APEC has identified 458 major capital projects in Atlantic Canada with a potential value of $144 billion.
APEC was expecting capital spending to grow in 2020 in Newfoundland and Labrador, Prince Edward Island and Nova Scotia, with a modest decline in New Brunswick. Our previous forecast for major projects spending in 2020 for Atlantic Canada was $12.5 billion. Our revised estimate is $9.2 billion, a drop of 26%. This reflects the combined effect of COVID-19, along with the plunge in oil prices on investment in Newfoundland and Labrador.
Investment is expected to bounce back by 17% in 2021 but will remain about 8-10% below pre-COVID-19 levels. There is considerable downside risk to the forecast that will depend on the duration of the impact of COVID-19 on the regional and global economy.
Please note - APEC's Major Projects Inventory and short commentary on Major Projects Investment for 2020 is only available to APEC members as part of their member benefits.
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About the Inventory
APEC’s Major Projects Inventory (MPI) is a unique source of detailed intelligence and analysis on Atlantic Canada’s largest investment projects. Developed through a combination of research and interviews with the principals behind the region’s largest development initiatives, the MPI is not available from any other source. This publication has become a must-read for leaders seeking a competitive edge for planning, forecasting and project leads. In addition to the update of the 400+ projects that have the potential to reshape the region and drive economic development, APEC provides a short analysis on Major Projects in Atlantic Canada.