Major Projects in B.C. Continue to Break Records

July 24th, 2008 Categories: Real Estate News, Vancouver Real Estate

Investor confidence remains strong across British Columbia for 19th straight quarter, as major projects continue to break record and show an ongoing high level of investor confidence.

This article was recently published in Business in Vancouver.

The total number of major projects has increased for the 19th consecutive year, as of the end of the first quarter of 2008. The Provincial Governments Major Projects Inventory, which tracks the growth in the number of large scale construction projects in BC, shows the number of total major projects in the province has increased with record breaking numbers again.

For example, activity in the number of projects planned or underway in the Thompson/Okanagan region has increased by 95% since March 2005. 858 major capital projects worth an estimated record $163.2 billion were planned or underway in BC between January and March 2008, which is an increase of 7% in the number of major capital projects and an increase of 31% in estimated value from this time last year, where there were 804 major projects planned or underway with an estimated value of $124.2 billion.

It marks a significant increase from back in March 2005 when there were 572 projects planned or underway worth an estimated $68.1 billion. 26 major projects started construction in the first quarter, valued at approximately $8.4 billion. Two of the largest are the Dokie Wind Farm project near Chetwynd in the Northeast Region and the Lakestone Resort Development in Lake Country, Okanagan Region.

Twenty seven projects completed construction in the first quarter valued at $1.2 million. The Starlight Casino development in New Westminster and a hotel convention and gambling centre in Fort St. John are the largest projects to complete construction this quarter.

The inventory includes projects with a capital cost of at least $20 million in the Lower Mainland and $15 million elsewhere.

Some of the Vancouver projects include the BC Place Stadium Upgrades, Bum Fund Building, Kitsilano Secondary School, Whistler University and Residences on Georgia.

View the list here. It shows projects by year, started, underway and completed

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