BUILDING AN INDUSTRY; BUILDING AN ECONOMY Mark Shrimpton Jacques Whitford Ltd.

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BUILDING AN INDUSTRY;

BUILDING AN ECONOMY

Mark Shrimpton

Jacques Whitford Ltd.

PRESENTATION

STRUCTURE

 Introduction

 Economic Benefits from the

Industry

 Sustainable Economic

Development

 Conclusion

ECONOMIC BENEFITS

 Petroleum Research Atlantic Canada

Studies:

 Petroleum Research Atlantic Canada

 Government of Newfoundland and

Labrador

 Canadian Association of Petroleum

Producers

 Husky Energy

 Memorial University

ECONOMIC BENEFITS

Annual mean,1999 – 2004

 Real GDP up by 18.4%

 Personal Income up 5.9%

 Retail Sales up 5.1%

 Extra Housing Starts: 85

 Total Employment up 12,500 (6.0% of All

Employment)

 Unemployment Rate down 2.3%

 Population up 9000

ECONOMIC BENEFITS

Annual mean,1999 – 2004, and 2004

 Real GDP up by 18.4% (24.3%)

 Personal Income up 5.9% (7.6%)

 Retail Sales up 5.1% (6.4%)

 Extra Housing Starts: 85 (119)

 Total Employment up 12,500 (17,300)

(6.0% (8.0%) of All Employment)

 Unemployment Rate down 2.3% (3.1%)

 Population up 9000 (16,000)

ECONOMIC BENEFITS:

INFRASTRUCTURE

 Total Value: > $1.2 Billion

 Industrial Examples:

 Bull Arm construction site

 Marystown fabrication yard

 NEWDOCK sub-sea fabrication centre

 Newfoundland Transshipment Terminal

 Pipeyard, warehouse and operations centre

 Supply base and heliport

ECONOMIC BENEFITS:

INFRASTRUCTURE

 Memorial University of Newfoundland:

 Earth science research

 Cold ocean resources engineering

 Visualization laboratory

 Marine Institute:

 Centre for Marine Simulation

 Offshore safety and survival training

 College of the North Atlantic:

 Petroleum Training Centre

 Engineering Technology Centre

OTHER ECONOMIC BENEFITS

 Oil Revenues

 Transportation and Communications

 Education, Training and R&D

 Economic Diversification

 Sustainable Economic Development

SUSTAINABLE ECONOMIC

DEVELOPMENT

 New Sector of Economy

 Export of Petroleum Industry

Expertise, Goods and Services

 Sales of Expertise, Goods and

Services in Other Industries

 Increased Entrepreneurship, Self-

Confidence and Ambition

CONCLUSION

 An Economic Development Success

Story

 However, need for:

 Wider recognition of the range, scope and scale of benefits

 Wider recognition of diversification, transformation and sustainability

 Greater efforts to build the industry

 More federal activity in NL

 Strategic thinking re further economic development

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