Canada's Ocean City.
One of Canada's most diverse and rapidly growing urban economies. Halifax has shifted from a traditional reliance on defense and fishing to a knowledge-based, tech-forward, trade-oriented hub.
Halifax at a Glance
The capital generates over half of the province's GDP.
517,115
Population (2025)
+68,139
Population Growth 2021–2025
2.9%
Average Annual Growth Rate
2.3%
Real GDP Growth (2025)
vs 1.1% national
$1,750
Average Monthly Rent (Oct 2025)
7.2%
Average Annual Rent Growth
2.7%
Apartment Vacancy (Oct 2025)
5.3%
Unemployment (Jan 2026)
vs 6.4% national
Source: Halifax Partnership
Industry Diversification
Seven sectors, one ecosystem
Halifax's economy spans ocean tech, IT and gaming, life sciences, financial services, transportation and logistics, defense and shipbuilding, and education.
Ocean Technology & Economy
Known as "Canada's Ocean City," with 500+ companies. Includes research, marine defense, and aquaculture, heavily supported by the Bedford Institute of Oceanography (located adjacent to Ocean Breeze Village).
IT, Gaming & Digital Media
30,000+ people employed in IT across the province, with a strong focus on startups, software development, and AI.
Life Sciences & Health
A major growth area with 40,000+ health care workers in Halifax, benefiting from low operating costs for research centers and proximity to universities and hospitals.
Financial Services & Insurance
A mature sector with 1,300+ firms, including major national and international offices.
Transportation & Logistics
Leveraging its deep-water harbor, the Port of Halifax connects to 150+ countries, supported by extensive rail and air logistics infrastructure.
Defense & Shipbuilding
The Halifax Shipyard is a major employer, undergoing modernization and continuing to build arctic and offshore patrol ships for both the Navy and Coast Guard. CFB Halifax employs 11,000+ people.
Education
Approximately 20,000 people are directly employed in seven universities and colleges, with 40,000 students attending post-secondary institutions each year.
Economic Drivers & Strengths
Why Halifax. Why now.
- PopulationAs of 2025, surpassed 515,000 — driven by international migration. Boosts demand for housing, services, and local consumption.
- EducationSeven universities and three NSCC campuses — a highly educated, young workforce feeding into the innovation ecosystem.
- Quality of LifeA blend of urban amenities, low cost of living vs Toronto/Vancouver, and close access to nature — attractive for talent attraction.
Future Focus 2022–2027
Targeting $34B GDP. 650,000 people.
HRM's long-term growth projections target real GDP of $34 billion and a population of 650,000. The People. Planet. Prosperity. Inclusive Economic Strategy focuses on green innovation (HalifACT climate plan), accelerating Indigenous and African Nova Scotian business growth, and increasing housing stock.