energy products accounted for about 22 per cent of total exports from Ottawa to Washington in the first quarter of this year, despite the recent challenges faced by the energy sector. On the other hand, during the same period, the housing market accounted for two-thirds of Canada’s economic growth, as tight supply led to an escalation in prices.
However, signalling trouble in long-term economic development, the research found that business investments in Canada has taken a considerable hit on account of COVID-19. According to the report, business spending on non-residential structures, as well as machinery and equipment continues to remain at 14 per cent below pre-pandemic levels.
