Newfoundland leads major project investment in Atlantic Canada: think-tank

HALIFAX – A think-tank says Newfoundland and Labrador leads the pack in major project investment in Atlantic Canada as the estimated value of energy and mining projects continues to rise.

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

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It says the 388 projects in Atlantic Canada account for a record $115 billion worth of investment, an increase of 15 per cent over 2012.

In Newfoundland and Labrador, investment in major projects is up 12 per cent over the previous year, with 113 projects totalling $54 billion.

Nova Scotia trails behind in investment with 156 projects worth $40 billion, an increase of 23 per cent over last year mostly due to a proposed $5-billion liquefied natural gas export facility at Goldboro.

The council says the potential for a west-east oil pipeline in New Brunswick and new housing projects in P.E.I. have also contributed to the increase.