Economy
Sydney suffered an economic decline for several decades in the later part of the 20th century as local coal and steel industries underwent significant changes. The closure of the Sydney Steel Corporation's steel mill and the Cape Breton Development Corporation's coal mines in 2000-2001 have resulted in attempts by the municipal, provincial and federal governments to diversify the area economy.
At the start of the 21st century, Sydney faces a significant challenge in the cleanup of the Sydney Tar Ponds, a tidal estuary contaminated with a variety of coal-based wastes from coke ovens that supplied the steel industry. After extensive public consultation and technical study, a $400 million CAD cleanup plan jointly funded by the federal and provincial governments awaits further environmental assessment.
In one part of Whitney Pier, residents of Frederick St. discovered contamination within several homes and in surrounding soil, including a toxic orange substance oozing into local basements. Testing of the substance lasted over a year and many were outraged by delays, although some residents were subsequently relocated to a safer residential area nearby.
High unemployment and lack of opportunities have resulted in many educated young people leaving the community for jobs in other parts of Canada and the US. Demographic changes, including an aging population and decrease in the birth rate have begun to affect the area's economic outlook. Specifically, many residents have opted to seek work in Alberta and Ontario.
Sydney's economy was buoyed by the 2011 announcement of funding for the Sydney Harbour dredging project, which was completed in 2012. The dredge, which is expected to lead to commercialization of the port, is purported to create hundreds of jobs in the area, and position Sydney as a world-class harbour facility. Other important investments that have helped position Sydney as an eastern hub of Nova Scotia include the twinning of Highway 125 and the creation of the Centre for Sustainability in the Environment at nearby Cape Breton University, which draws hundreds of international students each year.
Read more about this topic: Sydney, Nova Scotia
Famous quotes containing the word economy:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)