The economic outlook for the Northwest Territories shows record economic growth in the Northwest Territories by 2017, mainly due to the development of new mines, infrastructure, tourism and a renewed interest in oil and gas, according to a report released June 5 by the Government of Northwest Territories.
“Northwest Territories Economic Outlook 2014-15” focuses on the NWT economy and major industries such as mining, oil and gas, tourism, construction, retail trade and arts and entertainment. The report identifies nine major projects representing C$4.5 billion in planned investment expected to be advanced in the next 10 years.
“We know our economy needs steady and sustained growth of major projects and people,” said Minister of Industry, Tourism and Investment David Ramsay. “As investor confidence in the NWT is restored and increased infrastructure and mining projects advance, we anticipate a period of strong economic performance, which bodes very well for NWT residents and businesses.”
The NWT Economic Outlook is in line with the Conference Board of Canada’s forecast that development in the NWT will lead to resident employment as high as 25,000 by 2018.
In addition to increased regulatory and legislative authorities and responsibilities as a result of devolution, other factors that will contribute to the NWT’s economic performance include an improving global economic climate and a low-interest monetary policy in Canada that is benefiting the NWT through a lower dollar and lower capital costs – leading to an overall improved investment climate.
The Economic Outlook also supports the strategic approach to economic development outlined in the “NWT Economic Opportunities Strategy” released last year. That is, that the most important investments that can be made to stimulate opportunity and diversity in the NWT economy are those to attract and retain major infrastructure or industrial projects and a healthy vibrant population.
