Ontario Construction News staff writer
Public and private capital spending in the Northwest Territories this year is forecast to reach its highest level since 2016, the NWT Bureau of Statistics says.
Compared to 2022, overall 2023 capital expenditures for the Northwest Territories are expected to increase by 7.7% to $942.7 million. Since construction of the Gahcho Kué diamond mine and the peak of capital expenditures in 2015, private investment has trended downward and has been relatively unchanged since 2020. In contrast, public investment increased to over $600 million in 2022, and is expected to increase again in 2023. The impacts of COVID were noted in the historic low NWT capital expenditures in 2020.
A national survey shows spending for construction and infrastructure in the NWT will increase 7.7 percent this year, reaching about $950 million.
In 2023, public expenditures are expected to increase by 9.6 per cent to $682.7 million. This increase can in part be attributed to the construction of a new swimming pool in Yellowknife and increased construction activity at the Giant Mine Remediation Project. Private investment is also expected to increase in 2023, rising by 3.1% to $260.0 million.
“Public investment increased to over $600 million in 2022 and is expected to increase again in 2023,” the NWT Bureau of Statistics stated in a news release.
A nine-percent jump in public spending “can in part be attributed to the construction of a new swimming pool in Yellowknife and increased construction activity at the Giant Mine remediation project.”
Private investment is expected to increase about three per cent – and has dropped from more than $1 billion annually to just over $200 million since the Gahcho Kué diamond mine’s construction finished in 2015.
Nationally, capital expenditures are expected to increase by 4.3% between 2022 and 2023. Among provinces and territories, Nunavut is expected to increase by 29.3% in 2023, the highest rate among provinces and territories, while Yukon, Nova Scotia and British Columbia are expected to see a decline.