Economic Impact of Woodfibre LNG Facility in Squamish Estimated at $13.6 Billion

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A report reveals the significant economic contributions of the Woodfibre LNG facility in Squamish, B.C., projecting $13.6 billion in economic output and $11.6 billion in government revenue over its operational lifetime.

In Vancouver, a recently published report has shed light on the substantial economic benefits stemming from the construction of the first net-zero LNG export facility located in Squamish, British Columbia. The study, conducted by Canadian strategy and research firm Deetken Insight, highlights that the Woodfibre LNG facility, along with FortisBC’s Eagle Mountain Pipeline, is expected to yield nearly $13.6 billion in economic output for the Canadian economy. Furthermore, the report anticipates an impressive $11.6 billion in government revenue over the facility's planned 40-year operational lifespan.
The findings suggest that the construction phase alone will contribute significantly to the economy, with projections indicating that it will generate approximately $13.6 billion in total economic output nationwide. This includes an estimated boost of nearly $7 billion to the Canadian Gross Domestic Product (GDP), alongside $3.6 billion in labor income. Moreover, the construction efforts are projected to account for over 52,000 modeled employment-years, translating into more than 15,000 direct and indirect jobs.
The assessment further elaborates that the economic impact of the Woodfibre LNG project could lead to an estimated $11.6 billion in nominal government revenue throughout both the construction phase and the operational period. This includes approximately $6.8 billion earmarked for British Columbia and an additional $485 million anticipated in nominal property taxes at the municipal level.
Beyond the immediate economic contributions outlined in the study, Woodfibre LNG has also made strides in environmental restoration with a significant investment of $50 million dedicated to the cleanup and remediation of the former Woodfibre pulp mill site. The report notes that this environmental initiative is just one aspect of the broader positive impact the project has had on the local community.
Additionally, the study mentions that the benefits of Woodfibre LNG extend beyond economic figures, as the company has initiated various community support programs. Through its Community Partnership Program, it has made substantial contributions, including a near million-dollar donation aimed at acquiring a new CT scanner for the Squamish General Hospital.
Currently, the construction of the Woodfibre LNG facility is reported to be approximately 75% complete, with a target for completion set for 2027. As the project progresses, the anticipated economic and environmental benefits are expected to have a lasting impact on both the local and national landscape.

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