Economy
On December 4, 2008, Abitibi Bowater released a statement concerning imminent closure of the pulp and paper mill in Grand Falls-Windsor, representing a cutback of 205 000 tons of paper. The mill produced its last roll of newsprint on February 12, 2009. The closure was effected due to exchange rate volatility, energy and fiber pricing, as well as structural challenges in the North American newsprint industry. At the time of closure, the paper mill was the second largest employer of the town.
Like most other communities in Newfoundland and Labrador, Grand Falls-Windsor has suffered from outmigration though the town's economy still remains strong.
Read more about this topic: Grand Falls-Windsor
Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)