CCI Response to the 2026 Newfoundland and Labrador Budget

Today, Newfoundland and Labrador Finance Minister Craig Pardy, delivered Budget 2026, the first of the Wakeham Administration. This budget was delivered during a period of domestic and geopolitical volatility in a province largely dependent on oil and gas revenues and exports. 

In response to today’s Budget, CCI Senior Advisor, Atlantic Canada Karen Moores issued the following statement:

“Despite a very tough economic climate and much uncertainty around the world, the first budget of the Premier Wakeham administration in Newfoundland and Labrador was delivered with news that the province has the fastest-growing economy of any province in Canada: 5.5 per cent expected GDP growth.

“This is a sign of hope for an economy with much at stake for major projects and the further development of its dual-use and defence economies.

“Minister Pardy today delivered a budget that focused on the core needs of the province: rapidly stabilizing and improving health care, returning to fiscal sustainability and growth, and making life easier for people and small businesses during tough times. The absence of new taxes or fees is welcome news for entrepreneurs and owners. The budget also noted the importance of getting it right on major projects, including Bay du Nord and the development of the Upper Churchill and Gull Island, with respect to resource development and procurement that benefits all of Newfoundland and Labrador. We at CCI know our province and our nation’s innovators have the talent and technologies these major projects need to succeed.

“Newfoundland and Labrador’s history is embedded in a legacy of service in the military sector and a longstanding commitment to defence. It is encouraging to know the province is approaching opportunities in dual-use technologies and defence with a focus on leveraging this province’s innovators, alongside an advertising campaign that shows the world a reality: NL was built for defence, with a strategic location, world-class research, technologies and talent built by our innovators.

“In making life easier for our innovators, we welcome today’s news of the establishment of a Red Tape Reduction Office, which responds to a recommendation from our 2025 What Innovators Need to Scale in Newfoundland and Labrador report: that this government make major moves to cut red tape that impedes our prosperity and productivity.”

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Media Contact

Lisa Brody Hoffman
Director of Communications
‍lhoffman@canadianinnovators.org