Federal budget invests in infrastructure
Today’s budget tabled by federal Finance Minister Jim Flaherty has a focus on job-building infrastructure projects.
That’s great news for the construction industry here in B.C. and across the country because these kinds of investments keep companies busy. It’s also great news since they are often the kind of projects that help build the overall economy, something that benefits the industry greatly.
ICBA has always been a strong advocate of infrastructure investment, and our recent Construction Monitor mapped out the benefits to the economy as a whole. You can read it here.
The budget maps out $53 billion worth of investments (including more than $47 billion in new funding) aimed at supporting local and economic infrastructure projects over the next decade. Those infrastructure investments include:
- $32.2 billion over 10 years under a Community Improvement Fund to build roads, public transit, recreational facilities and other community infrastructure across Canada.
- $14 billion for a new Building Canada Fund to support major economic projects of national, regional and local significance.
- $1.25 billion for the renewal of the P3 Canada Fund to continue supporting innovative ways to build infrastructure projects faster and provide better value for Canadian taxpayers through public-private partnerships.
- $6 billion to provinces, territories and municipalities under current infrastructure programs in 2014-15 and beyond.