Atlantic Provinces Economic Council bullish on N.B. economy

An Atlantic Canadian think-tank says the New Brunswick economy is slowly improving.

At a morning conference in Moncton on Friday, the director of major projects with the Atlantic Provinces Economic Council spoke about the major projects that are expected to give a boost to the New Brunswick economy in the coming years.

Patrick Brannon said over the next 20 years, developers are planning up to $1 billion in new home construction in Moncton alone.

He said Moncton's population has increased by 11,000 in the last five years, both from people leaving rural areas in New Brunswick, as well asimmigration. This population boost is leading to hundreds of millions of dollars of private and government spending, he said.

"And it's also leading to growing investments in the city. The city of Moncton's budget is increasing. It's leading to new infrastructure including roads, hospitals, schools, retail and commercial projects," said Brannon.

As well, there are major construction projects taking place across the province, including a $50 million blueberry plant on the Acadian Peninsula and additions to the J.D. Irving pulp mill in Saint John.

If approved, the Energy East pipeline and attached export terminal at the Irving refinery in Saint John would also provide a lift to the economy, said Brannon.