Stronger Economy – Driving Meaningful Outcomes

Newfoundland and Labrador entrepreneurs, businesses, and academic institutions are driving innovation, contributing to the growth of many exciting industries, and positioning the province on the global stage. Budget 2021 marks an important step towards achieving the vast economic potential and contributing to a positive business climate.

Building a Sustainable Future

To help encourage new opportunities for businesses and communities, Budget 2021 includes:

  • $27 million to support economic development initiatives including research and development, commercialization, regional development and business growth activities such as investment in the technology sector.
  • $25 million to improve connectivity through cellular and broadband service in underserviced areas over the next three years. This will help leverage funding from community, industry and federal partners.
  • $20 million to assist small businesses and community organizations with increased costs and losses as a result of the COVID-19 pandemic.
  • $8.5 million to support investment attraction.

Tourism

Supported by the work of the Premier’s Advisory Council on Tourism, we appreciate our role in positioning the industry on the road to recovery and reinstating its position as a key employer and revenue generator. Budget 2021 includes:

  • $30 million for a new Tourism and Hospitality Support This investment will help support these sectors that have been deeply impacted by COVID-19.
  • Approximately $13 million for tourism marketing.

Growing the Arts, Cultural and Entertainment Sectors

Film, entertainment and cultural industries generate skilled jobs and attract new investment to the province. Focused on leveraging our strategic assets and positioning Newfoundland and Labrador at the forefront of this competitive industry, Budget 2021 includes:

  • A new Artist Support Program, which will be a component of the new Tourism and Hospitality Support Program.
  • $10 million for the Film and Television Equity Investment Program.
  • $5 million for Arts NL.
  • $3.3 million for the Cultural Economic Development Program.

Environment and Climate Change

Through innovation, Newfoundland and Labrador’s public and private sectors are working to slow the pace of climate change by reducing carbon emissions, developing clean technologies and creating new green jobs. To support this work, Budget 2021 includes:

  • More than $21 million to advance programs under the federal-provincial cost-shared Low Carbon Economy Leadership Fund, such as the Climate Challenge Fund, residential energy efficiency programs, as well as the industry- focused climate change adaptation initiatives.
  • More than $17 million to convert public buildings to electricity, including education and health care facilities.
  • $1 million to help transition homes whose sole source of heat is oil to electricity. The program will provide a rebate up to $2,500.
  • $500,000 for an Electric Vehicle Adoption Accelerator program, which will encourage the purchase of new electric vehicles through a $2,500 rebate to consumers.

Capturing the Value of our Renewable Resources

Budget 2021 includes investments that are focused on increasing the value and volume of exports in key industries and contributing to job growth through:

  • $9.8 million for agriculture programs, which supports new farmers and crop diversification.
  • $4 million for the Atlantic Fisheries Fund to help the seafood sector meet market demand for sustainably sourced, high quality fish and seafood products.
  • $200,000 from the Seafood Development Program for aquaculture and development of a multi-species aquaculture strategy, which will support industry growth, create new jobs and meet market demands.

Supporting Oil and Gas and Mining

Our focus is on ensuring that Newfoundland and Labrador is a globally-preferred location for investment in our world-class mining and oil and gas industries. Their continued growth is key to our economy and our actions include marketing these sectors globally. Budget 2021 includes:

  • $2.5 million in additional funding for geoscience data collection and interpretation that will benefit the mining industry.
  • $1.7 million for the mineral exploration industry through the Prospector Assistance Program and the Junior Exploration Assistance Program.
  • $20 million has been allocated to advance offshore seismic research, which is beneficial as we market the sector globally.
  • $6 million to help supply and service companies in the oil and gas sector through the Innovation and Business Development Fund.

Air Access

Air access plays a pivotal role in the provincial economy. We have seen the impact of COVID-19 on this critical industry and will work collaboratively with industry and community partners on an air access committee with the goal to assist with the Air Access Action Plan.

Stronger Economy – Driving Meaningful Outcomes

$30 Million

for a new Tourism and Hospitality Support Program

$25 Million

to improve connectivity through cellular and broadband service