NEWS RELEASE · 3rd June 2010
M of SB, Tec & Eco Development
The number and value of major construction projects planned or underway across B.C. have reached record highs, announced Iain Black, Minister of Small Business, Technology and Economic Development.
The latest Major Projects Inventory shows that construction is making an economic impact in all parts of the province. Outside of the Lower Mainland and Vancouver Island, six of the 10 projects proposed this quarter with the highest estimated value focus on clean or renewable energy.
There are 896 major construction projects planned or underway across the province -triple the number in 2001. Their value has reached an all-time high of $191.1 billion. The number of proposed projects has also topped the charts at 547.
"Our government has taken action to position B.C. to lead Canada's economic recovery and this inventory shows that investors are confident in our province's future," said Black. "It's incredibly 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."
According to the Major Projects Inventory, between January and March 2010:
* 896 major capital projects, worth about $191.1 billion, were planned or underway across B.C. The number of projects has nearly tripled since 2001 and their value has more than quadrupled.
* 15 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.
* 29 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:
* $350-million Meikle Wind Energy Project in Tumbler Ridge
* $120-million Merritt Green Energy Project
* $120-million Fort St. James Green Energy Project
* $90-million Beaver River Hydroelectric Project in Golden
* $48-million Long Lake Power Project in Stewart
* $24-million Pacific Wood Pellet Plant Expansion in Prince George
* 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.
The Major Projects Inventory also features 87 projects that are, or are aiming to be, certified under a recognized green building rating system like LEED (Leadership in Energy and Environmental Design) or Green Globes, such as Kelowna's $448-million Interior Heart and Surgical Centre.
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. These are 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.