Your government is making targeted investments in key sectors that drive growth, create good paying jobs, and deliver long-term benefits for people and communities throughout Newfoundland and Labrador. By responsibly developing both renewable and nonrenewable resources, we are positioning the province for sustained economic success.
Energy
Protecting and growing jobs in the energy sector while advancing emerging opportunities will strengthen the province’s position as a reliable, competitive, and environmentally responsible energy supplier. Budget 2026 includes:
- Funding dedicated to the development of a 10-year Energy Plan.
- $90 million over three years to support the Offshore Exploration Fund to encourage new offshore exploration activity.
- $8.65 million for the Innovation and Business Development Fund to expand the province’s energy supply and service capabilities.
- $584,000 for a Natural Gas Feasibility and Investment Opportunity Study to assess natural gas development options and attract private sector investment.
- Funding to support concept design and strategic marketing for the floating drydock project.
Mining
With global demand for critical minerals increasing, Newfoundland and Labrador is well positioned to attract investment and create jobs across the mining sector. Budget 2026 includes:
- $1.3 million to advance critical mineral exploration in rural areas through the Junior Exploration Assistance Program.
- $900,000 to support iron ore development in Labrador, including the Labrador West Transmission and Regional System Impact Study and Julienne Lake iron ore project.
- $400,000 to help identify new critical mineral exploration targets.
Forestry and Agriculture
Forestry remains a cornerstone of the provincial economy, workforce, culture and heritage, employing nearly 2,000 people and contributing approximately $400 million annually to our economy. Your government will work to ensure our forests maintain their value and benefit for the industries, communities, and people who rely on them.
The province’s agriculture sector supports employment, food security, and rural communities, employing an estimated 6,500 people and contributing more than $172 million annually to the province’s economy. Budget 2026 includes:
- Funding dedicated to the development of a 10-year Agriculture Strategy.
- $1 million annually to expand land available for farming, increasing the Provincial Agriculture Assistance Program budget to approximately $3.3 million.
- More than $9 million in 2026-27 through the Sustainable Canadian Agricultural Partnership to support new agriculture projects and evolving industry needs.
- An additional $1.1 million to maintain forest access roads, resulting in a total investment of $4.8 million this year.
- Continued annual investment of $3.3 million into the Provincial Silviculture Program to ensure healthy forests for the long-term growth and stability of our forest sector.
- Continued investment in the Provincial Agricultural Equipment Leasing Program to improve access to $1 million worth of government-owned equipment and reduce operating costs for new and established farmers.
Fisheries and Aquaculture
Fisheries and aquaculture are central to building a stronger economy, supporting thousands of jobs and sustaining communities. As a key driver of rural economic activity and growth, these sectors contribute more than $1 billion annually. Budget 2026 includes:
- $4.75 million over two years to assist with adding value to the products harvested, identifying new markets and increasing the value of the sector.
- This government created a stand-alone department with a greater focus on growing our traditional fishery, recognizing the potential of aquaculture, and strengthening the industry, supporting rural jobs and long-term economic growth.
- Continued investment in the Canadian Centre for Fisheries Innovation, which has a strong track record of collaborating with industry and our educational institutions to identify challenges and deliver solutions that increase value in our seafood sector.
Tourism and Culture
Our new Tourism Strategy will be primarily focused on improving air and marine access and extending the tourism season to make the province a year-round tourist destination, while delivering high-quality, authentic experiences. We are strengthening the cultural, arts and heritage sectors, supporting economic development, community vitality, and professional growth across the province. Budget 2026 includes:
- $14.5 million for tourism marketing and air access.
- Over $7 million to support cultural economic development, including arts infrastructure and programming.
Business and Industry Development
A strong and diversified business environment is essential to economic growth, innovation and job creation. Budget 2026 supports businesses and industries across the province by helping them adapt to global uncertainty, invest in innovation, and expand into new markets while strengthening local communities. Budget 2026 includes:
- Funding to develop an approach to revitalize rural Newfoundland and Labrador, implemented region by region to ensure rural and remote communities are not left behind and that the voices of those who know them best help shape the plan forward.
- Approximately $34 million to support economic development and innovation initiatives including business growth, research and development, commercialization, export growth, investment attraction, and regional economic development.
- $13.5 million for broadband and cellular connectivity.
- $7.75 million to support projects through the Green Transition Fund.
- Reducing the Small Business Tax Rate to 2 per cent as of January 1, 2026, 1.5 per cent on January 1, 2027, and 1 per cent on January 1, 2028, to support over 6,000 small businesses in the province.
- Establishment of a Red Tape Reduction Office.