VICTORIA – The latest Major Projects Inventory shows that
construction projects across B.C. have increased for the 21st consecutive
quarter, with 863 major capital projects, worth an estimated $174.7 billion
planned or underway, Technology, Trade and Economic Development Minister Ida
Chong announced today.
“B.C. has continued to demonstrate consistent growth in
economic performance with a record number of large scale construction projects
planned or underway throughout the province,” Chong said. “We recognize the
challenges our capital markets are facing, but remain optimistic. With our
increase in major projects alongside a triple-A credit rating, B.C. remains an
attractive place for investment.”
According
to the Major Projects Inventory, September 2008 edition:
- Eight hundred and sixty-three major capital
projects, worth an estimated $174.7 billion, were planned or underway in
B.C. between July and September 2008.
- This is an increase of 30 per cent in estimated
value from this time last year, when 843 major capital projects worth an
estimated $134.5 billion were planned or underway.
- This
is also an increase from September 2005, when 650 projects worth an
estimated $82.1 billion were planned or underway.
- Construction started during the three months is
valued at $2.4 billion, with the largest project being Hotel Georgia
redevelopment in Vancouver,
valued at $400 million.
- Construction was completed on 35 projects with an
estimated capital cost of $1.5 billion, including the $153-million Grand
Villa Casino Expansion in Burnaby and the
$150-million NewPort
Village in Port
Moody.
- The total capital cost of all major projects
under construction in British
Columbia is estimated at $62.5 billion, up from
$60.6 billion in the second quarter of 2008.
Published
quarterly by the Ministry of Technology, Trade and Economic Development, the
Major Projects Inventory lists all major projects that are proposed, planned or
underway in British Columbia.
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 September edition of the Major Projects Inventory is
available online at www.gov.bc.ca/tted.
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The online version of this
release was updated Dec. 1, 2008 at approx. 4 p.m. to correct an error.
