Average Canadian immigrant contributes an initial $300,000 to the local economy

The Canadian city of Moncton in Westmorland County, New Brunswick, has seen new Korean immigrants boost the local economy by around $73 million over the past five years.

It’s a fact that Provincial Nominee Programs encourage applications for permanent residence from skilled migrants and assists international entrepreneurs to invest in local businesses and settle. It is a way for newcomers to speed up the Canadian immigration process, as well as for provincial governments to target groups that meet specific labour needs.

Through this program, the Korean community alone has brought about $73 million into the local economy of Moncton.

“That’s brand new money,” says Eric Pelletier of Enterprise Greater Moncton. “That’s a huge deal. That’s people buying houses and cars and groceries and a huge boost to the local economy”

The average Canadian immigrant through this program brings an initial investment of about $300,000 when they arrive in Moncton. When you multiply that by the number of families, it’s an incredible boost to the local economy, says Pelletier.

Most of those families arrived within the last five years. The largest immigrant population living in Moncton is of Korean background, and the city is home to around 245 Korean migrants as well as other migrant groups.