The Woodfibre LNG Project in Squamish, British Columbia is expected to provide major economic benefits to Canada. A recent report has found that construction of the facility, which has been promoted as Canada’s first net-zero LNG export terminal, has generated about $13.6 billion in economic output for the national economy. The project is also expected to generate an additional $11.6 billion in government revenues over the expected 40 years of its operation.
The evaluation was done by Deetken Insight, a Canadian strategy and research firm. The analysis examines the broader economic impacts of investments tied to both the Woodfibre LNG facility and FortisBC’s Eagle Mountain Pipeline during both construction and operation.
construction activity represents billions of dollars in economic output
The report highlights significant economic benefits arising from investments related to construction. The activity is thought to contribute nationwide:
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Total economic output of 13.6 billion dollars.
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Close to $7 billion to the GDP of Canada.
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Labor earnings of some $3.6 billion.
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The economic model says more than 52,000 employment years.
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15,000+ total direct and indirect jobs
These economic measures are also expected to produce significant public sector revenue over the life of the project, both during the construction phase and during the next 40 years of operation.
The government is projected to raise about $11.6 billion in nominal terms. British Columbia alone is expected to receive $6.8 billion, and municipal property taxes are projected to contribute $485 million.
Environmental rehabilitation and community investment improves project impact
Woodfibre LNG’s contribution is more than just the economic numbers that are the subject of the Deetken Insight assessment. The company also spent $50 million on the huge cleanup and environmental remediation of the old Woodfibre pulp mill site.
This rehabilitation project is one of Canada’s top remediation projects, highlighting the environmental dimension of the development.
The company has also assisted local communities through its Community Partnership Program and other projects. That includes a commitment of nearly $1 million toward the purchase of a new CT scanner for Squamish General Hospital.
The company said the report does not provide a full picture of the local contributions of Woodfibre LNG as the economic assessment did not take into account community investments and the ongoing benefits they yield.
Completion of construction is anticipated in 2027.
The Woodfibre LNG facility is now about 75% complete and is expected to be completed in 2027.
Once operational the project will commence its planned 40 year period of operation where it is expected to continue generating economic activity, supporting employment and contributing to government revenues.
Therefore, the latest assessment highlights the broader economic significance of the development, including infrastructure investment, job creation, public revenues, and the rehabilitation of the environment as part of its contribution to the Canadian economy.
[Insert image of Woodfibre LNG construction site in Squamish, British Columbia here] Construction activity generates billions in economic output Environmental rehabilitation and community investment complement the project’s impact
