The Atlantic Provinces Economic Council(APEC) said that Newfoundland and Labrador leads the pack in major project investment in Atlantic Canada as the estimated value of energy and mining developments continues to rise, reports The Canadian Press.
The council has released its annual inventory of major projects in various stages of development in the region.According to the council’sdata, the 388 projects in Atlantic Canada account for a record $115 billion worth of investment, an increase of 15% over 2012.
In Newfoundland and Labrador, investment in major projects is up 12% over the previous year, with 113 developments totaling $54 billion.
Nova Scotia trails behind in investment with 156 projects worth $40 billion, an increase of 23% over last year mostly due to a proposed $5-billion liquefied natural gas export facility at Goldboro.
The council said 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.
The council also said current-year spending on major projects in Atlantic Canada has grown by 5% to a record $14.3 billion.
Newfoundland dominates investment growth, up by 10% this year to $9.4 billion because of an increase in spending on the Hebron offshore oilfield and the Muskrat Falls hydroelectricity development in Labrador.
The cost of developing Hebron has risen to $14 billion from $8.3 billion, Brannon said, and is expected to draw first oil in 2017.
Both Nova Scotia and P.E.I. recorded investment increases of 10%to $3 billion and $287 million, respectively. Spending is down 22% to $1.6 billion in New Brunswick, mostly because of shrinking investment in highway construction and the Sussex potash project.