December 23, 2024 · Moncton, New Brunswick · Atlantic Canada Opportunities Agency
In 2024, the Government of Canada, through the Atlantic Canada Opportunities Agency (ACOA), played a pivotal role in driving economic momentum across Atlantic Canada. By supporting small and medium-sized enterprises (SMEs) and supporting transformative projects, ACOA paved the way for sustainable economic development and strengthened regional resilience, helped build a diversified economy, and set the stage for long-term prosperity. Between January 1 and December 6, 2024, the Agency supported 951 projects, investing over $281 million to help create or maintain more than 1,300 jobs.
ACOA also leveraged funding partners to maximise impact, generating $1.13 for every dollar invested in fiscal year 2023-24. Beyond funding, the Agency provided tailored advice to business owners and community leaders, ensuring they could access the tools and resources needed to adapt to economic challenges, boost productivity and seize growth opportunities.
With momentum building and the region embracing opportunity, ACOA's work highlights the spirit of Atlantic Canada-a place where businesses thrive, communities grow stronger, and residents build a prosperous future.
Today, the Honourable Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for ACOA, highlighted some of the key impacts of the Agency's investments in 2024 through its suite of programs and initiatives.
Driving Innovation and Entrepreneurship
A strong, innovative, and entrepreneurial economy creates good-paying jobs in Atlantic Canada and positions local businesses to compete on the global stage. In 2024, ACOA, through its Regional Economic Growth through Innovation (REGI) program, invested more than $214 million in 554 businesses and business support organizations. These investments are driving growth in key sectors such as cybersecurity, biosciences, aerospace and defence, ocean technology, artificial intelligence, and advanced manufacturing-fostering a vibrant, sustainable economy. ACOA, through its advocacy efforts, promoted regional businesses by facilitating engagements with national and international aerospace and defence companies to help secure investments and supply-chain opportunities.
Boosting Trade and Diversification
Expanding trade and diversifying markets are crucial for Atlantic Canada's growth. Through the Atlantic Trade and Investment Growth Agreement, ACOA supported over 85 companies in accessing new markets, establishing international partnerships, and expanding in sectors such as clean technology, agri-food, and bioscience. These efforts strengthen the region's global competitiveness and ensure export-driven growth.
Advancing Clean Growth
ACOA supported a cleaner, more sustainable Atlantic Canada by investing $72 million in 166 projects focused on reducing emissions, developing clean technology solutions, and addressing climate challenges. These projects are helping businesses, workers and communities transition to a net-zero future while driving economic growth. The Agency also worked to position Atlantic Canada's clean energy potential in key export markets.
Supporting Rural Communities
SMEs are the backbone of Atlantic Canada's rural economy, creating jobs and sustaining local communities. In 2024, ACOA invested $12.6 million to support the network of 41 Community Business Development Corporations (CBDCs) through the Community Futures Program, ensuring that rural, coastal, and remote areas thrive. The Agency also contributed an additional $4.9 million to some individual CBDCs. This support aims to help businesses access consulting services to navigate emerging opportunities and challenges, enhance community planning and foreign investment activities, assist with succession and human resources planning, and equip young entrepreneurs and business professionals with essential knowledge and skills needed to support their communities.
Growing Atlantic Canada's Tourism Potential
In partnership with provincial governments, industry partners and associations, and tourism operators, ACOA helped boost the region's tourism potential as a world-class, year-round destination. In 2024, the Agency invested $76 million in 298 tourism-related projects and $6.8 million in 63 projects under the Tourism Growth Program. ACOA also announced $18 million through the $30 million Atlantic Canada Agreement on Tourism (ACAT).
Fostering an Inclusive Economy
ACOA is committed to building a more inclusive economy. In 2024, the Agency invested $17.2 million in Indigenous-led projects, over $27 million in women-led initiatives, $4.4 million for youth-led ventures, and nearly $10 million in projects led by official language minority communities.
