Public-private partnerships, or P3s, generated over $51 billion for the Canadian economy between 2003 and 2012, according to a Canadian Council for Public-Private Partnerships (CCPPP) study released March 13.
P3 projects are ventures in which the public and private sectors cooperate in the provision of public services or infrastructure. Right now, there are 206 P3s around the country, with those currently in operation or under construction worth more than $63 billion.
"Public-private partnerships are providing an innovative means for governments to deliver infrastructure, and are contributing directly to employment and Canada's economy," the CCPPP said in the report.
"With the public sector facing aging infrastructure, population growth and budget constraints, P3s are bringing together the expertise of both the private and public sector to expand the number and scale of infrastructure investments for public benefit."
Over the past 10 years, P3s have been responsible for over 517,000 full-time equivalent jobs, and have generated $32.2 billion in wages, salaries and benefits. These jobs range widely, and include achitects, plumbers, electricians, engineers and project managers.
The CCPPP said P3s maximize efficiencies and bring together the strengths of both the private and public sectors, as well as providing capital to finance government programs and projects.
Sectors that use P3s range from airports, electricity production and distribution and courthouses to recreation and culture, schools and urban transit. A recent example was the construction of the Canada Line, linking the Vancouver International Airport to downtown. Other examples of P3s currently in operation in British Columbia include:
- Abbotsford Regional Hospital and Cancer Centre;
- BC Cancer Agency Centre for the North; and
- Britannia Mine Water Treatment Plant.
This was the first study of its kind in Canada.
