Record increase indicative of B.C’s economic growth, long-term job prospects
Paul Luke
Province
Construction continued yesterday on the $615-million Vancouver Convention and Exhibition Centre. Photograph by : Ric Ernst, The Province
Construction levels across B.C. have soared to record levels as investment pours into projects up and down the province, the B.C. government said yesterday.
A record 769 major capital projects worth almost $102 billion were planned or being built across B.C. between April and June, according to the latest edition of the government’s quarterly Major Projects Inventory.
The province has added 143 major projects in a year, Economic Development Minister Colin Hansen said.
“That’s a 23-per-cent increase in the number of projects in the last 12 months and a $24-billion increase in the investments planned or already under way,” Hansen said in notes for a speech.
The list is up eight per cent, or 58 new projects, since the last inventory was published in March.
The inventory enables B.C.’s construction industry to predict future labour needs for executing the projects, said Keith Sashaw, president of the Vancouver Regional Construction Association.
“The increase in the number of projects is indicative of the province’s economic growth and will provide a good, long streak of work that in turn will help to attract workers with long-term job opportunities,” Sashaw said.
In another record, 71 new projects have been proposed across the province during the second quarter of 2006. That will translate into about $5.4 billion of potential new capital investment, if all of them go ahead.
“With more than twice as many construction projects today, compared to just three years ago, the report shows investors’ continuing high level of confidence in B.C.’s economy,” Hansen said.
Twenty major projects valued at $1.8 billion got under way across B.C. between April and June, the government said. The inventory consists of projects with a capital cost of at least $20 million in the Lower Mainland and projects worth at least $15 million in the rest of B.C.
The cost of projects currently under way across B.C. is estimated at $40 billion, up from $31 billion a year ago.
The cost of proposed projects is estimated at about $58 billion. About $3.5 billion of projects are currently on hold, according to the inventory
B.C. MEANS BIGGEST CONSTRUCTION
Top-five new proposed projects from April to June 2006
1. Kitimat-to-Summit Lake Pipeline, Kitimat, $1 billion.
2. Kutcho Creek Mine project, Dease Lake area, $650 million.
3. Bedford Landing housing development, Fort Langley, $400 million.
4. Lagoon Estates residential development, Esquimalt, $350 million.
5. Surrey Health Services Capacity Initiative, $214 million.
Top Five projects starting construction from April to June 2006
1. Gateway Program — Golden Ears Bridge, Langley, $650 million
2. Dockside Green Development; Victoria, $350 million
3. Nanaimo Centre Project/Vancouver Island Conference Centre, Nanaimo, $220 million
4. Olympic Games — Whistler Sliding Centre, Whistler, $100 million
5. University of B.C. — Museum of Anthropology Renewal Project, Vancouver, $52 million
Top Five projects that will complete construction, April to June 2006
1. Prince George Husky Light Oil Refinery Clean Fuels Project, Prince George, $73 million
2. Arrow Lakes Generating Station Intake Channel Reconstruction, Castlegar, $50 million
3. Royal Private Residence Club, Kelowna, $45 million
4. Rialto Court, New Westminster; $45 million
5. UniverCity Highlands — Intergulf Development, Burnaby, $40 million
© The Vancouver Province 2006