PROVINCIAL ECONOMIC PROFILE
Nova Scotia Economic Overview
$45.6b
GROSS PROVINCE PRODUCT
Growth Rate 2019-24
Province
Growth Rank
2.0%
5
1,069,364
POPULATION
Growth Rate 2019-24
Province
Growth Rank
1.9%
5
54,573
BUSINESSES
Growth Rate 2019-24
Province
Growth Rank
0.9%
7
Overview of the Nova Scotia Economy
In 2024, the province of Nova Scotia has a population of 1,069,364, having grown an annualized 1.9% over the five years to 2024, which ranks it 5th out of 13 provinces and territories by growth rate. Nova Scotia's gross domestic product (GDP) in 2024 reached $45.6b, with growth of 2.0% over the 5 years to 2024. Businesses in Nova Scotia employed a total of 336,748 people in 2024, with average annual employment growth over the past five years of 1.9%. The top three sectors by total employment are Real Estate and Rental and Leasing, Public Administration in Canada, Healthcare and Social Assistance, while the unemployment rate across the province in 2024 was 6.8%.
What is Nova Scotia's Gross Domestic Product (GDP)?
In 2024, Nova Scotia's GDP reached $45.6b, representing an increase of 2.0% from 2023. Nova Scotia's GDP has grown at an annualized rate of 2.8% over the five years to 2024. Moreover, Nova Scotia's trailing five-year GDP growth ranks it 5th out of 13 provinces and territories.
Provincial GDP is a measurement of a province's output, or the sum of value added from all industries in the province. It is a common indicator used to track the health of a provincial economy.
PROVINCIAL ECONOMIC PROFILE
Nova Scotia Industry Trends
What are Nova Scotia's Largest Industries by Revenue?
The largest industries by revenue in Nova Scotia are Gasoline & Petroleum Wholesaling, Commercial Banking and Gasoline & Petroleum Bulk Stations, which generated $11.0b, $8.4b and $7.9b in 2024.
PROVINCIAL ECONOMIC PROFILE
Top Companies in Nova Scotia
Top 10 Companies in Nova Scotia by Employment
The largest companies by employment in Nova Scotia are Nova Scotia Health Authority, Walmart Inc. and Jazz Aviation LP, which employed 23,400, 5,850 and 4,700 people in 2024.
PROVINCIAL ECONOMIC PROFILE
Nova Scotia Sector Statistics
In Nova Scotia, certain sectors drive a higher share of provincial GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Nova Scotia's GDP by Sector?
The Real Estate and Rental and Leasing, Public Administration in Canada and Healthcare and Social Assistance sectors contributed the most to Nova Scotia's GDP in 2024, representing a combined 39.4% of provincial GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the provincial economy, in addition to how the provincial economy is evolving over time.
What is Nova Scotia's Employment by Sector?
The Retail Trade, Healthcare and Social Assistance and Manufacturing sectors contributed the most to employment in Nova Scotia in 2024, representing a combined 41.9% of provincial employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the provincial economy as a whole.
PROVINCIAL ECONOMIC PROFILE
Nova Scotia Employment Trends
336.7k
EMPLOYMENT
Growth Rate 2019-24
Province
Growth Rank
-0.6%
5
6.8%
UNEMPLOYMENT
Growth Rate 2019-24
Province
Growth Rank
-1.6%
6
What Employment Trends are Impacting Nova Scotia's Economy?
The province of Nova Scotia employs 336,748 people in 2024, which ranks it 7th out of 13 provinces and territories. Employment in Nova Scotia has grown at an annualized rate of -0.6% over the five years to 2024, underperforming the national average of 1.5%. Major sectors by employment in Nova Scotia include Retail Trade, Healthcare and Social Assistance and Manufacturing, which employed 59,407, 45,013 and 36,731 people in 2024, respectively. Nova Scotia's unemployment rate is 6.8% in 2024, which ranks it 10th out of 13 provinces and territories. Nova Scotia's unemployment rate has trended downwards at a rate of -1.6% over the five years to 2024, overperforming the Canada economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets. You can track unemployment trends in Nova Scotia, and compare them to the Canadian economy.
$75.5k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
Province
Growth Rank
1.9
11
What is Nova Scotia's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Nova Scotia's DPI in 2024 was $75.5k, compared to the Canadian average of $101.1k, which places it 11th out of 13 provinces and territories.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
PROVINCIAL ECONOMIC PROFILE
Nova Scotia Construction & Building Trends
$92.0m
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
Province
Growth Rank
11.4%
13
$406.8m
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
Province
Growth Rank
11.1%
12
8,743
BUILDING PERMITS
Growth Rate 2019-24
Province
Growth Rank
8.0%
9
What can construction trends tell you about a state’s economy?
In Nova Scotia, non-residential construction was $92.0m in 2024, which ranks it 13rd out of 13 provinces and territories. Residential construction was $406.8m in 2024, which places Nova Scotia 12th out of 13 provinces and territories. The number of building permits issued in Nova Scotia in 2024 was 8,743, representing a 8.0% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services.Therefore, construction trends are important indicators of the health of an economy.
PROVINCIAL ECONOMIC PROFILE
Nova Scotia Population Statistics
Which Counties in Nova Scotia have the Largest Populations?
The counties with the highest populations in Nova Scotia are Halifax, Truro and New Glasgow, which had populations of 420,433, 0 and 0 people in 2024.
PROVINCIAL ECONOMIC PROFILE
Nova Scotia Demographics
Education Level Nova Scotia
Nova Scotia Province Industry Reports
IBISWorld Province Industry Reports help you quickly understand how an industry performs at the province level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 419 Nova Scotia Industry Reports.
