CPABC: Major projects in Northwest B.C. will help diversify trade as tensions with the United States simmer

SMITHERS, British Columbia, June 02, 2025 (GLOBE NEWSWIRE) -- According to BC Check-Up: Invest, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on investment trends across the province, there were 233 housing units that began construction in Northwest B.C.’s two largest municipalities in 2024, up 46.5 per cent compared to one year earlier.

“Housing starts increased in both Prince Rupert and Terrace,” said Jeanne MacNeil, CPA, CA, partner at Edmison Mehr Chartered Professional Accountants. “We’ve also experienced a shift towards higher-density housing, as municipalities look to deal with housing shortages more quickly.”

For the second straight year, multi-unit construction, such as apartments and row housing, accounted for more than three-quarters of total starts in the region. Of the 152 starts that occurred in Prince Rupert, 143 were attached units, while there was a more even split of 43 attached and 38 detached starts in Terrace.

As of Q4 2024, there were 73 major projects valued at $130.9 billion in Northwest B.C.’s major project inventory, up 3.8 per cent compared to Q4 2023. Of the total, $43.7 billion had been allocated to 13 projects currently under construction. Meanwhile, more than half of the inventory value was earmarked for projects in the proposal stage.

The largest project underway, the LNG Canada Facility ($36.0 billion) in Kitimat, is expected to be completed and start shipping LNG to Asian markets by mid-2025. Once operational, the project is expected to add billions of dollars to the province’s GDP annually.

“Considering our precarious trading relationship with the United States, the completion of LNG Canada later this year could not have come at a better time,” concluded MacNeil. “The facility will provide a tremendous and ongoing boost to B.C.’s economy that also helps the province diversify trade.”

To learn more, see www.bccheckup.com.

For more information:
Jack Blackwell, Economist
604.259.1143

About CPA British Columbia
The Chartered Professional Accountants of British Columbia (CPABC) is the training, governing, and regulatory body for over 40,000 CPA members and 6,000 CPA students. CPABC carries out its primary mission to protect the public by enforcing the highest professional and ethical standards and contributing to the advancement of public policy. CPAs are recognized internationally for bringing superior financial expertise, strategic thinking, business insight, and leadership to organizations.

news@bccpa.ca