Newfoundland the centre of growth in Atlantic Canada

The Atlantic Provinces Economic Council have reported that the oil and mining industries are combining this year to give a big lift to Newfoundland and Labrador’s economy. “The pace of investment activity is at record levels, and we expect it to continue for some time,” APEC research analyst Patrick Brannon said Thursday. APEC president Elizabeth Beale said the value of all that expansion is worth more than what’s happening in all of the other Atlantic provinces — combined. The APEC forecast comes with a caution, as it notes the investment boom is happening while interest rates are low and commodity prices are high. If either of those conditions changes significantly, APEC warns the boom could quickly turn to a bust.

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