Last Updated on October 24, 2023 by Ephraim Vecina
The rate of new home construction in Prince Edward Island reached a record-high July level, being fully 55% higher than it was in 2016, according to the latest study from the Atlantic Provinces Economic Council (APEC).
This is despite housing starts declining by 4% due to some market weakness in the first half of the year, The Journal Pioneer reported.
The APEC report added that for the first 7 months of the year, Prince Edward Island was Atlantic Canada’s strongest market in multiple economic indicators. PEI employment exhibited a steady 2.6% growth in that time frame, as did retail sales.
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However, investment plans for the region have hit a snag as uncertainty surrounding NAFTA has set in. This might prove detrimental to local economies in the long run, APEC warned.
The Council also estimated that Canada’s response to US steel and aluminium tariffs might increase the cost of Atlantic Canada’s US imports by at least $18 million.
“While there are no steel and aluminum refineries in Atlantic Canada, there are primary metal and metal fabrication firms that reply on steel and aluminum as key inputs,” APEC senior policy analyst Fred Bergman explained.
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Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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