Major construction in BC shows confidence

Press release –

VICTORIA – The number and value of major construction projects planned or underway across British Columbia increased during the first quarter of 2009, Iain Black, Minister of Small Business, Technology and Economic Development, announced today.

“British Columbia continues to demonstrate stability, with 892 large scale construction projects, valued at an estimated $184.2 billion, planned or underway throughout the province,” Black said. “Consistent investor confidence, alongside our triple-A credit rating, highlights B.C.’s strength as an attractive location for investment.”

According to the Major Projects Inventory, March 2009 edition:

• Eight hundred and ninety-two major capital projects, worth an estimated $184.2 billion, were planned or underway across B.C. between January and March 2009.

• This is an increase of 48 per cent in estimated value from the same time period in 2007, when 804 major projects worth an estimated $124.2 were planned or underway in B.C.

• Fifteen major projects started construction during the first quarter of 2009, with an estimated value of $3.6 billion. The largest of these projects is the B.C. Gateway Program’s Port Mann Bridge/Highway 1 improvements, valued at $2.46 billion, in the Langley/Vancouver area, which is expected to create an estimated 8,000 new construction jobs by 2021.

• Twenty-six major projects completed construction in the first quarter, with an estimated capital cost of approximately $1.4 billion, the largest being the $350-million Shangri-La Hotel and commercial development in Vancouver.

• Fifty-two major construction projects are on hold, worth an estimated $18.3 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.

In conjunction with Budget 2009, which is investing almost $14 billion in infrastructure projects, the Major Projects Inventory lists 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 March edition of the Major Projects Inventory is available online at www.gov.bc.ca/sted.

Press release
June 23, 2009
Ministry of Small Business, Technology and Economic Development