Overall capital expenditures for the NWT are expected to decrease by 11.2 per cent in 2024, according to Statistics Canada.

Broken down, private investment is forecast to be down as much as 24.5 per cent from 2023 to around $228.8 million, while public spending is projected to be reduced by 5.4 per cent at $669.8 million.

For the NWT Chamber of CommerceSA国际影视传媒檚 president, Newton Grey, he said he was surprised to hear about the news.

SA国际影视传媒淚tSA国际影视传媒檚 one thing to say weSA国际影视传媒檙e going to reduce investment in some things, so that we can invest in something else, as opposed to saying we are just reducing investment period,SA国际影视传媒� he said.

Private investment started declining in the NWT in 2015, but has since remained stable for the past four years, according to Statistics Canada in their latest release of private and public capital investments.

Public investment has been on the rise since 2020 in contrast. In 2023, it was more than $700 million.

Statistics Canada also mentioned the construction of the Gahcho Ku茅 diamond mine was when private investment peaked.

Grey said he understands that the mining sector might not be producing the amount they used to in taxes. He added he is all for a fiscally responsible government, but not one that never pays.

SA国际影视传媒淏eing fiscally responsible doesnSA国际影视传媒檛 always mean cutting. It means spending smartly on the things that we need to spend right,SA国际影视传媒� said Grey.

Grey stressed that housing and childcare are two main concerns in the NWT that could use some investing.

SA国际影视传媒淚SA国际影视传媒檝e spoken with people who are in the childcare business and theySA国际影视传媒檙e telling me that itSA国际影视传媒檚 no longer a profitable business based on what the requirements are and what and the caps they have to work with. So people are getting out of the business,SA国际影视传媒� he said.

As for housing, he also said that, if there are no major investments, then the NWTSA国际影视传媒檚 housing stock will continue to diminish.

SA国际影视传媒淭he vacancies that we have, that we cannot attract, or cannot find people who already are in the north to do will continue to get more and more,SA国际影视传媒� said Grey.

Statistics Canada notes a major reason for the decline in capital expenditures is a 42 per cent fall in machinery and equipment. They trace this collapse back to decreased spending at the diamond mines.

For 2024, construction is also expected to decline by 3.5 per cent to $780 million.

As for Grey, the lack of investing is a reality the NWT needs to wake up to.

SA国际影视传媒淚 would say to the government, go back to the doors,SA国际影视传媒� he said. SA国际影视传媒淲hen you knocked on the doors during the (election) campaign, what are the things that the people told you? What are the problems the people were having? In this drastic cut, will you be able to address those things? And if you canSA国际影视传媒檛, are you serving the people who voted for you?SA国际影视传媒�

Across the country, capital expenditures are expected to increase by around 4.5 per cent. Nova Scotia is projected to see the highest spike at around 15.5 per cent, the highest of any province or territory. On the other side of that, Yukon is forecast to see a drop of around 16.7 per cent from one year ago.

SA国际影视传媒 asked the Department of Industry, Tourism and Investment (ITI) for comment on this story, but no one from ITI responded as of press time.

SA国际影视传媒擝y Devon Tredinnick