Language selection

Search

Content page

From [Institution name]

Atlantic Canada Opportunities Agency’s 2023-24 Departmental Results Report: At a glance

A departmental results report provides an account of actual accomplishments against plans, priorities and expected results set out in the associated Departmental Plan

Read the full Departmental results report


Key priorities

ACOA’s top priorities for 2023-24 were to:

  • continue to leverage its experience to fuel long-term economic growth in Atlantic Canada through regionally tailored, client-centric and place-based assistance to small and medium-sized enterprises (SMEs), ecosystems and communities in urban and rural areas
  • bolster sustainable growth and advance the transition to a cleaner, prosperous economy on the road to achieving net-zero emissions
  • deliver targeted temporary support, including the new Tourism Growth Program, in Atlantic Canada

ACOA’s efforts directly contributed to the advancement of the Government of Canada’s plan to build an economy that works for everyone, as outlined in Budget 2023, the 2023 Fall Economic Statement and the 2021 Speech from the Throne. Activities complemented and bolstered federal initiatives such as the 2022 – 2026 Federal Sustainable Development Strategy, the 2030 Emissions Reduction Plan, the Innovation and Skills Plan, and the interim Sustainable Jobs Plan. Activities also supported the Minister responsible for ACOA and her engagements with Atlantic Canadians, key stakeholders, federal colleagues and provincial governments. Together, efforts helped advance her ministerial mandate letter commitments, notably promoting short- and long-term job creation and economic development in Atlantic Canada in a way that supports the whole-of-government effort to reduce emissions, create clean jobs and address communities’ climate-related challenges. Efforts also helped advance her commitment to support initiatives that advance the goals of the Atlantic Growth Strategy.


Highlights

In 2023-24, total actual spending (including internal services) for ACOA was $478,430,586 and total full-time equivalent staff (including internal services) was 570. For complete information on ACOA’s total spending and human resources, read the Spending and human resources section of the full report.

The following provides a summary of the department’s achievements in 2023-24 according to its approved Departmental Results Framework. A Departmental Results Framework consists of a department’s core responsibilities, the results it plans to achieve and the performance indicators that measure progress toward these results.

Core responsibility: Economic Development in Atlantic Canada

Actual spending: $447,178,438

Actual human resources: 371

Results - what we achieved:

  • Businesses are innovative and growing in Atlantic Canada
  • Businesses invest in the development and commercialization of innovative technologies in Atlantic Canada
  • Communities are economically diversified in Atlantic Canada

In 2023-24, ACOA continued to deliver place-based investments in Atlantic Canada that build a strong and more resilient economy. These investments bolstered Atlantic Canada’s economic momentum and allowed businesses to continue to innovate and grow, develop and adopt new technologies, and diversify economies so that communities continue to get stronger.

ACOA’s activities contributed to and complemented the Government of Canada’s plan as outlined in Budget 2023 for investments that build Canada’s clean economy and create jobs and prosperity for Canadians, and continue to support stronger and more inclusive communities. It is based on these government priorities that ACOA delivered its programs with a renewed focus on the decarbonization of Atlantic Canada’s grid, fostering energy innovation and greening businesses; supporting strategic economic infrastructure; developing and attracting the workforce of the future; and increasing productivity and digitalization.

The Belonging Advantage

In a December 2023 follow-up to the Atlantic Canada Momentum Index, the Public Policy Forum issued a report highlighting that the belonging advantage, the sense of belonging to a community, is part of what is driving the population boom in the Atlantic provinces. Furthermore, Statistics Canada reports that the percentage of Atlantic Canadians with a strong or very strong sense of belonging to the local community stood at 54.5% last year, almost 9 percentage points higher than Canada as a whole. It is therefore not surprising that people are moving to Atlantic Canada. The Momentum Index highlighted that the rise in population growth in Atlantic Canada from 2015 to 2022 was 4 times larger than the comparable national figure.

Success Stories by Departmental Result

Business Innovation and Growth

With ACOA’s support, Island Structural Systems opened a state-of-the-art, fully automated truss manufacturing facility in Prince Edward Island that incorporated advanced design and engineering systems to produce roof and floor products. In New Brunswick, Plaex Building Systems unique construction solutions use a composite material made from over 90% recycled waste. The company invested in manufacturing facilities and equipment as part of its strategic growth plan, which includes collaborations with local First Nations communities.

Innovative Technologies

Shoreline Aggregates, which produces custom aggregate products, leveraged ACOA support to acquire advanced equipment to increase efficiencies at its production and export facilities near Baie Verte, N.L. This equipment helped to electrify operations to reduce greenhouse gas emissions and improve production efficiency.

Diversified Communities

Summer Street Industries in New Glasgow, N.S., is building a 3-bay, geothermal, all-season greenhouse that meets universal accessibility standards to grow its employment services and increase relationships with the local small-business community. With ACOA support, food grown in their facility will be sold locally, and will also contribute to the local food bank to increase food security in the area.

