Spending on major projects hits record high in Atlantic Canada, report says
The 439 projects are worth a record $122 billion in investment, up 7% over last year.
Oil & Gas
Atlantic Provinces Economic Council
Prince Edward Island
HALIFAX — A think-tank says investment in major projects is at an all-time high in Atlantic Canada but development in the future remains uncertain.
The Atlantic Provinces Economic Council has released its annual inventory of major projects in various stages of development in the region.
It says the 439 projects are worth a record $122 billion in investment, up 7% over last year.
It says current-year spending on major projects in the region is also on the rise, up about 8% to a record $15 billion, with Newfoundland and Labrador leading the pack.
Nova Scotia and New Brunswick saw growth of 10% and 2% this year respectively, while spending in Prince Edward Island is down 20%.
The council credits projects such as the Maritime Link, the proposed Kami iron ore mine in Labrador and new wind farms in Nova Scotia for growth this year, but it warns investment is expected to decline beyond 2015 as some projects wind down.
© 2014 The Canadian Press