Thursday, April 22, 2010

Report: Prince Rupert Port Generating Nearly $800M For Canadian Economy

The burgeoning Port of Prince Rupert is contributing $280 million a year to the Canadian gross domestic product and another $500 million a year to the economic output of regional and provincial economies, according to an new economic impact study commissioned by the port.

The study, conducted by InterVISTAS Consulting, Inc., also found that the port is contributing to the generation of more than 2,700 full-time jobs and pumping $150 million in annual wages into the regional economies located along the port's transportation corridor. The 2,720 full time jobs include: 1,300 in direct employment attributed to port-related operations such as the terminals; 740 indirect jobs involving supplier businesses providing services, like vessel repairs, to port operations; and 680 induced jobs providing services, such as home construction and retail, to workers employed directly and indirectly at port operations.

The port, located on British Columbia's northern Pacific Coast, opened it first container terminal in September 2007. Last year, container traffic at the port's Fairview Terminal increased 45.9 per cent to more than 260,000 TEUs.

“The economic impact study confirms that the Port of Prince Rupert is a growing economic force in Western Canada and has tremendous opportunity to contribute to significant prosperity over the next decade,” said Prince Rupert Port Authority President and CEO Don Krusel.

The study also found that the port is creating substantial revenues for all levels of Canadian government, totaling $35 million in taxes annually, including $22 million in federal taxes, $9 million to the Province of British Columbia and $4 million in municipal taxes.

“As a result of our strategic advantages and the hard work and commitment of our many partners to be a globally competitive gateway for international trade, we are experiencing impressive year-over-year growth of our container business since opening in 2007," said Krusel. "We are also seeing economic growth along the entire northwest transportation corridor, including a continued and significant increase in exports from northern British Columbia, because the new container terminal has created a more efficient access to global markets.”