Construction investment soars in Calgary

Document Sample
Construction investment soars in Calgary Powered By Docstoc
					Breaking news at calgaryherald.com                                                             Calgary business                                                                                                  Friday, January 16, 2009          E5




   Construction investment soars in Calgary
  Commercial                                                                                                        which saw an 18.7 per cent an-
                                                                                                                    nual increase to $7.3 billion.
                                                                                                                                                           est across the country for a
                                                                                                                                                           number of years.
                                                                                                                                                                                                                   saw total investment rise by
                                                                                                                                                                                                                   1.7 per cent to $11 billion in the
  sector shows                                                                                                        The province’s institutional sec-
                                                                                                                    tor rose by 7.5 per cent in 2008
                                                                                                                                                             “Right now we’re still seeing a
                                                                                                                                                           lot of construction projects com-
                                                                                                                                                                                                                   fourth quarter, while Alberta saw a
                                                                                                                                                                                                                   0.7 per cent rise to $2.7 billion.

  biggest gains                                                                                                     to $1.7 billion and the industrial
                                                                                                                    sector increased by 2.8 per cent
                                                                                                                    to $1.4 billion.
                                                                                                                                                           ing on line over the next couple
                                                                                                                                                           of years,” added Sumner.
                                                                                                                                                             Throughout Canada, in-
                                                                                                                                                                                                                      Investment in non-residential
                                                                                                                                                                                                                   construction in Calgary fell by
                                                                                                                                                                                                                   0.2 per cent from the previous
      Mario TonEguzzi                                                                                                 “There was a massive short-          vestment in the commercial                              quarter to $1.23 billion.
       Calgary Herald                                                                                               age of commercial office space,        construction sector rose by                                A report released this week by
                                                                                                                    particularly in Calgary but also       10.2 per cent over the year to                          the Conference Board of Canada


i   nvestment in non-residen-
    tial construction in Calgary
    soared by 11.9 per cent in 2008
compared with the previous year
to nearly $5 billion, according to
                                                                                                                    in Edmonton, so you see the
                                                                                                                    big run-up,” said Dan Sumner,
                                                                                                                    economist with ATB Financial
                                                                                                                    in Calgary.
                                                                                                                      “A lot of those commercial
                                                                                                                                                           $26.4 billion while the institu-
                                                                                                                                                           tional sector was up by 6.7 per
                                                                                                                                                           cent to $10.6 billion and the
                                                                                                                                                           industrial sector increased by
                                                                                                                                                           3.9 per cent to $5.7 billion, accord-
                                                                                                                                                                                                                   said falling business confidence,
                                                                                                                                                                                                                   tight credit conditions and a steep
                                                                                                                                                                                                                   drop in profits will contribute to
                                                                                                                                                                                                                   a weak year for private invest-
                                                                                                                                                                                                                   ment.
Statistics Canada.                                                                                                  construction projects, they            ing to Statistics Canada.
  The federal agency, in releasing                                                                                  seem to kind of lag behind the           On a quarterly basis, Canada                          mtoneguzzi@tHeHerald.Canwest.Com
Thursday its national report on                                                                                     rest of the economy sometimes,”
the fourth quarter of 2008, said                                                           Calgary Herald Archive   he said.
Calgary’s year-over-year growth       Calgary’s non-residential construction sector grew by 11.9                      “They seem to happen at the
                                                                                                                                                                                     & GA


                                                                                                                                                                                                                Career Fair
rate bested Canada’s, which saw       per cent in 2008 over the previous year, says Statistics Canada.              end of it. That sometimes can                             O
                                                                                                                                                                                  IL      S
an 8.4 per cent hike to almost                                                                                      be a problem because then you




                                                                                                                                                                                                E
                                                                                                                                                                                                NG
$43 billion for the year.             23.6 per cent jump from 2007.         $165.4 million.                         end up with a bit of excess when




                                                                                                                                                                        OGY
  Calgary’s growth was fu-              The institutional sector              In Alberta, year-over-year            you see some softness (in the
                                                                                                                                                                                                                     Wednesday,




                                                                                                                                                                                                   INEE
elled by the commercial sector,       dropped by 19.8 per cent to           growth hit 14.3 per cent to             economy).”




