Firstly, BC has a triple-A credit rating with Moody's, S&P, and DBRS. The only other Canadian jurisdictions in that league are Alberta and the Government of Canada. Our taxpayer supported debt to GDP ratio is the lowest in the country (after Alberta).
Secondly, with the massive Horn River/Montney natural gas fields coming on stream post-2012, the BC treasury should see a huge increase in royalty revenue.
In that context, I have no problem with ramping up capital spending on highway/transit. Infrastructure is an asset, an economic stimulator, and will enhance future economic growth.
I recall Campbell's UBCM speech whereby he hinted at future transportation investments without much specifics.
According to Palmer:
Quote:
Details will presumably be ready for the premier's televised address on the provincial economy, scheduled for Oct. 27. Based on what he has said so far, the second phase of his transportation plan will run to billions of dollars.
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WAC Bennett was the master at blacktop politics.
Quote:
Campbell had this to say: "The transportation system is not just transit. We're going to fast-track the Cariboo Connector and expedite major improvements on Highway 97, Highway 3, Highway 16 and the Trans-Canada Highway."
The Cariboo Connector, meaning the projected widening of Highway 97 between Prince George and Cache Creek, is already under construction. But the current schedule, which involves finishing about 10 per cent of the project over five years, would not constitute fast-tracking in anyone's book.
The government has undertaken extensive work on those other routes as well, most notably the expensive straightening of the Trans-Canada through Kicking Horse Canyon. But from Campbell's admittedly sketchy reference, it would appear that the government is preparing to ramp up construction to a new level.
The Cariboo Connector comes with an all-in cost of $2 billion, again in current dollars. The still-to-be-completed Kicking Horse Canyon phase of the Trans-Canada upgrade is already priced at $1 billion. The government has spent and committed almost $1 billion worth of roadwork in the Okanagan Corridor with more, apparently, on the way.
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At the rate the Cariboo Connector was being constructed, it would have taken a 40-year+ time frame for completion. Also, when you think about it, $1 billion in highway improvements already completed/committed in the Okanagan Corridor is a huge chunk of change.
Since we are decades behind in having high-standard intra/inter-provincial highways/expressways in BC, unlike other Canadian/North American jurisdictions, I say bring it on.