The city of Fort St. John is bracing for growth and plans to invest $63.2 million in capital spending in 2020. Those funds are ear-marked for roads, facilities, City initiatives, water and sewer and new equipment like fire engines. A full breakdown of the budget is available on scribd.
The BC Oil and Gas Commission has given approval for a new liquified natural gas facility in Fort Nelson.
“This is a very positive economic opportunity for the Fort Nelson First Nation and the Northern Rockies Regional Municipality,” said GasNorth President Bob Fedderly. “This will help position Fort Nelson as an energy supplier to the North, making use of local resources to create local jobs.”
Construction on the estimated $50-million development is expected to start this spring. Up to 50 jobs would be created during construction, and around half a dozen when the facility is operational.
According to Vancouver Real Estate Podcast, BC’s next best investment opportunity is Fort St. John.
With the announcement of Shell’s $40 billion LNG Canada project, the economic future of North East BC is bright and inevitable. This major infrastructure project will create thousands of jobs and be a vibrant economic hub for years to come. Fort St. John is also the regional hub of the Site C Dam project, a major project that will result in housing needs for thousands of workers. Read: low vacancy, high rents.
According to MoneySense, Fort St. John is the best place to live in BC and the territories – and 15th best city in Canada.
“Fort St. John accomplishes the difficult balance of offering both a strong economy and affordability, ranking in the top 25 per cent of all cities in affordability and low taxes.
Fort St. John has an average household income of $124,000 and an unemployment rate in March 2018 of 5.7 per cent, thanks to its oil, natural gas, forestry and agriculture industries. It takes just 3.1 years of the average resident’s household income to purchase the average primary residence in Fort St. John, valued at $386,000.”
According to the Alaska Highway News, Black Diamond Group is the latest oilfield service company to announce success in a flurry of contract awards for the Coastal GasLink Pipeline, which will service the LNG Canada project.
The company announced Monday it has secured a conditional $42.5 million contract for remote workforce accommodations for Coastal GasLink.
Trev Talks, Trevor Bolin spoke with business owner and Realtor Graham Pitzel about what affect LNG Canada has already had on Kitimat. He also spoke with the Mayor of Kitimat, Phillip Germuth. A final investment decision on the LNG Project is still expected this year.
Combine the end of a market glut of LNG with the approaching BC Government November 30 deadline to claim as much as $6 billion in tax breaks for the Kitimat LNG project and what do you get? A flurry of activity in Kitimat around the CA $40 billion LNG terminal.
According to Bloomberg, “The action is unmistakable in Kitimat, British Columbia, the Pacific coast city hugging a deep inlet that would be the closest launch point on the continent for LNG cargoes to Asia. The lights are on, shades open and SUVs parked outside a 49-unit apartment complex built to house Shell executives, which sat mostly darkened for the last two years. Local workers have left jobs at a Rio Tinto Plc smelter nearby to join contractors ramping up for the LNG project. Landlords are raising rents and houses are selling twice as fast as they used to in anticipation of a flood of workers coming to town.
“I would put money on it — it’s going ahead,” says Phil Germuth, mayor of Kitimat, who recently hosted a banker from Barclays Bank Plc visiting from the U.K. to examine the project. Germuth also met a group of officials reporting to the board of Mitsubishi Corp., one of the project’s five partners, who visited the site in May.”
The BC Business Magazine ‘Best Cities for Work in 2016’ once again, ranks Fort St. John as #1. One of the most important combination of factors was growth and household income. The study compared other factors such as population growth, unemployment, and people with degrees — resulting in an overall score of 71.8% for Fort St. John — earning it the #1 position for the best cities for work in BC.
Watch BC Business Editor-in-Chief, Matt O’Grady’s interview with Steve Darling from Global Morning News.
According to this article in CBC News, the population of Fort St. John is expected to double over the next 6 years — one reason the city has applied to expand its boundaries.
The anticipated growth is one reason Aman Brah, a Vancouver real estate agent, is looking at development opportunities in Fort St. John. Aman says, “Initially I was looking for clients and investors, but once you start hearing these numbers and all of the facts around the area, you want to be part of it yourself.”