                                                                                                                                                                     OL
which included investment to          $711.3 million while the indus-       $10.5 billion, with the bulk of that      He said Calgary commercial                                                                    April 8th, 2009




                                                                                                                                                                                                        R
                                                                                                                                                                        N




                                                                                                                                                                                                I
                                                                                                                                                                                    H       N
                                                                                                                                                                                        G
the tune of $4.1 billion in 2008, a   trial sector fell by 31 per cent to   also in the commercial sector,          vacancy rates were the low-                               & TEC




     Canada needs new national
     energy strategy, study says                                                                                                                                                  Exhibitors and Job Seekers
                                                                                                                                                                                         Please Visit:
planning • Prime Minister Stephen             technologies to use, store and dispose
Harper’s government should imme-
diately craft a new national energy
strategy, especially as U.S. legislators
                                              of carbon, will lead the way into the
                                              future.”
                                                Hester is one of four academics
                                                                                                                                                                     working.canada.com/ogetcareerfair
raise concerns about the environmen-          chosen by the international council                                                                                                                           for more information
tal effects of Alberta’s oilsands, states     to contribute perspectives in vital
a study released Thursday by the              areas of Canadian foreign policy. The
Canadian International Council.               council is a non-partisan, nationwide
  The report — titled The New Global          council established by Jim Balsillie,
Energy Geopolitical Game: Is Canada           co-CEO of Research In Motion, to
ready to play? — suggests the cur-            strengthen Canada’s role in interna-
rent economic downturn provides an            tional affairs.
opportunity for the federal govern-                      — Shaun Polczer, Calgary Herald                                                                                                                                                        AA707880
                                                                                                                                                          AA707751
ment to co-ordinate a national plan
directly with the provinces because
Canada’s prosperity is directly linked
to a coherent energy policy.
  “Canada can use the fierce and
multilateral competition for access
to energy resources to position itself
as a major energy power,” writes
Annette Hester, a Calgary-based
economist and international council
research associate. “It should — and
can — become the nation to tell the
world the ‘1,001 ways’ of using car-
bon. However, before the country can
craft a foreign energy policy, it needs
a grand national strategy.”
  Hester argues devising a strat-
egy is difficult because resources
fall under the purview of provincial
governments and the private sector,
as well as the strict rules of the North
American Free Trade Agreement, and
also due to the large environmental
footprint associated with oilsands.
  “In this day and age, any country
that comes up with new ideas and


Toyota cuts output
in North America
auToMakErS • Toyota Motor Corp.,
the world’s largest carmaker, said
Thursday it would cut production at
several North American plants over
the next few months in a bid to cut its
vehicle inventory in half.
  Toyota shares gained three per cent
in Tokyo, outperforming the overall
market.
  Automakers are grappling with
slumping sales in the mature markets
of North America, Europe and Japan,
as well as slowing sales in emerging
markets such as India, China and Rus-
sia amid a spreading global recession.
  Toyota’s announcement followed
a newspaper report that rival nissan
Motor Co. planned to move produc-
tion of its March subcompact to Thai-
land from Japan as part of a structural
overhaul to cut costs.
  Nissan spokeswoman Yuko Matsuda
said she cannot comment on the firm’s
future product plans.
  Nissan announced further produc-
tion cuts in Japan on Thursday and a
source said it would post an operating
loss this financial year.
  Toyota, which has warned it would
post its first-ever annual operating loss
this fiscal year, said its inventory of
North American-built vehicles ranged
between 80 and 90 days.
                                — Reuters


              FrOm E1

           NIKO
   Hesje said a consulting firm and one
of its employees hired by Niko in Ban-
gladesh was also charged after the ACC
looked into details surrounding Niko’s
joint venture contract with the Bangla-
desh government. One of the consulting
firm’s tasks was to facilitate meetings
tied to Niko’s joint venture aspirations,
the executive said.
   Niko’s relationship with the firm, Stra-
tum, ended in September 2003, about
a month before Niko was awarded the
government joint venture contract, he
said.
    On its end, the RCMP would not
comment whether it was undertaking
an investigation on the company.
   “The bottom line is we know about
it but we’re not going to confirm it or
deny it,” Sgt. Patrick Webb said. “We
don’t, as a policy, make a confirmation
or a denial on an investigation.”
   The RCMP’s anti-corruption unit was
created in 2008, and has units in Calgary,
Toronto and Ottawa.

  witH files from Canwest news serviCe
   domeara@tHeHerald.Canwest.Com

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:0
posted:10/16/2011
language:English
pages:1