Atlantic Provinces Economic Council says capital spending down in region in 2017
A new report by the Atlantic Provinces Economic Council says capital spending on major projects in Atlantic Canada is expected to fall by seven per cent this year to $13 billion.
The report says an overall decline in energy-related spending will result in a decline in 2017 in three of the four Atlantic provinces.
The exception is in New Brunswick, where growing infrastructure, electricity and transportation investment will result in an 18 per cent surge to $2.3 billion.
Investment in mining projects is also up almost $250 million in 2017, mainly in Newfoundland and Labrador and in Nova Scotia where more activity is expected next year as well.
The economic council says the long-term outlook is brighter with 412 projects worth $132 billion in various stages of development across the region.
It says Nova Scotia is leading the way with a capital inventory valued at $62 billion, led by shipbuilding projects and proposed liquefied natural gas projects.