12/10/2017 10:09 EST | Updated 12/10/2017 12:21 EST

Nova Scotia community hopes rocket launch site will revitalize economy

CANSO, N.S. — Residents of a sleepy fishing village on Nova Scotia's eastern coast are looking to the stars to breathe new life into their economy as a proposal to install Canada's only commercial spaceport inches closer to becoming a reality.

Developers, municipal officials, construction workers and other stakeholders are set to meet in the Halifax area on Monday to discuss plans to establish a launch complex near Canso.

Cory Bell, president of Lindsay Construction, says the Dartmouth-based company plans to hire locals and could break ground as soon as spring 2018.

Business owners in the Canso area say they hope the project will bring new opportunities to the now-defunct town, which has struggled since the downturn of the ground-fishing industry.

Vernon Pitts, warden of the Municipality of the District of Guysborough, says despite some residents' worries that the proposal will not come to fruition, the project is on track to create new jobs and revitalize the tourist industry.

Maritime Launch Services Ltd., a Halifax-based company which is a joint venture of three U.S.-based firms, has set a goal to launch satellites into space by 2020.