The Conference Board of Canada’s provincial outlook, released in June, predicted Canada’s easternmost province will lead the country with a six per cent rise in GDP growth in 2013. And for 2014? Another increase, of about 3.4 per cent.
A boom in major industrial development is a huge contributing factor. The Atlantic Provinces Economic Council (APEC) says Newfoundland and Labrador will “dominate activity” in Atlantic Canada with $9.4 billion of major project investment in 2013—up 10 per cent from 2012.
The provincial government says over $36 billion in major capital spending is planned or underway in the province. Just where and how does $36 billion get spent? Here, we break down the 10 biggest (in dollar value) major industrial projects in the province. Note: Residential, commercial, health, and public infrastructure projects were not included, nor were on-going capital expenditures on existing projects.
Investing in exploration Boding well for the future, resource exploration in 2013 is at a high level: • Offshore: work commitment of $1.2 billion; 38 active exploration licences • Mineral exploration: provincial government expects a record expenditure of $213 million ($182 million in Labrador; $31 million in Newfoundland).
Click on the icon for more information on each project.