19 January 2011

Non-res building up 23.% in Q4

The value of non-residential construction in Newfoundland and Labrador increased 23.6% in the fourth quarter of 2010 compared to the third quarter, according to figures released Monday by Statistics Canada.

Of the $103 million in industrial, commercial and institutional construction in the province, $62 million of it was in the metro St. John’s region.

That’s interesting given a recent comment by finance minister Tom Marshall that it was time for the private sector to step in a drive the economy for a while. BMO noted recently that provincial economic growth is driven currently by capital spending. 

- srbp -