Today, the Conference Board of Canada (CBoC) released its report, A Rising Tide: The Economic Impact of B.C.’s liquefied Natural Gas Industry.
“Without much needed investment in infrastructure projects, our economy will not be able to recover to its fullest potential,” said Anita Huberman, CEO, Surrey Board of Trade. “Efficient and effective investment into natural resource industry sectors, specifically the LNG industry, will drive our economy locally, provincially and globally and at the same time support local businesses and cities.”
The report analyzes the economic impact this scale of investment would have across the country and the impact to the Canadian manufacturing, resource, tourism, finance, transportation, technology, arts and professional services sectors. LNG facilities are long-lived assets and will operate over an expected 40-year lifespan, providing economic growth, employment, taxes and royalty revenues to BC, other Western provinces, Ontario, Quebec and the federal government for decades to come.
Highlights from the report include:
· Between 2020 and 2064, total annual investment would average over $11 billion, totalling in excess of $500 billion over the entire period.
· More than $90 billion in revenue could be generated for provinces and territories in Canada. Of this total, over $78 billion would accrue to British Columbia.
· For Canada as a whole, LNG would mean 96,550 more jobs a year and over $6 billion in wages.
· British Columbia’s GDP would increase by more than $8 billion annually, or just over 3 per cent.
· British Columbia would see a gain of 71,000 jobs.
· The federal government could expect to see $64 billion in additional revenue.
· British Columbia, Ontario, Alberta, and Quebec would all see permanent job increases.
The top employment gains annually, as a result of an expansion in Canada’s LNG industry, would be in the following sectors:
· Engineering and Construction: 24,500 new jobs
· Retail and wholesale trade: 14,300 new jobs
· Professional, scientific and technical services: 12,800 new jobs
· Mining, quarrying, and oil and gas extraction: 7,900 new jobs
· Manufacturing: 6,700 new jobs
· Transportation and warehousing: 5,000 new jobs
· Finance, insurance, real estate, rental, leasing: 6,100 new jobs
· Accommodation and food services: 4,300 new jobs
· Admin and support, waste management, remediation: 4,600 new jobs
· Health care, social assistance, and other services: 3,200 new jobs
· Information, culture, arts, and recreation: 2,200 new jobs
Liquefied natural gas is natural gas that is cooled to around minus 160 degrees Celsius. At this temperature, it becomes a clear, colourless and odourless liquid. It is non-corrosive and non-toxic. Because natural gas has a fraction of the fine particulate matter of coal and fewer carbon emissions, more than 30 countries around the world currently import natural gas as LNG is a pathway to help reduce air pollution and meet climate targets.
Full Report: https://www.conferenceboard.ca/e-library/abstract.aspx?did=10763&utm_source=RISING_TIDES&utm_medium=SOCIAL&utm_campaign=COMMS&fbclid=IwAR2KslIdSQMG9wFE4FtGjVhGiuS6yjMPSiYDXUQuxYGpM2KgJbvPFzNLrBc&AspxAutoDetectCookieSupport=1
Anita Huberman, 604-634-0342, email@example.com