Investors’ darling: 357 projects worth $100-billion for Atlantic Canada
Think tank believes investments will be strong for years to come
HALIFAX—Atlantic Canada has seen a surge in major projects this year with 357 projects accounting for a record $100-billion worth of investment, up 39 per cent over last year’s inventory.
Halifax-based think-tank Atlantic Provinces Economic Council (APEC) says in its annual inventory of major projects that it expects the region’s jump in major project investment will continue for years to come.
However, most of the growth is due to the awarding of the federal shipbuilding contract to the Irving shipyard in Halifax, which APEC expects will have a big impact on investment in coming years.
It says Shell Canada’s plan to spend $970 million offshore of Nova Scotia, the possibility of a second potash mine in New Brunswick and new housing developments have also contributed to the increase.
The council says current-year spending on major projects in Atlantic Canada is up about eight per cent to a record $12.8 billion.
Newfoundland and Labrador leads the pack with spending, up by 29 per cent to $8 billion this year because of strong demand for oil and minerals.
Major project spending is down for this year in Nova Scotia, New Brunswick and P.E.I. in part because federal stimulus dollars have stopped flowing.