Skip to main content

The Globe and Mail

Spending on major projects hits record high in Atlantic Canada, report says

Wind turbines in Nova Scotia are seen in this file photo.

PAUL DARROW/REUTERS

Investment in major projects is at an all-time high in Atlantic Canada but development in the future remains uncertain, a think-tank says.

The Atlantic Provinces Economic Council released its annual inventory Monday of major projects in various stages of development in the region.

It said the 439 projects are worth a record $122-billion in investment, up seven per cent over last year.

Story continues below advertisement

The council credits the rise in total inventory value with an increase in the number of proposed projects in Nova Scotia. It said the province's total inventory value has surpassed that of Newfoundland and Labrador for the first time since the mid-1980s.

Current-year spending on major projects in the region is also on the rise, up about eight per cent to a record $15-billion, with Newfoundland and Labrador leading the pack. Spending in that province is up 10 per cent over last year to $9.8-billion, mostly due to the Muskrat Falls hydroelectric project and offshore developments.

The council said growth in the region this year has been aided by projects such as the Maritime Link, the proposed Kami iron ore mine in Labrador and new wind farms in Nova Scotia.

But it warns investment is expected to decline after next year as some projects, including the Hebron offshore oil site, wind down.

"The big question is whether proposed LNG export projects, the Energy East pipeline or new offshore or mining projects will be developed to keep investment strong later in the decade," Patrick Brannon, the council's director of major projects, said in a news release.

Nova Scotia and New Brunswick saw growth this year of 10 per cent to $3.4-billion and two per cent to $1.7-billion respectively, while spending in Prince Edward Island fell 20 per cent to $234-million.

The council said the drop in P.E.I. is due to the completion of a $60-million wind farm project last year.

Story continues below advertisement

Report an error
Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨

Combined Shape Created with Sketch.

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at privacy@globeandmail.com.