It’s the biggest infrastructure investment in the history of Alberta, amid horrendous economic conditions.
With Alberta’s economy struggling mightily, the Alberta government has announced a massive infrastructure plan.
The province plans to spend $10 Billion on infrastructure across the province, saying “we will need roads, schools, hospitals, highways, housing and other public buildings to be ready as we recover.”
Here’s what the province listed as among their plans:
- Investing $1.5 billion in the Keystone XL pipeline to support economic recovery and 7,000 jobs
- Issuing $1 billion in grants to clean up thousands of oil and gas sites, creating 5,300 jobs
- Accelerating capital maintenance and renewal projects to create 5,000+ jobs immediately
- Investing $476 million in technology and innovation to reduce emissions and position Alberta as a global sustainable energy leader
- Increasing municipal infrastructure funding by 30% this fiscal year to support shovel-ready projects and create immediate new jobs
- Funding 69 municipal road and bridge improvement projects through STIP, creating 480 jobs
- Funding 55 water and wastewater projects, creating 1,300 jobs
- Providing funding for the Ermineskin Cree Nation to Ponoka regional water pipeline tie-in project
- Making communities more flood and drought resistant, funding 16 projects and creating 275 jobs
- Making our environmental regulatory system more effective by reducing red tape and speeding up approvals
- Leveraging federal funding to participate as full partners in cost-shared infrastructure projects
- Planning to use the Canada Infrastructure Bank to help rebuild Alberta and diversify our economy
Alberta is facing the double-whammy of the CCP Virus economic collapse, and the collapse in oil prices, which were already low.
With the province facing massive job losses and GDP contraction, a big investment in infrastructure is the right way to go.
With interest rates low (though this is not likely to last forever), borrowing now to build infrastructure that will last for generations is the smartest and most fiscally-responsible way to boost the economy.
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