For the period 2013-2016, Nova Scotia was home to 240 high-growth enterprises (see ‘Deep Dive’ for definition); 225 less than the target of 465. These enterprises accounted for 4.9 per cent of all enterprises with 10 employees or more in 2013-2016, below the Canadian average of 5.6 per cent. The number of high-growth firms declined in every province for the 2013-2016 period compared to the previous three-year period.
What This Means
While the rate of high-growth firms in Nova Scotia is somewhat lower than the Canadian average, the average is skewed by significantly higher numbers of high-growth firms in resource-rich provinces like Alberta and Newfoundland and Labrador over the 2011-2016 period. Over that period, most of the provinces saw declines in the number of high-growth firms. As additional years of data become available, it will become clearer how Nova Scotia’s rate is changing over time.