Newfoundland economy pulls ahead of other Atlantic Provinces

Newfoundland and Labrador’s remarkable oil and mining boom is creating a new chasm – between the haves and have-nots of Atlantic Canada. Its economy is powering ahead, while those of Nova Scotia, New Brunswick and Prince Edward Island languish, weighing on the nationwide recovery. Nova Scotia, New Brunswick and PEI are on a pace to come in dead last this year and in 2012 on virtually every economic measure, including GDP, employment, capital spending, housing starts and consumer spending, according to new forecasts from several of the major Canadian banks. And the three provinces are starting from an already weak base. Meanwhile investment activity is at a record pace in Newfoundland, led by work on the offshore Hibernia South and Hebron oil fields, as well as iron ore and nickel projects in Labrador. Spending on major projects is expected to rise 49 per cent to $6.2-billion this year, after rising 30 per cent in 2010, according to an inventory compiled by APEC. Click the link below to read the Globe and Mail’s complete report.

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