Increasing Canada’s Capacity for Economic Growth and Innovation

Nov 3, 2016

Increasing Canada’s Capacity for Economic Growth and Innovation

Written by Gregory Smith, November 3, 2016

 

Building and modernizing Canada’s essential infrastructure structures and services for the 21st century is a critical economic and social imperative. 

RAPID URBANIZATION, demographic shifts, technology and climate change have created unprecedentedly complex infrastructure challenges…along with some transformative opportunities.

High quality infrastructure directly shapes Canada’s growth potential and competitiveness, improves the livability and sustainability of our communities, and promotes better social integration and equality. Every 1 per cent increase in infrastructure spending in North America is estimated to have a multiplier effect of up to 1.7 times, increasing our productive capacity, creating jobs and enabling new economic opportunities.

The Canadian Infrastructure Bank will help to create a pipeline of viable regional and national infrastructure projects and new partnership opportunities for institutional investors and communities alike.

Given the age and condition of much of Canada’s critical infrastructure and diminishing sources of traditional financing, our collective approach to infrastructure can no longer be “business as usual”.  Instead, tremendous creativity is demanded in the design, financing, management and delivery of core infrastructure projects: roads, public transit hubs, housing, electricity, water, community institutions and more.

The federal government’s new Canadian Infrastructure Bank will have an important role to play in enabling great private sector investment in local infrastructure, and positioning Canada for a bright future. With its focus on economic or revenue-generating infrastructure and its openness to exploring and deploying new financing structures and other innovative approaches to infrastructure development, the Canadian Infrastructure Bank will help to create a pipeline of viable regional and national infrastructure projects and new partnership opportunities for institutional investors and communities alike.  

With the Canadian Infrastructure Bank, we have a unique opportunity to approach infrastructure renewal more strategically, enhance our economic sustainability and re-define the legacy we will leave for future generations of Canadians.

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