Desjardins Group’s economic study for the Côte-Nord forecasts a slowdown in 2023. Inflation and rising interest rates will weigh on families in the region. Labor shortages and wage increases will lead to higher production costs for businesses.
The regional study nevertheless announces an increase in jobs by the end of 2022 and in 2023. The construction sector will be marked by the start of major construction sites for the expansion of the Sept-Îles hospital, for the future Apuiat wind farm, at the CEGEPs of Baie-Comeau and Sept-Îles.
More fragile sectors
Desjardins, however, highlights the end of the hydroelectric project on the Romaine River in Havre-Saint-Pierre and a difficult 2022 season in the fishing industry. The financial group present with credit unions in all the towns and villages of the Côte-Nord expects a drop in new construction for houses and apartment buildings due to construction costs and mortgage rates.
The housing vacancy rate will drop. Desjardins believes that in Sept-Îles and Baie-Comeau, the difficulty of finding affordable housing is a growing issue.
Dynamic sectors
The Desjardins study also notes the restart of the Biocarburant AE plant, the Scierie Arbec and logging in Port-Cartier, as well as the increase in mining activities at ArcelorMittal, at Lac Bloom in Fermont and in Pointe-Noire. Sept-Iles.
