Economic experts are predicting good things for the Nova Scotia economy in 2014.
Major offshore projects are just some of the driving economic forces predicted to spur a 13 percent increase in spending within the province. Construction in Halifax will be particularly strong, with $500 million alone being invested in the city’s new convention center.
“Nova Scotia has got good growth next year,” said Patrick Brannon, a research analyst with the Atlantic Provinces Economic Council. “The offshore sector has provided a boost.”
Several large multinationals will continue to invest in provincial projects in the coming years, including oil and gas sector giants BP and Shell, both of which are based out of Europe. Indian firm H-Energy will be another major economic player in the region over the coming year.
The numerous construction projects are expected to bring about $3.4 billion into Nova Scotia, but will also bring numerous jobs to keep up the pace. The energy sector projects are expected to ignite growth in other sectors, particularly the service sector.
Nova Scotia reported strong economic growth in 2013 as well. The continued growth is good news for long-term prospects in the region.
Source: The Chronicle Herald