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2024 Capital Spending Seen +4.5%, Fourth Straight Increase

CANADA DATA
  • Statistics Canada survey shows 2024 intentions are similar to last year's +4.3%
  • This year's capex intentions show private sector +4.8% and public sector +3.9%
  • Mining and energy slows to +4.8% from last year's 14%. Last year saw boost in Ontario gold mining that's not repeated, while oil & gas +8.2%
  • Manufacturing capex seen +31% on the back of government subsidies for some new projects, public sector growth slows to +8.6% from 23% reflecting slower healthcare
  • Canada's labor productivity has been in a long decline as business investment per worker declines amid hiring gains. Report also suggests without subsidies private sector capex would be even weaker this year
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com

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