HALIFAX, Feb. 15 /CNW/ - 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
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.
The complete report can be found at www.bmocm.com/economics.
For further information:
For further information: Media Contact: Lucie Gosselin,
email@example.com, (514) 877-8224, Internet: www.bmo.com