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 initiatives^{Footnote 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.

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.