Looking Ahead to 2025
As Atlantic Canadians look for solutions to alleviate local housing pressures, the Regional Homebuilding Innovation Initiative will help transform the future of home construction. This initiative will support innovative approaches for building houses, including designing and upscaling modular homes, the use of 3D printing, panelized construction, as well as implementing net-zero and climate-resilient homebuilding practices.
Additionally, the Regional Artificial Intelligence Initiative will help SMEs adopt and adapt artificial intelligence (AI) solutions, by bridging the gap between cutting-edge research and broader marketplace applications, positioning Atlantic Canadian businesses for future success.
Notable successes across the region
- Celebrating Springboard Atlantic's 20th anniversary alongside its network of researchers and industry, while announcing a $9.8 million investment to help researchers and industry bring world-class, homegrown ideas to market.
- Providing a $2 million non-repayable investment to QUEST Canada's Net-Zero Communities Accelerator program, equipping 15 Atlantic Canadian communities, including Indigenous communities, with tools to develop and sustain energy and emissions plans.
- Launching the Elevate Tourism Initiative, a focused, time-limited effort aimed at enhancing tourism offerings in Atlantic Canada by increasing commercial tourism investments to $25 million over two years. This repayable initiative, sourced from ACOA's existing budget, reinforces the Government of Canada's Federal Tourism Growth Strategy with real action.
Notable successes across the provinces
In Newfoundland and Labrador, ACOA invested $82.7 million in 301 projects throughout the province. These included:
- Support for the Seven Corners project in the Gros Morne National Park area, an initiative combining views and storytelling through a series of interactive installations and structures that encourage exploration and nature-based activities.
- Support for medical technology company Sparrow BioAcoustics to develop and launch Stethophone, the first-of-its-kind Cardiac AI application now available in Canada.
- Helping Hospitality Newfoundland and Labrador promote the province as a one-of-a-kind, year-round culinary destination, encouraging visitors to stay longer and explore more.
In New Brunswick, ACOA invested $57 million in 208 projects throughout the province. These included:
- Developing a zero-net strategy and decarbonization pathways so that the Town of Shediac can work to be Canada's first net-zero community.
- Restigouche Regional Service Comission (RSC) is working with the Acadian Peninsula RSC, Oinpegitjoig (Pabineau) First Nation, and Ugpi'Ganjig (Eel River Bar) First Nation, to develop a corporate structure that can invest in renewable energy production projects and represent the collective interests of these northeastern and First Nations communities.
- The Smart Energy Company is seizing opportunities to sell its innovative micro solar farm product to farms in Ontario and internationally, furthering Atlantic Canada's position as a leader in clean technology solutions.
In Nova Scotia, ACOA invested $79 million in 256 projects throughout the province. These included:
- Helping Dalhousie University establish the Canadian Battery Innovation Centre to accelerate innovation and production, provide shared research space and industry-oriented training to grow the battery sector.
- Bear River First Nation's work to construct its final lodge and geodome to re-establish traditional Mi'kmaq canoe routes between Bear River and Kejimkujik National Park to continue sharing stories and passing down traditional knowledge.
- Expanding Cape Breton Food Hub's food processing capacity and developing an online forum for local producers to help get more local food into the hands of consumers, creating a more sustainable food system.
In Prince Edward Island, ACOA invested $42 million in 138 projects throughout the province. These included:
- Support for Tremploy, a PEI-based non-profit that provides adults who have an intellectual disability with vocational training, life skills training, life enrichment and support programming.
- Support for Island Structural Systems Inc. to purchase specialized automated equipment for the company's new 25,000 square foot truss manufacturing facility. The new facility will help accelerate production and meet the needs of the residential and commercial construction industry.
- To support community connection, active transportation, and enhanced tourism experiences, ACOA provided $971,000 in non-repayable assistance to the Town of North Rustico to revitalize and upgrade their boardwalk.
