The economic impact of the provincial aquaculture industry from 2003 to 2013 are outlined in a new report released today titled Economic Impacts of the Newfoundland and Labrador Aquaculture Industry. The report provides information about the aquaculture industry’s impact on provincial GDP, employment, and labour income.
In the news release announcing the report’s release, Vaughn Granter, Minister of Fisheries and Aquaculture, is quoates as saying, “Our government worked closely with the aquaculture industry to foster business activity that completely revitalized communities in the Coast of Bays, and bolstered new development in the New World Island and west coast regions.” The minister continues by saying that,”The data in this report, which was developed through rigorous analysis by the Economic Research and Analysis Division of the Department of Finance, provides valuable information about an industry that is driving economic activity, especially in rural areas.”
In terms of GDP growth, the report reveals that aquaculture activity contributed an estimated $104.1 million contribution to total GDP in 2013 – 10 times the $10.5 million contribution that was made in 2003. With respect to total employment impacts, aquaculture was responsible for an estimated 872 person years of employment in 2013, compared to approximately 225 person years generated in 2003. Labour income from aquaculture activity in 2013 is estimated to be $36.7 million, which is approximately six times greater than the labour income that was generated in 2003.
Mark Lane, Executive Director with the Newfoundland Aquaculture Industry Association is also quoted in the release saying that, in collaboration with the government, the association has “established an industry that has earned a strong reputation globally for producing premium seafood products farmed in pristine waters along our vast coast line” Lane is further quoted as sayiong that while producing products for export throughout the world, the aquaculture industry generates “meaningful incomes for families in rural communities right here at home in Newfoundland and Labrador.
Lane says that with the provincial aquaculture strategy in place the industry will build on its success by “responding to increasing global demand for seafood in a sustainable manner.”
CLICK HERE to view the study online.
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Jason Card, Director of Communications Department of Fisheries and Aquaculture: 709-729-3733, 699-0470; firstname.lastname@example.org
Mark Lane, Executive Director Newfoundland Aquaculture Industry Association: 709-754-2854; email@example.com