OTTAWA -- A new Conference Board of Canada report has downgraded its projections for economic growth in 2016 to 1.4 per cent, despite a strong start to the year.

The think tank says Canada's economic growth advanced at a solid annual pace of 2.4 per cent in the first quarter, driven by robust household spending, a surge in exports and a double-digit increase in residential construction.

But that momentum has largely dissipated after gross domestic product contracted in February and March, followed by wildfires in the Fort McMurray, Alta., region in May and June that shut down many oilsands operations.