Sluggish infrastructure push emblematic of broader woes

The announcement that the Major Projects Office will grant three infrastructure projects "national interest" status later this year means little for the growth outlook given there are still multiple hurdles to overcome before construction can begin. This sluggish start to the federal government's infrastructure drive, paired with the drag on business investment from CUSMA-related uncertainty, is a key reason why we are below consensus on growth over the next couple of years.