THE TIME TO BE IN THE NORTH IS NOW
Large- scale projects are going to act as a catalyst for our economy, initiating a ripple effect of economic growth.
More than ever before, the time to be in the north is now.
With numerous large resource-oriented projects slated for construction in the next few years, including the multi- billion dollar liquefied natural gas ( LNG) projects in the northwest, northern B. C. is ready to lead the province in both export growth and business investment, leading to employment and consumption gains.
Growth in the industrial sector
Northern B. C.’ s rapidly expanding industrial sector is generating a diverse array of opportunities to grow the economy and pay for our enviable standard of living. Currently, there are over $ 140 billion worth of major capital projects proposed and an additional $ 23 billion already under development in the region. Adding to the influx of the major capital projects planned, softwood lumber exports from the province are reported to be at a staggering $ 4.8 billion, and the rise of northern B. C.’ s LNG industry has the potential to generate $ 100 to $ 260 billion in royalties and revenue for B. C. Suffice to say, northern B. C. is in the midst of an economic boom.
The ripple effect of economic growth
As a result of the increased activity, our northern communities are being strongly, positively and residually impacted.
“Northern B. C’s rapidly expanding industrial sector is generating a diverse array of opportunities.”
Take, for instance, the $ 3.3 billion Rio Tinto Alcan Smelter rebuild project and the preliminary LNG developments currently underway in Kitimat. Large- scale projects such as these are going to act as catalysts for our economy, initiating a ripple effect of economic growth. As a result, airport traffic at Northwest Regional Airport has already increased 38 percent in the last year and vacancy rates in Kitimat, which not so long ago topped 44 percent, have plunged to 0.4 percent. Meanwhile, rental rates have jumped from $ 500 to $ 1,100 per month on average, ushering in a demand for new business and communitydevelopment projects.
Supporting the growing economy
Local communities are becoming better equipped to take advantage of these ex- citing opportunities through the use of business incentive programs, community infrastructure support and capacity building workshops.
Industrial supply and service databases, such as the Supply Chain Connector, help to connect procurement managers involved in northern B. C.’ s major industrial projects to a vast array of businesses and resources that they can utilize to build the economy of tomorrow.
Building a stronger north has never been so necessary to this province’s economic success and shared opportunity for urban and rural B. C. to thrive together.