Friday, February 20, 2009

Major Construction Strong in B.C.

880 Major Projects Worth $179 Billion

Despite the global economic downturn, the number and value of major construction projects planned or underway across B.C. went up during the fourth quarter of 2008, Ida Chong, Minister of Small Business, Technology and Economic Development, announced today.

“British Columbia continues to show resilience, with 880 major construction projects, worth an estimated $179.4 billion,” Chong said. “With Premier Gordon Campbell’s announcement of $14 billion in new infrastructure spending and the 2010 Winter Olympic and Paralympic Games around the corner, B.C. has what it takes to build for a strong future.”

According to the Major Projects Inventory, December 2008 edition:

  • Eight hundred and eighty major capital projects, worth an estimated $179.4 billion, were planned or underway in B.C. between October and December 2008.
  • This is an increase of 21 per cent in estimated value from the same time period in 2007, when 835 major capital projects worth an estimated $148.1 billion were planned or underway.
  • Thirteen major construction projects started during the fourth quarter with a total value of $1.9 billion. The largest of these projects is the Gateway Program’s South Fraser Perimeter Road in the Surrey/Delta area, valued at $1 billion and expected to create an estimated 7,000 new jobs by 2021. It is estimated that the remaining 12 projects will generate 8,334 direct and indirect jobs.
  • Construction was completed on 17 projects in the fourth quarter, with an estimated capital cost of $1.3 billion, including the $298-million Vancouver Island Transmission Reinforcement project near Tsawwassen.
  • Forty-nine major construction projects are on hold, worth an estimated $14.2 billion.

Published quarterly by the Ministry of Small Business, Technology and Economic Development, the Major Projects Inventory lists all major projects that are proposed, planned or underway in British Columbia. The inventory includes projects with a capital cost of at least $20 million within the Lower Mainland and projects valued at $15 million or more in the rest of B.C.

Budget 2009 is investing almost $14 billion in infrastructure projects, separate from the investments listed in the Major Projects Inventory, in every region of British Columbia. The Province will move forward on its capital plan and partner with the federal government and municipalities to build and upgrade housing, hospitals, schools and roads. These new and accelerated investments will generate as many as 88,000 jobs across B.C.

The December edition of the Major Projects Inventory will be available online using this Nanaimo Info LINK.


No comments:

Post a Comment

Your comment will appear after moderation before publishing,

Thank you for your comments.Any comment that could be considered slanderous or includes unacceptable language will be removed.

Thank you for participating and making your opinions known.