Nova Scotia is set to receive $5.3 billion dollars’ worth of investments in major projects this year, with Halifax getting $3.8 billion of that and more than a quarter of it is set to go toward housing projects.
All driven by the province’s expanding population.
The Atlantic Provinces Economic Council’s director of major projects, Patrick Brennan, says growth is good, but we are not prepared for it.
“We need to get in balance so that the affordability [is better]. So we really do need to increase housing investment in Halifax, and that will likely continue to grow until there’s a more balanced market,” said Brannon.
“Demand is certainly exceeding supply at the moment. And the number of affordable units has to increase dramatically or we’re going to risk leaving more vulnerable people behind.”
Atlantic Canada as a region is ready to see big investments in major projects. This year, there are 528 projects. They are all in various stages of development and represent 12 different industries. The spending on these projects could be $225 billion.
There is $900 million more being spent on major housing projects than just four years ago, with $1.2 billion expected to be spent on housing in Halifax, next year.
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