Kitimat Facts - Why invest here?

 

Global manufacturing exports and energy-related activity are fundamental to why Kitimat's economic output leads the northwest region of coastal British Columbia. In high market years Kitimat has been responsible for up to 11% of British Columbia's manufacturing GDP.  Growth prospects for the Port of Kitimat and Kitimat Valley are strong. The current investment summary documents $18+ Billion in potential projects. Realization of one or more of the largest of these investments could bring positive economic change to the economies of British Columbia and Canada, as well as to northwestern BC. 

Kitimat Facts

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• Gross median income for couple households in 2011 was $101,340 which is 25% higher than the BC average. This provides them with more rental and home ownership purchasing power than many other BC communities. Using conventional banking practices, this income would qualify them to purchase a home of $464,000 and to rent a home for as much as $2,530/month (30% of income)

 

• Average sale price of a detached home in July 2014 was $320,131 which is an increase of 225% from 2010 

 

• The overall rental vacancy rate was reported as 1.3% in Spring 2014

 

• Kitimat Major Projects:

  • Rio Tinto Alcan Modernization $4.8Billion (USD)

  • Kitimat LNG -  Required labour is estimated to be 3,000 – 5,000 jobs during construction and up to 100 – 200 permanent jobs for operation

  • Pacific Trail Pipeline - A final investment decision is expected in conjunction with the Kitimat LNG project

  • Douglas Channel LNG 

  • LNG Canada - $25 billion to $40 billion

  • Coastal GasLink - $4 billion

  • Triton LNG

  • Pacific Northern Gas Looping Project - The project is expected to generate approximately 1,800 – 2,400 direct person years of employment during construction

  • Cedar LNG 

  • Enbridge Northern Gateway - $7.9 billion:  The project is expected to employ 165 persons

  • Kitimat Clean Refinery - $32 billion: Approximately 6,000 workers will be required during the construction phase, and the refinery will create 3,000 permanent full time jobs

 

      Source: http://www.kitimat.ca/EN/main/business/invest-in-kitimat/major-projects.html

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• The private deep sea Port of Kitimat is strategically located as it is the fastest, straightest and flattest route between Asia and North America markets, and is the 3rd largest port in Western Canada

 

• Low tax rates that rank Kitimat among the lowest personal and corporate rates in BC

 

• Kitimat is serviced by CN Rail and is on-par with the Port of Vancouver to serving intercontinental markets in terms of distance to Chicago

 

• $15 million expansion of the Terrace-Kitimat Airport main terminal building in response to growing passenger numbers

 

 

IN THE NEWS (click for link to article)

 

Shell's Kitimat LNG Proposal is first to get KEY permit - CBC News, Jan. 06, 2016

 

BC Companies Prepping for Expected LNG Boom - "Altacorp expects the Douglas Channel LNG Project to move forward by the end of 2015" - Journal of Commerce, Oct. 13, 2015

 

AltaGas is targeting a commercial operations date of 2018 for the Douglas Channel LNG Project - BC Oil & Gas Report, Oct. 05, 2015

 

LNG Canada will be anchor tenant for Haisla Town Centre in Kitimat - Finalize 10 year lease - Northern Sentinel, Sept. 29, 2015

 

Four LNG Projects will be Built in BC - "A preponderance of evidence suggests Shell will decide in the first half of next year to build its massive project" - NationalPost.com, Sept. 14, 2015

 

Douglas Channel LNG Project could finish before the Petronas LNG Project "Analysts would argue to expect an FID by the end of 2015" - EnergeticCity.ca, Sept. 16, 2015

 

BC Environmental Assessment Office gives Thumbs Up to Chevron Corp. as Work Progresses on Kitimat LNG Project - Project has been "Substantially Started" - Pipeline News North, Sept. 16, 2015

 

AltaGas plans to spend $1Billion on propane & LNG plants over the next 2 years - Business in Vancouver, July 31, 2015

 

B.C. LNG project startup pace quickens, says Province Finance Minister 

 - Natural Gas Intelligence, July 8, 2015

 

Civeo Corp. to build 436+ room workforce lodge valued at US$80-$90million for LNG Canada in Kitimat B.C. 

 - Globe Newswire, July 6, 2015

 

Kitimat increases highest in 2014 B.C. property Assessments

 - Vancouver Sun, January 2, 2014

 

LNG dreams power Kitimat housing boom

 - The Globe and Mail, April 8, 2014

 

LNG fuels housing price boom in Northwestern B.C.

 - The Globe and Mail, January 7, 2015

 

Kitimat: Business opportunity and optimism touch down at the airport as airline numbers head skyward with infrastructure influx

 - Business in Vancouver, October 7, 2013