May 26, 2014 8:43 am

Spending on major projects hits record high in Atlantic Canada: report

The Canadian Press

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 seven per cent over last year.

It says 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.

Nova Scotia and New Brunswick saw growth of 10 per cent and two per cent this year respectively, while spending in Prince Edward Island is down 20 per cent.

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.

Global News

© The Canadian Press, 2014

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