FREDERICTON, Feb. 15 /CNW/ - Capital investment will buffer the
challenges of a strong loonie and slowing U.S. demand hitting New Brunswick's
forestry industry, according to a provincial outlook released today by BMO
"Major projects such as the $1.4 billion Point Lepreau nuclear plant
upgrade continue to fuel non-residential construction activity," said Doug
Porter, Deputy Chief Economist, BMO Capital Markets. "Longer term, a planned
$1.6 billion mine development by Potash Corp. is also encouraging news."
Highlights of the report include:
- GDP growth should dip modestly to 2 per cent this year from an
expected 2.3 per cent in 2007 and then rise again to 2.3 per cent for
- The unemployment rate is expected to be 7.8 per cent and 8.1 per cent
in 2008 and 2009, respectively, up from a record low of 7.5 per cent
- A nagging migration problem has suddenly brightened with recent new
inflows hitting a level not seen in more than 20 years.
- Housing starts should hit 3,000 in 2008 and 2009.
The complete report can be found at www.bmocm.com/economics.
For further information:
For further information: Media Contact: Lucie Gosselin,
firstname.lastname@example.org, (514) 877-8224, Internet: www.bmo.com