As 2010 draws to a close, the business climate in Newfoundland and Labrador remains one of the strongest in the country. We are becoming increasingly recognized as a desirable place in which to live, work and invest and our government is committed to continuing to support this growth whenever possible.

Business confidence is extremely high. The Canadian Federation of Independent Business recently noted that 99 per cent of companies surveyed rate the overall state of business as either good or satisfactory. Other indicators are very positive as well. Newfoundland and Labrador's forecasted 5.4 per cent growth in GDP and 23 per cent increase in capital spending for the year will lead the country. Consumer confidence remains the strongest in Atlantic Canada and new car sales and housing starts for the first three quarters of this year have increased 9.4 per cent and 30.6 per cent respectively.

Just yesterday Craig Wright, senior vice-president and chief economist for RBC, when talking about Atlantic Canada noted that an "economic bright spot for 2010 is an extra spring in Newfoundland and Labrador's step as the province will yield the highest growth in the country."

The message that good things are happening in Newfoundland and Labrador is getting out in other ways. We continue to see Newfoundland and Labrador companies being recognized with national and international awards for their achievements. I point to examples such as Browning Harvey being named the North American Bottler of the Year by Pepsi and Coleman's being named the best large surface retail supermarket in Canada by the Canadian Federation of Independent Grocers.

As we head into 2011, this government realizes that we must continue to foster a business environment that is conducive to growth so that there will be more good news stories to tell. We will continue to work closely with local businesses and industry groups to ensure that we are meeting their needs and helping them expand to the benefit of everyone in the province.

We continue to promote Newfoundland and Labrador as an extraordinary place with a wealth of resources, and home to an energetic, clever and creative people who thrive on challenge. We are letting the rest of Canada and the world know that Newfoundland and Labrador is an economic and cultural force to be reckoned with.

2010 12 16                                                      1:50 p.m.