at 902.492.6500 or info@cua.com to learn more, or to get started with us.
