Nanaimo, BC – The Island Corridor Foundation (ICF) released a recently completed report on the economic impact of construction activities related to restoring rail service on Vancouver Island. The report was commissioned by the Island Corridor Foundation to gauge the immediate economic impact to Vancouver Island residents on the construction aspects of rehabilitating the Island Corridor.
The report (Click here for Report) by the Vann Struth Consulting Group (www.vannstruth.com) states that with a rail construction budget of $304 million, a rail project for the Island would generate $470 million in total economic output. Further, it is estimated that 85% of the construction expenditures could be sourced from BC companies and even better, many of the materials required could be purchased from Vancouver Island businesses. The report also highlights $147 million in labour income, providing many opportunities for Island-based workers resulting in immediate flow through benefits directly to the residents of Vancouver Island.
“This report demonstrates the incredibly positive impact a full restoration of rail service would have for our Island economy. The work on this corridor can begin immediately, it can put people to work with good paying jobs, across multiple industries, and benefit all on Vancouver Island. We have an opportunity to stimulate our local economy while building a better BC and better Vancouver Island for the future,” said Phil Kent, Co-Chair of the ICF Board.
David Screech, Mayor of View Royal agreed, “We are facing enormous challenges in the coming days and months in our economic recovery. The work on the Island rail corridor is an opportunity for us to build critical and desperately needed infrastructure and to energize our local economies at a time we need it most. There has never been a better time to move forward on rail than now.”
Contact:
Larry Stevenson | CEO Island Corridor Foundation
250.754.7254
larrystevenson@islandrail.ca
The Island Corridor Foundation is a non-profit society and federally registered charity established for the purposes of owning and managing the rail corridor on Vancouver Island.
