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FACT SHEET

February 1, 2024

Atlantic Canada Opportunities Agency

(Source: 2022-23 Departmental Results Report)

Profile

Legal Title

Atlantic Canada Opportunities Agency

Acronym

ACOA

Year of Incorporation

1987

Institutional Form

Departmental Agencies

Appropriate Minister

The Honourable Gudie Hutchings, MP, Minister of Rural Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency

Institutional head

TBC, President

Description / Raison d'être

Established in 1987 (Part I of the Government Organization Act, Atlantic Canada 1987, R.S.C., 1985, c.41 (4th Supp.), also known as the Atlantic Canada Opportunities Agency Act), the Atlantic Canada Opportunities Agency (ACOA) is the federal department responsible for the Government of Canada’s economic development efforts in the provinces of New Brunswick, Prince Edward Island, Nova Scotia, and Newfoundland and Labrador.

ACOA works to create opportunities for economic growth in Atlantic Canada by helping businesses become more competitive, innovative and productive, by working with diverse communities to develop and diversify local economies, and by championing the strengths of Atlantic Canada.

Together, with Atlantic Canadians, it is building a stronger economy.

Enabling Instrument

Atlantic Canada Opportunities Agency Act, R.S.C. 1985, c. 41 (4th Supp.)

2022-2023 - Spending and Employment

• ACOA’s Budget: $433.1 million, including:
  • $402,753,191 for core responsibilities (Economic development in Atlantic Canada)
  • $30,372,837 for internal services
• The Agency employed 596 full-time equivalents.
• The Agency contributed $351.4 million toward 3,042 projects, estimated to have created or maintained over 8,600 jobs.
• During that fiscal year, the largest area in terms of net spending was "Business Growth" ($140.8 million) followed by "Diversified Communities" ($97.1 million).
• The total spending for ACOA increased by 23.9% between 2018-19 and 2022-23 and is planned to decrease by 32.2% by 2025-26.

  5 years ago (2018-19)	2022-23	In 2 years time (2025-26)
  $349.6 million	$433.1 million	$293.6 million

• In addition to ACOA’s regular programming, the Agency delivered several time-limited measures in 2022-23.
• Overall, the Agency spent $129.5 million on targeted and temporary initiatives for 1,230 projects that maintained or created an estimated 3,000 jobs. Initiatives include the following measures (in alphabetical order):
  • Aerospace Regional Recovery Initiative,
  • Black Entrepreneurship Program,
  • Canada Community Revitalization Fund,
  • Canadian Coal Transition Initiative,
  • Canadian Coal Transition Initiative - Infrastructure Fund,
  • Canadian Experiences Fund,
  • Hurricane Fiona Recovery Fund,
  • Jobs and Growth Fund,
  • Potato Stabilization and Innovation Initiative,
  • Rediscover Main Street Initiative,
  • Regional Air Transportation Initiative,
  • Tourism Relief Fund, and
  • Women Entrepreneurship Strategy.

Results

In 2022-23, ACOA’s work advanced its three departmental results with the following initiatives, activities, and actions.

Departmental Result 1: Businesses are innovative and growing in Atlantic Canada

• The Agency supported 1,490 projects under business growth, and trade and investment activities with investments of $170.4 million.
• The renewed 2023 to 2027 Atlantic Trade and Investment Growth Agreement, with the Atlantic provincial governments, committed a total of $20 million to pursue international business opportunities and attract foreign investment.
• ACOA supported the long-term recovery of Atlantic Canada’s critical tourism sector through the Tourism Innovation Action Plan, including planning the renewal of the Atlantic Canada Agreement on Tourism in 2023.
• Led by ACOA, in partnership with other federal and provincial organizations, the Accelerated Growth Service activities help build a pipeline of clients with strong potential for growth and provided them with focused sales and export support. Since its inception, 178 businesses have benefited from this support.
• Through networking and partnerships with regional stakeholders and global aerospace and defence firms, ACOA helped Atlantic Canadian firms to leverage major Canadian Coast Guard and defence procurement through Canada’s Industrial and Technological Benefits (ITB) Policy.

Departmental Result 2: Businesses invest in the development and commercialization of innovative technologies in Atlantic Canada

• Through the Regional Economic Growth through Innovation (REGI) Program, ACOA supported 271 projects focused on innovation ecosystems, research and development, and commercialization activities with investments of $57.5 million.
• ACOA invested in advanced manufacturing to raise business awareness of the need to increase digitization and the use of transformative technologies in Atlantic Canada.
• ACOA supported the start-up ecosystem to help new companies emerge and scale up.
• ACOA invested in the greening of Atlantic Canadian companies by supporting the adaptation and adoption of new technologies, waste optimization, clean energy adoption, and the decarbonization of key sectors.
• The Agency helped advance the Atlantic Loop initiative to connect surplus clean power to regions transitioning away from coal and help transform how Atlantic Canada’s economy and communities are powered. 

Departmental Result 3: Communities are economically diversified in Atlantic Canada

• The Agency supported 1,260 projects focusing on inclusive community and diversified community priorities with spending of $118.1 million. Every dollar approved by ACOA in community projects leveraged $1.98 in 2022-23, more than triple the $0.60 target.
• ACOA provided $14.6 million to the CBDC network for the Community Futures Program to support the creation and expansion of small businesses throughout rural communities in Atlantic Canada.
• ACOA continued to help bridge labour and skills gaps for SMEs and increased the region’s capacity to attract global talent and international students, retain newcomers through enhanced settlement support, and ensure immigrant entrepreneurs led successful businesses and were integrated into the economy, including in rural areas.
• ACOA supported entrepreneurs from under-represented groups, including women, Indigenous people, official language minorities, Black Canadians, racialized communities, recent immigrants, visible minorities, youth, and persons with disabilities.
• ACOA championed projects to support immigration in Atlantic Canada, focusing on attracting and retaining immigrants, including international students, and supporting employers as they address labour and skills shortages.
• ACOA championed projects to help reach a larger number of Indigenous businesses. Activities built capacity and increased knowledge and awareness through interactive business mapping, and by convening federal, provincial, stakeholder, and community partners to participate on committees, initiatives, and communities of interest.
• With the Canada Coal Transition Initiative, the Agency supported 34 projects for $10.2 million in spending for economic diversification in communities in New Brunswick and Nova Scotia. This helped communities affected by the future phase-out of coal-fired electricity generation plants and the transition to a low-carbon economy.

Preparation and approvals:

Prepared by: Stéphanie Bilodeau, Principal Advisor, Communications, 506-478-4777
Sector contact: Wade AuCoin, Director General, Policy, 506-381-0324
Sector approval: Daryell Nowlan, Vice-President Programs, Policy and Communications, 506-851-3805