Investment in Atlantic Region Reaches Record Levels in 2023
The Atlantic Provinces Economic Council (APEC) says strong population growth is the driving force behind an estimated $15 billion in major project spending in the region this year, a 13 per cent jump from 2022.
However, the latest Atlantic Investment Outlook cautions that while the region is growing, more workers will be needed to complete these projects, putting an even bigger strain on housing, healthcare, and other services needed to keep people in the region.
APEC’s report identified more than 500 major capital projects in Atlantic Canada at various stages of development with an investment value of $225 billion, an increase of 48 per cent.
In New Brunswick, the Port of Belldune’s Green Energy Hub is one project that will require skilled construction labour for projects like hydrogen production, solar, biomass, and wind energy, among others. With the goal of being operational by 2027, the Port has already signed a green energy deal with the Port of Rotterdam in the Netherlands. The budget for the green energy hub project is estimated to be between $1.2 and $1.5 billion, with the province kicking in $4 million for Port improvements.
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