Economic Impact: Prince Rupert
A newly released study projects that full implementation of the Prince Rupert Port Authority's development plan could generate almost 5,000 new jobs in northern British Columbia directly related to port activity, with corresponding increases in wages and tax revenues.
Using a model derived from project proposals and land use plans, the forecast quantifies the potential growth of the port's economic impact through 2025 and beyond. The model makes assumptions for capital investments, average employment levels and wages.
Full buildout of the port's planned infrastructure and terminals is predicted potentially to generate the following incremental economic impacts:
- An increase of 4,780 full-time equivalent jobs directly related to port activity
- C$310 million annually in additional wages
- C$59 million annually in additional local municipal taxes for the City of Prince Rupert and the District of Port Edward
- C$178 million annually in combined taxes to all levels of government
- C$400 million annually in additional Gross Domestic Product (GDP) for Canada
Additionally, construction of planned infrastructure and terminals could provide as many as 26,000 person years of employment, C$1.7 billion in wages and more than C$2 billion in GDP.
The development plan "guides the port's growth into a diversified and sustainable global trade gateway in a manner that minimizes congestion of its operations, limits community conflict with industrial land use, and mitigates marine and environmental impacts."
According to the port authority, current and proposed developments on port lands at Fairview Container Terminal, the Ridley Island Industrial Site and Lelu Island have the potential to create an integrated platform for shipping with the capacity to transport more than 100 million metric tons of cargo annually.
"The vision of Prince Rupert as a leading North American trade gateway builds on our strengths and our track record," said Port Authority President Don Krusel. "The question is can we achieve it? We believe we can, but it's going to take a vision that aligns the priorities, efforts and investments of local communities and First Nations with the economic opportunities that are presented."