November 25, 2009
Major Construction Projects Reach New Heights

VICTORIA - The value of major construction projects planned or underway across B.C. has risen to $189 billion, setting a record for the 20th time in a row, Iain Black, Minister of Small Business, Technology and Economic Development, announced today.

"Investors are showing continued confidence in our province's economic recovery, which government is supporting through $14 billion in infrastructure investments, accelerated tax cuts and sound fiscal management," said Black. "There are 882 large-scale construction projects planned or underway across the province, with a record-setting 495 projects proposed. These are positive indicators for B.C.'s construction industry."

According to the Major Projects Inventory, September 2009 edition, between July and September of this year:

• 882 major capital projects, worth an estimated $189 billion, were planned or underway across B.C., an eight per cent increase in estimated value from the same time period last year, when 863 major projects worth an estimated $174.7 billion were planned or underway. The number of projects has nearly tripled since 2001, and their value has more than quadrupled.
• 19 major projects started construction, with an estimated value of $900 million. The largest project started was the $150-million Beasely residential tower in Vancouver, followed by the $141-million Okanagan Transmission Reinforcement project in the Kelowna area.
• 33 major projects were completed, with an estimated capital cost of about $3.8 billion, the largest being the $2-billion Canada Line and the $500-million Coopers Quay Residential Development in Vancouver.
• 495 projects were proposed - the highest level recorded.
• The capital cost of all major projects listed under construction in B.C. was estimated at $63.1 billion.

The Major Projects Inventory also identifies sustainable construction projects that have been certified under a recognized green building rating system, such as LEED (which stands for Leadership in Energy and Environmental Design) or Green Globes. There are 86 such projects in the September inventory.

Among the green projects added to this quarter's inventory are a $30-million Capilano University expansion, $133 million for the Pharmaceutical Science Building at the University of B.C., and a $20-million upgrade to Queen Mary Elementary school in North Vancouver.

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. These are 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/sted.

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