Construction and operation of the Woodfibre LNG facility in Squamish and FortisBC’s Eagle Mountain Pipeline could generate $11.6 billion in government revenue over construction and a planned 40-year operating period, according to a new economic assessment by Deetken Insight.
The study estimates construction of the two projects will generate $13.6 billion in economic output across Canada, including nearly $7 billion in GDP and $3.6 billion in labour income.
It also estimates more than 52,000 employment-years during construction. An employment-year represents one year of work for one person, rather than a separate permanent job.
Of the projected government revenue, approximately $6.8 billion would go to British Columbia. Municipal property taxes from the facility and pipeline are projected to total approximately $485 million over construction and the operating period.
The revenue estimates are expressed in nominal dollars, meaning they are not adjusted for inflation. They include resource royalties, income taxes, carbon tax, property tax, motor fuel tax and provincial sales tax.
“Woodfibre LNG has yet to produce its first shipment of LNG, but the project is already delivering significant economic benefits to British Columbia and Canada,” said Luke Schauerte, the company’s president and CEO. “We’re generating jobs, supporting businesses, creating opportunities for First Nations and contributing to economic growth in communities across the province and country today.”
The company says the project is approximately 75 percent complete, with construction expected to finish in mid-2027.
Hiring and contracting priorities include Squamish Nation members, other Indigenous peoples, Squamish residents and other British Columbians, according to Woodfibre LNG. The company also pointed to spending outside the assessment’s scope, including $50 million to clean up and remediate the former Woodfibre pulp mill site.
The company said the study also excluded community grants and donations. Those contributions include a $900,000 commitment toward a new CT scanner for Squamish General Hospital. Woodfibre LNG says it expects its community support programs to continue throughout the project’s operating life.
