Robust construction spending will help offset a downturn in manufacturing for Nova Scotia, according to a provincial outlook report released today by BMO Financial Group.
“Non-residential construction continues to march ahead, and should continue next year with EnCana’s $700 million Deep Panuke offshore natural gas project,” said Doug Porter, Deputy Chief Economist, BMO Capital Markets. “Manufacturing will get a boost from a contract to maintain Canadian military helicopters.”
Highlights of the report include:
GDP growth for Nova Scotia is expected to dip to 1.7 per cent in 2008 and then rise to 2.1 per cent in 2009.
Unemployment rate should rise to 8.3 per cent in 2008 and 2009.
Housing starts will dip to 3,200 this year and 3,000 next year.
