Private sector capital spending to drop 7% in 2015: StatsCan
Manufacturers plan to increase spending by 2.7% to $17.5 billion.
OTTAWA — Statistics Canada says capital spending this year on non-residential construction and machinery and equipment is expected to slip 4.9% to $251.8 billion compared with 2014.
Public sector capital spending is expected to decrease 0.2% while the private sector is expected to drop 7%.
The federal agency says according to its survey, spending by the mining, quarrying, and oil and gas extraction sector is expected to fall 18.7% to $67.9 billion.
Capital spending by organizations in the health care and social assistance sector is expected to go down 14.2% from 2014 to $8.7 billion this year, while the professional, scientific and technical services sector is expected to slip 23.2% to $2 billion.
The transportation and warehousing sector is expected to show the largest growth this year. The sector is expected to increase spending $3.1 billion to $26.4 billion, largely as a result of pipeline transportation, and transit and ground passenger transportation.
Manufacturers plan to increase spending by 2.7% to $17.5 billion this year.