Value of major building projects in B.C. reaches record high of $191 billion

Friday, June 4th, 2010

Brian Morton

The value of major B.C. construction projects has reached an all-time high of $191.1 billion, according to Iain Black, minister of small business, technology and economic development.

“This is an excellent snapshot of the major projects that are planned, under construction or completed,” Black said in an interview Thursday of the latest Major Projects Inventory released this week that shows construction is making an impact in all parts of the province with 896 major projects -triple the number in 2001.

“And it tells us a couple of things. It’s a solid indication of the confidence in our economy and of the government policies that are driving it.”

According to the survey, the number of proposed projects also topped the charts at 547.

Projects cited in the survey have a capital cost of at least $20 million in the Lower Mainland and at least $15 million in the rest of B.C.

Black said it is encouraging to see that $752 million worth of clean energy projects are newly proposed throughout the regions, which will “strengthen job creation, economic development and B.C.’s reputation as a leader in the global low-carbon economy. And it’s a provincewide phenomena.”

Black said there are four main reasons the B.C. projects have reached an all-time high: sound fiscal management, diversification of the economy, a Triple A credit rating that was maintained through the recession, and the province’s tax policy.

According to the inventory, between January and March 2010:

– Fifteen major projects started construction, with an estimated value of $1.3 billion. The largest of these was the $400-million Rainbow Residential Development in Whistler.

– The capital cost of all major projects under construction in B.C. was estimated at $61.2 billion.

Twenty-nine major projects were completed, with an estimated capital cost of about $2.3 billion, including the $263-million Upper Harrison Hydroelectric Project in Tipella.

Outside the Lower Mainland and Vancouver Island, six of the 10 top-valued projects proposed this quarter focus on clean energy, including the $350-million Meikle Wind Energy Project in Tumbler Ridge, the $120-million Merritt Green Energy Project, the $120-million Fort St. James Green Energy Project, the $90-million Beaver River Hydroelectric Project in Golden, the $48-million Long Lake Power Project in Stewart and the $24-million Pacific Wood Pellet plant expansion in Prince George.

The report said that since March 2006, all regions have experienced increases in total project numbers, with increases of 139 per cent in the Cariboo, 84 per cent in the Northeast and 47 per cent in the Thompson Okanagan.

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One Response to “Value of major building projects in B.C. reaches record high of $191 billion”

  1. iVision4u says:

    Hmm, Interesting. I got to think there is something more to these figures because I would not have guess that we were at an all time high.