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Building New B.C. Ferries in China Cost Canada $1.5B in Lost GDP, Report Finds
The report says BC Ferries ignored local economic benefits and calls for stronger provincial rules to support shipbuilding and transparency.
- On Thursday, economist Jim Stanford presented a report claiming BC Ferries' decision to build four new ships in China will cost British Columbia roughly $1.5 billion in lost GDP.
- BC Ferries defended the contract by stating no local shipyards submitted final proposals, but Stanford called the corporation's claim an "abject cop-out," arguing it failed to factor in local economic benefits.
- Build Them Here, a coalition of 19 labour organizations, commissioned the report, which contrasts the foreign-build decision with the national shipbuilding strategy created 15 years ago by former prime minister Stephen Harper.
- The report estimates that $413 million would have ended up in government coffers to offset construction costs if the project were kept domestic, while Stanford questions the transparency of procurement criteria.
- Seven primary recommendations aim to encourage provincial shipbuilding, including new mandates for BC Ferries to maximize local benefit and enabling the province to take equity stakes in related projects.
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Williams Lake TribuneReposted by 
Houston Today
Houston TodayBuilding new B.C. ferries in China cost Canada $1.5B in lost GDP, report finds
Building four new BC Ferries ships in China will cost roughly $1.5 billion in lost GDP and cede the equivalent of 10,000 person-years of employment, according to a new report […]
·Williams Lake, Canada
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Total News Sources4
Leaning Left4Leaning Right0Center0Last UpdatedBias Distribution100% Left
Bias Distribution
- 100% of the sources lean Left
100% Left
L 100%
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