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Canadian capital spending is expected to rise 7% this year in a partial rebound from last year's 9.2% decline that was the largest since 2009, according to a federal survey that's one of the broadest looks at investment that is a longstanding economic weak spot.
Government spending dominated the rise with a 9.3% increase including notable gains in public transit and other transportation networks. Non-residential investment by private firms is expected to gain 5.6% last year, following a 17% decline in 2020.
Mining and energy investment should rise 5.2% following a 32% drop last year, just the second increase in seven years. Transportation and warehousing provides the strongest gain by industry with a 7.2% anticipated increase to a record high, Statistics Canada said, and manufacturing should gain 11%.
Restaurant and accommodation capital spending will drop another 27% after a 30% drop last year, linked to the difficulties of the health shutdowns amid Covid-19.
Statistics Canada's report Friday surveyed 25,000 responses gathered from September to January. Weak business investment has hampered Canada over the last decade and is a big reason the central bank held interest rates low even before the pandemic, though most of the punch to spending flowed instead to a housing boom.