According to a new Conference Board of Canada report, the development of British Columbia's Liquefied Natural Gas (LNG) industry would grow Canada's economy by an average of $7.4 billion per year over the next 30 years.
The report, however, states an average annual investment of $7 billion would be required to develop such a scale of LNG industry required to produce that annual GDP boost. The report has calculated that each dollar of investment generates approximately $1.06 for Canada.
The objective of this report is to quantify the potential economic and labour market impacts associated with a 30 million tonnes per annum (MTPA) LNG industry in British Columbia. The development of this size of industry would result in the production of an additional 5 billion cubic feet per day (bcf/d) of natural gas, approximately doubling 2014 production levels.
With the increase in economic activity, the report also says that would have significant impact on employment, the bulk of which would materialize in the construction, manufacturing, and resource sectors. “On a national level, employment would increase by an average of 65,000 jobs, 46,800 of which would occur in British Columbia,” the study reads.
Keep watching for more STATISTICS OF THE MOMENT in upcoming newsletters as we continue to examine the data and forecasts on everything construction in Eastern Canada.