. After initially planning to increase their total capital expenditures on non-residential tangible capital assets by +4.3% in the 2023 survey, the 2024 survey reported businesses and governments ended up boosting their spending by +8.2%. This upward revision was due in large part to a higher than previously estimated increase in mining, quarrying, and oil and gas extraction.
Although the increase in 2024 investment intentions is relatively modest, it is consistent with the rebound in third-quarter corporate profits .
This increase is underpinned by federal and provincial government-supported programs intended to incentivize clean energy programs. These include seven new renewable diesel facilities related to the federal government’s 2020 Clean Fuel Regulations as well as $27 billion in new investment attracted to Ontario by the provincial government.
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