It’s amazing how things in Labrador — especially from a natural resource development perspective — tend to move in cycles.
The term “boom and bust” is not a new term and conjures up healthy debate, some will even say controversial, on both sides of an issue. Whether we are talking about fisheries, forestry, mining, low-level flying or hydro development, the term “boom and bust” generally describes a period in a community’s history that is characterized by substantial increases in economic activity followed by a sharp downturn.
Throughout Canada and throughout the our province, history has shown that times of increased business and investment can all of a sudden collapse (sometimes due to outside sources such as world markets, beyond the company’s/government’s control) thus having a major impact on the town on many different levels. While change is happening around us daily, all one has to do is observe and you can clearly see there are signs and indicators that some of our Labrador towns are now heading into a “boom” environment. These signs include such things as higher housing rental and real-estate rates, increased crime, increased traffic, demand on local stores for every day products like groceries and longer line-ups, higher prices and wait times at restaurants. Thus, the challenge for community leaders is manage rapid change and prepare the community for when the “boom” subsides.
The natural resources industry can — and does — offer many high paying jobs that allow both young and semi-retired workers to provide themselves…