Ignite Fredericton AGM shows continued growth in region

The economic development organization Ignite Fredericton is reporting business growth and job creation in 2016, which is helping to deliver their Vision 2020 Economic Development Strategy.

READ MORE: N.B. students, businesses gather to discuss keeping graduates in province

At their annual general meeting Wednesday, Ignite announced 48 new startups – contributing 327 jobs to the region – had been launched in the previous calendar year.

“We saw jobs in the local market growing because of export,” Ignite CEO Larry Shaw said of their performance. “We saw new companies start up because of start up initiatives and we saw existing companies getting better at what they’re doing and growing their market.”

Ignite estimates the jobs located in Fredericton, New Maryland and Oromocto will bring in approximately $383,000 in annual property taxes, with a $1 investment returning $33 in consumer spending in the capital city.

“Our plan is working here,” said Fredericton Mayor Mike O’Brien.

Tweet This Click to share quote on Twitter: "Our plan is working here," said Fredericton Mayor Mike O'Brien.

“The City of Fredericton and its partners created Ignite Fredericton and we created through them a Vision 2020 economic road map …They’re staying true to the course, they’re executing the plan.”

READ MORE: Louisiana looks to New Brunswick for French-speaking teachers

O’Brien also announced at the event that Fredericton was recently named the number one micro-city for foreign direct investment strategy in FDI Magazine’s American Cities of the Future 2017/2018 rankings.

The distinction puts the city ahead of all others with populations of less than 100,000 people in North, South and Central America, he said.

“We’re attracting international attention which really is a feather in the cap,” O’Brien said. “It validates the work they’re doing but it’s also growing our economy and helping us market the city even better in the future.”

Follow @Jeremy_Keefe