December 2011 Maritime Economic Fundamentals
- Thread starter Ally
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Why shale gas could be a game-changer for the maritimes
I`m not sure if most people understand just how important oil and gas and other mining has become to the Canadian economy. More specifically, how dependent we have become on non-renewable resources royalties to fund public services and infrastructure.
According to the federal Department of Finance, there are six provinces in 2011-12 that received equalization payments from Ottawa. Quebec garnered the highest amount at $7.8-billion followed by Ontario ($2.2-billion), Manitoba ($1.67-billion), New Brunswick ($1.48-billion), Nova Scotia ($1.17-billion) and Prince Edward Island ($329-million).
Read the full article here.
I`m not sure if most people understand just how important oil and gas and other mining has become to the Canadian economy. More specifically, how dependent we have become on non-renewable resources royalties to fund public services and infrastructure.
According to the federal Department of Finance, there are six provinces in 2011-12 that received equalization payments from Ottawa. Quebec garnered the highest amount at $7.8-billion followed by Ontario ($2.2-billion), Manitoba ($1.67-billion), New Brunswick ($1.48-billion), Nova Scotia ($1.17-billion) and Prince Edward Island ($329-million).
Read the full article here.
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Calgary firms drilling for oil and gas in N.S.
Two Calgary energy companies are at the vanguard of a multimillion-dollar rush to discover onshore oil and gas in Nova Scotia.
Eastrock Resources Ltd., a privately owned company, is midway through a drilling program in the hydrocarbon-rich Springhill area.
On the Alton Block east of Stewiacke, Forent Energy Ltd. is poised to begin drilling on the first of three wells in the coming weeks. As the sale of new exploration rights in the province increases, the race to find conventional onshore oil and gas reserves is heating up.
Read the full article here.
Two Calgary energy companies are at the vanguard of a multimillion-dollar rush to discover onshore oil and gas in Nova Scotia.
Eastrock Resources Ltd., a privately owned company, is midway through a drilling program in the hydrocarbon-rich Springhill area.
On the Alton Block east of Stewiacke, Forent Energy Ltd. is poised to begin drilling on the first of three wells in the coming weeks. As the sale of new exploration rights in the province increases, the race to find conventional onshore oil and gas reserves is heating up.
Read the full article here.
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Shipbuilding contract prompts renewed interest in real estate
Rising real estate prices may be an example of prophecy coming true.
Home sales in metro bumped upwards just prior to and immediately after Irving Shipbuilding won the $25-billion contract to build combat ships for the navy, as investors scrambled to buy a house or rental property.
`Usually, you don`t get a bump like that in October and November but this year we did,` says veteran Realtor Ed Power of Re/Max Nova.
Read the full article here.
Rising real estate prices may be an example of prophecy coming true.
Home sales in metro bumped upwards just prior to and immediately after Irving Shipbuilding won the $25-billion contract to build combat ships for the navy, as investors scrambled to buy a house or rental property.
`Usually, you don`t get a bump like that in October and November but this year we did,` says veteran Realtor Ed Power of Re/Max Nova.
Read the full article here.
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Dartmouth waterfront wants dreamers, big thinkers
The development of two parcels of prime real estate on the Dartmouth waterfront could cement the picturesque setting as an up-and-coming neighbourhood complete with urban accoutrements and seaside living.
Shovels in the ground are years away but the Waterfront Development Corp. Ltd. is using the time to toss around pie-in-the-sky ideas and designs that complement the current mix of green space, residential, commercial and professional services, president and CEO Colin MacLean told The Chronicle Herald on Thursday.
The land slated for development includes a 0.5-hectare parking lot between Prince Street and King Street on Alderney Drive, and a 12-hectare parcel at Dartmouth Cove.
Read the full article here.
The development of two parcels of prime real estate on the Dartmouth waterfront could cement the picturesque setting as an up-and-coming neighbourhood complete with urban accoutrements and seaside living.
Shovels in the ground are years away but the Waterfront Development Corp. Ltd. is using the time to toss around pie-in-the-sky ideas and designs that complement the current mix of green space, residential, commercial and professional services, president and CEO Colin MacLean told The Chronicle Herald on Thursday.
The land slated for development includes a 0.5-hectare parking lot between Prince Street and King Street on Alderney Drive, and a 12-hectare parcel at Dartmouth Cove.
Read the full article here.
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Atlantic Canada's economy set to grow next year: RBC
TORONTO, Dec. 12, 2011 /CNW/ - As the U.S. economy continues to recover, increasing its demand for Canada's exports, the majority of Atlantic Canada will see a greater contribution to growth from the export sector, according to the latest RBC Economics Provincial Outlook report. RBC projects faster rates of expansion in 2012 in two of the four Atlantic Provinces relative to this year, yet the pace will remain generally subdued.
Since the beginning of the recovery, Newfoundland and Labrador has been among the growth leaders in Canada. The province's solid performance in 2011 was mainly the result of a surge in major construction spending, which more than compensated for declines in oil production and mixed performance in the mineral sector. By some estimates, capital expenditures are on pace to rise by a remarkable 49 per cent this year relative to 2010.
"Next year, capital investment growth will moderate and offshore oil production will continue to decline. On the other hand, mining production should see a strong increase," said Craig Wright, senior vice-president and chief economist, RBC. "On net, we expect Newfoundland and Labrador to grow at a healthy rate of 2.8 per cent in 2012."
Read the full article here.
TORONTO, Dec. 12, 2011 /CNW/ - As the U.S. economy continues to recover, increasing its demand for Canada's exports, the majority of Atlantic Canada will see a greater contribution to growth from the export sector, according to the latest RBC Economics Provincial Outlook report. RBC projects faster rates of expansion in 2012 in two of the four Atlantic Provinces relative to this year, yet the pace will remain generally subdued.
Since the beginning of the recovery, Newfoundland and Labrador has been among the growth leaders in Canada. The province's solid performance in 2011 was mainly the result of a surge in major construction spending, which more than compensated for declines in oil production and mixed performance in the mineral sector. By some estimates, capital expenditures are on pace to rise by a remarkable 49 per cent this year relative to 2010.
"Next year, capital investment growth will moderate and offshore oil production will continue to decline. On the other hand, mining production should see a strong increase," said Craig Wright, senior vice-president and chief economist, RBC. "On net, we expect Newfoundland and Labrador to grow at a healthy rate of 2.8 per cent in 2012."
Read the full article here.
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Atlantic region created mostly low-wage jobs in the past 10 years, study says
The think-tank defined low-wage jobs as those paying less than the overall average of $40,000 annually.
Between 2001 and 2010, the region created 42,000 net new jobs in low-wage industries, with call centres and the retail trade leading the way, the study said.
By contrast, only 11,000 net new jobs in high-wage industries were created, mainly because of expansion of the public sector.
Read the full article here.
The think-tank defined low-wage jobs as those paying less than the overall average of $40,000 annually.
Between 2001 and 2010, the region created 42,000 net new jobs in low-wage industries, with call centres and the retail trade leading the way, the study said.
By contrast, only 11,000 net new jobs in high-wage industries were created, mainly because of expansion of the public sector.
Read the full article here.