Population and green projects are driving investment in Atlantic Canada

The Atlantic Economic Council’s 41st edition of its Major Projects Inventory identifies 566 major investment projects in various stages of development throughout Atlantic Canada.

Capital spending will advance by 11% in 2024 to a record $16.5 billion. Nova Scotia leads investment growth at 24% this year. New Brunswick and Prince Edward Island are also seeing solid growth at 14% and 11%, respectively. Newfoundland and Labrador spending will be down about 3% this year.

“Population growth is a major factor behind the investment surge in the Maritime provinces.” says Patrick Brannon, Director of Major Projects at the Atlantic Economic Council. 

Immigration, more temporary workers and students and positive net flows from other provinces added more than 120,000 to Atlantic Canada’s population over the last two years. Spending on large housing developments in the region is expected to be nearly $1.5 billion higher in 2024 compared to 2019.

n 2025, major project spending is forecast to rise 19% to over $19 billion. Spending on renewable energy and transmission projects is expected to increase from $2.2 billion in 2024 to over $5.6 billion in 2025.

“The transition to a cleaner economy will lead to billions of investment in Atlantic Canada,” says Brannon. “Wind, hydrogen and other renewable projects will be the main driver of increased spending over the next few years.”

Housing investment will also continue to grow along with manufacturing and transportation projects. The major factors that could delay investments are high interest rates and labour shortages.

Provincial Highlights

Newfoundland and Labrador

• There are 87 major investment projects in Newfoundland and Labrador totaling $89 billion
• Spending is expected to fall 3% to $5.4 billion in 2024
• Hydrogen investment will help offset a drop in mining and oil spending in 2025

Prince Edward Island

• There are 69 projects in Prince Edward Island totaling $5.8 billion of potential investment
• Major project investment will increase 11% in 2024, following a slight dip in spending last year
• Major project spending will increase about 7% in 2025 led by electricity and education

Nova Scotia

• There are 262 major projects in Nova Scotia with a potential value of $131 billion
• Investment will increase 24% in 2024 to a record $6.9 billion
• Renewable energy projects could boost investment in Nova Scotia above $9 billion in 2025

New Brunswick

• New Brunswick has 148 major projects totaling $38 billion
• New Brunswick major project investment is up 14% to a record $3.4 billion this year
• Renewable energy and transmission projects are expected to boost investment over the next few years.

To receive a copy of this publication or schedule an interview, please contact: 

Erica Parrill 
Communications Manager 
Email:  erica@atlanticeconomiccouncil.ca
Mobile: 902-536-3616