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Megaprojects Role in Atlantic Canadas Economy
Introduction
Megaprojects can advance regional growth in Atlantic Canada and beyond. However, this is likely to be impacted by the boom-to-bust cycles. Although they need a large labor force for the initial phase, they only really need a small number of workers for the operation phase. Additionally, once the project is up and going, the processing of the resource and the industrial economic growth typically result in alternating phases. Generally, megaprojects can boost the economy, yet this will depend on the global markets needs, prices, and demand.
To what extent can/should Atlantic Canada depend on megaprojects to improve the regions economic fortunes?
There seems to be a fair likelihood that Labrador and Newfoundland will continue to dominate in large-scale development projects in the Atlantic Canada region. Employment in the construction and maintenance sector will rise dramatically in Newfoundland and Labrador by 2023 ( Construction workforce prospects bright for Atlantic provinces in near term: BuildForce, 2022). According to ReNew Canada (2021) report, despite COVID-19, Canadas public sector infrastructure made substantial advancements in 2020. In recent times, many infrastructural projects in other places, such as Prince Edward Island, have been completed to supplement job creation. Additionally, there has been an increase in the amount of petroleum and gas mining off the eastern coast of Newfoundland. The regions economy will increase significantly over the following years due to crude oil production at this level. A growth like mining for petroleum products may mean that crucial service providers can maintain a continuous distribution network.
Financial support and investment should be significantly increased to aid companies in obtaining funding for corporate growth. Furthermore, the Atlantic region has easy access to natural resources that can be exploited for large-scale projects and lower their running costs. Therefore, the locals and officials can achieve a vibrant present and future by concentrating their efforts on the natural resource base and contributions intended to improve the economic climate of the Atlantic region.
What other avenues offer potential as far as future economic growth is concerned?
Reviving other sectors, such as the fishing industry, may facilitate future economic growth. Traditionally regarded as one of the worlds most extensive fish stocks, Atlantic Canadas economy has been significantly shaped by Northern cod (Schijns et al., 2021). Many shipping firms are looking for a prospective trade route to facilitate a rise in local maritime traffic. Although the opportunity exists, seafood export is a growing business, more so in Nova Scotia than in the other provinces. A significant federal shipbuilding contract is an investment over the long term. Most importantly, sectors directly involved in the utilization or extraction of marine resources have seen a considerable increase in employment.
The Ocean Supercluster is another avenue that can be extended in Atlantic Canada to boost the economy. At its inception, the Ocean Supercluster had more than 110 partners, including colleges, firms specializing in ocean-based agriculture, and oilfield research and innovation companies (King, 2019). The project is built around well-established ocean enterprises, such as offshore oil and gas drilling, fisheries, maritime tourism, and transportation. Other mineral resources can offer potential economic growth for this region. Generally, Atlantic Canadians should use their superior mining capabilities and environmental, social, and good governance credentials. The goal is to establish competitive supply chains for essential minerals and high-value goods, services, and innovations.
Conclusion
Megaprojects may help Atlantic Canadas economy; however, this will depend on the international markets demands, prices, and needs. The likely scenario that may limit these projections is the boom-to-bust cycles. Nonetheless, the one encouraging aspect of Atlantic Canadas resource abundance having the potential to counter this is the fishing industry. With the global price cycle currently at its lowest point, prices for Atlantic Canadian oil, fish and mineral production will inevitably rise again. An increase in transatlantic container traffic looks likely given the recently ratified trade agreements. Therefore, it is feasible to considerably reduce both the effectiveness and the amount of time needed for distributing the product.
References
Construction workforce prospects bright for Atlantic provinces in near term: BuildForce. (2022). Web.
King, S. (2019). Atlantic Canada: Growth comes in waves. Web.
Megaproject development tops $250 billion. (2021). Web.
Schijns, R., Froese, R., Hutchings, J. A., & Pauly, D. (2021). Five centuries of cod catches in Eastern Canada. ICES Journal of Marine Science, 78(8), 2675-2683. Web.
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