The Atlantic Economic Council (AEC) has identified more than 560 major investment projects at various stages of development throughout the region, 87 of which are in Newfoundland and Labrador.
That represents about $90 billion dollars, says Patrick Brannon, AEC’s senior researcher and director for major projects.
Brannon spoke to the funding during his presentation on the AEC’s 41st Major Projects Inventory in St. John’s this week.
(Patrick Brannon, senior researcher and director for major projects with Atlantic Economic Council)
While the numbers sound good, Brannon says project investment in this province is down a bit from last year, but he expects things to ramp up next year with hydrogen development leading the way.
“It was a little bit quieter, down about three per cent, and there’s a few reasons for that,” he said. “Had a lot of spending in Labrador on Voisey’s Bay which is winding down, and the health care investment with the Corner Brook hospital is wrapping up, so there is a little bit of a lull in investment this year.
“But we’re hoping it’ll pick up in 2025 with spending in the hydrogen industry as anticipated.”