The Agency supported the Minister responsible for ACOA in her ministerial mandate letter commitments, as well as in her engagements with Atlantic Canadians, key stakeholders, federal colleagues and provincial governments as follows:

Promoting short- and long-term job creation and economic development in Atlantic Canada in a way that supports the whole-of-government effort to reduce emissions, create clean jobs and address communities’ climate-related challenges

The Agency supported long-term, sustainable growth in both urban and rural communities with economic development initiatives, helping SMEs access financing, and investing in the local infrastructure that helped these communities grow. This work also helped support local and regional economic diversification, including support for under-represented groups, and transforming how we power our economy and communities.

In 2023-24, the Agency directly supported economic development by contributing $396.8 million toward 2,470 projects, estimated to have created and maintained over 7,400 jobs. As part of the nearly $400 million in investments, approximately half of the projects and expenditures were invested in rural communities, thanks in large part to ACOA’s expertise and extensive footprint across the region; almost 10% of projects (232) with expenditures of $57.4 million focused on clean growth objectives to help SMEs and communities green their operations and reduce their environmental footprint; and targeted and temporary initiativesFootnote 1 accounted for almost 30% of projects (734) with expenditures of $141.9 million that maintained and created an estimated 2,279 jobs. The Agency delivered the new, temporary Tourism Growth Program, designed to promote diversification of offerings in tourism. ACOA also concluded its temporary initiatives, which supported the post-pandemic economic recovery and assisted those hard hit by Hurricane Fiona and the disruptions to Prince Edward Island’s potato industry by helping them rebuild and become more resilient to climate change and changing trade conditions.

ACOA’s investments and work also supported the national and regional priorities of Indigenous reconciliation, under-represented groups, and official language minority communities by delivering programming that addressed gaps so that all SMEs, communities and organizations could grow and pursue new opportunities.

The Agency also supported the Government of Canada’s goals of promoting a greener, more sustainable economy. Sustainability was an important guiding principle for the Agency as it explored new growth opportunities and mitigation measures related to industries transitioning to a cleaner economy. For example, through the Canada Coal Transition Initiative Infrastructure Fund (CCTI-IF), ACOA invested $11.4 million in 21 projects, which helped 8 communities diversify their economies. Additionally, an independent internal review of the CCTI and CCTI-IF found that through its local presence, in-depth knowledge of the local economy and relationships with stakeholders, ACOA delivered targeted investments that addressed the distinct needs of affected communities related to diversifying their economies and transitioning away from coal-fired electricity, in advance of the future phase-out of coal-fired electricity generation. These green investments and others are outlined in the Agency’s 2023 to 2027 Departmental Sustainable Development Strategy. Tabled in 2023-24, it outlines ACOA’s vision and objectives related to the Government of Canada’s sustainable development goals, notably the meaningful work to support economic growth.

Supporting initiatives that advance the goals of the Atlantic Growth Strategy

In 2023-24, the Agency successfully supported the Minister responsible for ACOA and other Atlantic federal ministers as they worked with the Atlantic Growth Strategy (AGS) Leadership Committee to refresh the Strategy’s priorities. These renewed priorities focus on leveraging population growth to build a stronger workforce, spurring increased productivity and competitiveness, and supporting the transition to a green economy.

On population growth and building a stronger workforce – ACOA worked with the Government of Nova Scotia in its coordinating role for the 3 other Atlantic provinces to develop a collaborative pan-Atlantic approach on innovative housing to accommodate the influx of population as a follow up to a meeting of the federal and Atlantic provincial ministers responsible for housing. On spurring productivity and competitiveness – ACOA collaborated closely with the Council of Atlantic Premiers’ Atlantic Working Group on Regional Air Travel, a task force looking at specific measures to address regional air access challenges. In order to help SMEs diversify and expand their markets, the renewed 2023 to 2027 Atlantic Trade and Investment Growth Strategy committed a total of $20 million to pursue international business opportunities and attract foreign investment and in 2023-24, the Atlantic Trade and Investment Growth Agreement invested $2.8 million in 23 projects. Additionally, ACOA spent nearly $17 million across 267 projects on trade and investment to increase the number of exporters and export sales and attract foreign direct investment.

On supporting the transition to a green economy – ACOA worked with Natural Resources Canada and the Atlantic provinces to advance energy innovation and the modified Atlantic Loop initiative to connect surplus clean power to regions transitioning away from coal and transform how Atlantic Canada’s economy and communities are powered. The Agency also supported the work of the regional energy and resource tables in the Atlantic provinces, in particular the Collaboration Framework between the Government of Canada, led by Natural Resources Canada, and the Government of Newfoundland and Labrador to accelerate the region’s path to net-zero emissions by 2050.

Additionally, under the AGS umbrella, the 2023 – 2028 Atlantic Canada Agreement on Tourism was renewed for $30 million over 4½ years. This will help further the federal and provincial governments’ commitment to work together with industry to strengthen the tourism sector in Atlantic Canada and position it as a top global destination, creating more jobs and giving a boost to small businesses.

More information about economic development in Atlantic Canada can be found in the “Results – what we achieved” section of the full departmental results report.

Page details

Date modified: