Total capital costs of major projects hit a new record in 2013's second quarter, according to the Association of Consulting Engineering Companies – British Columbia (ACEC-BC) quarterly MPI Report, released September 19.
The B.C. MPI report is quarterly analysis of the province's major projects inventory.
Buoyed primarily by proposed LNG projects in the northwest, the total capital costs of large-scale projects in the province was more than $299 billion in the second quarter, 9% more than 2013's first quarter and 26% more than 2012's second quarter.
Considered in the total capital cost figure are proposed projects, completed projects, those that are on hold and those in which construction has begun.
The North Coast is the most active region in B.C. for major projects. According to the ACEC-BC report, there was nearly 46% jump in proposed developments in the North Coast, boosting the total in the area to more than $99 billion.
Completed projects in B.C., however, dropped significantly in the second quarter, falling 41% to $1.1 billion.
"The data shows that the resource sectors, and oil and gas in particular, are not only a major driver for growth in B.C., but their influence continues to strengthen rather than wane. The investment community's appetite continues to grow for the North Coast region where the resources are largely based," said Keith Sashaw, president and CEO of ACEC-BC.
