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B.C. Major Project List Surpasses $100 Billion Mark

Aug. 21, 2006

VANCOUVER – British Columbia’s hot economy continues to fuel record levels of construction, Economic Development Minister Colin Hansen said in releasing the latest quarterly Major Projects Inventory.

“The number of large-scale construction projects planned or underway across British Columbia continues to reach new record highs, with the value of these projects now reaching the $100-billion milestone for the first time ever,” said Hansen. “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.”

According to the Major Projects Inventory, June 2006 edition, a record 769 major capital projects, worth nearly $101.9 billion, were planned or under construction in B.C. between April and June 2006. This is an eight per cent increase in the number of major projects reported in the inventory since the last publication in March and an increase of approximately 23 per cent in the number of projects reported in the inventory from one year ago.

“The inventory is a useful planning tool for industry, giving us a snapshot of upcoming construction projects and allowing us to help predict future labour needs to make these projects a reality,” 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.”

Twenty major projects started construction in B.C. during the second quarter of 2006, valued at approximately $1.8 billion. The inventory reported 71 new, major projects for the first time during the April to June period, totalling more than $5.4 billion in potential new capital investment, if all of the projects proceed.

Published quarterly by the Ministry of Economic Development, the Major Projects Inventory lists all major projects that are proposed, planned and underway in the province. 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. The Major Projects Inventory is available at www.gov.bc.ca/ecdev online.
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