Investment in major projects in province is up 12 per cent over previous year, think-tank says
HALIFAX—A think-tank says Newfoundland and Labrador leads the pack in major project investment in Atlantic Canada as the estimated value of energy and mining projects continues to rise.
The Atlantic Provinces Economic Council has released its annual inventory of major projects in various stages of development in the region.
It says the 388 projects in Atlantic Canada account for a record $115-billion worth of investment, an increase of 15 per cent over 2012.
In Newfoundland and Labrador, investment in major projects is up 12 per cent over the previous year, with 113 projects totalling $54-billion.
Nova Scotia trails behind in investment with 156 projects worth $40-billion, an increase of 23 per cent over last year mostly due to a proposed $5-billion liquefied natural gas export facility at Goldboro.
The council says the potential for a west-east oil pipeline in New Brunswick and new housing projects in Prince Edward Island have also contributed to the increase.
It says current-year spending on major projects in Atlantic Canada has grown by five per cent to a record $14.3-billion.
Newfoundland dominates that growth, up by 10 per cent this year to $9.4-billion because of an increase in spending on the Hebron offshore oilfield and the Muskrat Falls hydroelectricity project in Labrador.
Both Nova Scotia and P.E.I. experienced increases of 10 per cent to $3-billion and $287-million, respectively.
Spending is down 22 per cent to $1.6-billion in New Brunswick, mostly because of shrinking investment in highway construction and the Sussex potash project.